9 Ciphertrace (2019b), Cryptocurrency Anti-Money Laundering Report, 2019 Q3, November, https://ciphertrace.com/q3-2019-cryptocurrency-anti-money-laundering-report/ and Ciphertrace (2019a), Cryptocurrency Anti-Money Laundering Report, 2018 Q4, January 2019, https://ciphertrace.com/cryptocurrency-anti-money-laundering-report-q4-2018/. -5through scams using QR codes, malware, and ransomware. These estimates reflect only known fraud and thefts; it is likely that not all losses are reported and some amount of cryptocurrencies is lost or forgotten. In most cases, customers bear the losses.
Financial institutions and financial markets play a central role in the effective and efficient allocation of capital in the real economy. 4/7  BIS central bankers' speeches  Financial institutions and financial markets help decide which projects are financed – and which ones are not.