Cryptocurrency traders are learning that where they buy and sell digital tokens can be just as risky as choosing a coin or picking a price.

Investors have lost more than $700 million this year in hacks of two major cryptocurrency exchanges. The thefts at Florence, Italy-based BitGrail and Japan’s Coincheck bring total investor hacking losses since 2014 to around $1.4 billion, according to a Wall Street Journal review of recent hacks.

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