Crypto Crime is getting Worse, what do we do?

[Peruvyn]

I don't there's any we can do now to bring most of tbose scammers to book because there's no comprehensive laws that could monitor everyone actions and inactions in the industry. The only thing individual can do is to learn to protect himself in order not to be a victim of bad actors.

[IParn]

I believe that we will not affect this.  Because it is not a question of our level.  We can only pinch ourselves and our wallet.  As for me, this needs to be easier.  This is a normal situation on the Internet.

[raven7886]

Regulations should be improved to make security even more restrictive. Security should be improved to protect investors. These investors are the ones who invest so your project can thrive. If such would be many people are harmed. Always be vigilant and more cautious about investing.

The crypto space to be regulated by whom? Is it governments that are still yet to decide on how they will benefit from the blockchain technology?Because right now, all they see is a system that has come to limit their control over the finances of people.

Government are the only ones that can regulate crypto now that will make this scam to reduce a lot and for necessary law enforcement agencies to perform their duty, but instead of regulating it, all I just see is each countries beginning to create their own coin, which I have already seen the first move from china through a news that I read on this forum this morning and still yet to know if it’s true or not.

[blokklanc]

For crypto the security is very important. We need projects which will address this issue and
regain the trust of investors who lost their assets by hacking and fraud.

[justspare]

https://news.yahoo.com/cryptocurrency-thefts-fraud-hit-1-211446327.html
What can we do to help stop these from happening and getting worse?

I think government intervention will mean a lot, although that is if cryptocurrency is still decentralized, atleast to maintain its sole purpose and vitality.
What i am saying invariably is if those exchanges can be fully registered with the government and every necessary document submitted in order to curtail any future occurrence of theft, the better.
Then all projects should also be under a regulatory body to avoid scam.

I think so, the problem is that there are many worthless and shitprojects that are circulating in the market, and investor who cannot distinguish them become victims. we need like a third party or regulator, where filtering projects, and listed them which are recommended with strict conditions, so investors can choose quality projects

The same method the third party will use to distinguish this projects is the same method we can also use too, provided those projects are being run on decentralized system, there is no physical method that can be use like the way IPO and STO is being ran, at least those one must have a physical location where government can directly verify their existence before approving, but for a decentralized system, I think the only method is just doing thorough research on them over the internet.

Moreover, we already have this being regulated internally, that is why we have exchanges who has taken it upon themselves to regulate it by coming up with IEO platform, so I think we investors should just focus on investing more on IEO projects for now.

[ricardobs]

Just like what most people keep saying, Only deposit money on exchange that you can afford to lose. Once we deposit our money to exchange its consider as a high risk thing to do. Specially most exchange are vulnerable to hacking sooner or later.

Everyone thought that binance was on top of its security measure but still their exchange got hack.

security will continue to grow, we can keep up with existing technological developments, as well as security systems from exchange, they must continue to develop to cover existing shortcomings. because hacking the sub-system of technology has become very possible and easy to happen now.

Just as security measures are strengthening with the passage of time the technologies are growing, the hackers are also getting sharp in hijacking any possible technology. We recently saw the hacking activity that happened to Binance with the loss of about 7000+ BTC. Same as other leading exchanges could also be the next target of hackers. We need much more energetic and efficient anti-hackers who are able enough to fight with these threats.

[Gabmot]

This regrettable occurrences can be reduced but not totally eradicated. Why this is because this is an entity involving the transaction of money.. Thus, there definitely are some lazy jerks out there looking to pounce on the sweat of industrious people phishing them of their funds..painful

[memed97]

This regrettable occurrences can be reduced but not totally eradicated. Why this is because this is an entity involving the transaction of money.. Thus, there definitely are some lazy jerks out there looking to pounce on the sweat of industrious people phishing them of their funds..painful

Strongly agreed, crypto crime is indeed difficult to eradicate and if it is to be reduced it will obviously be possible, but I also wonder why people want to commit crimes in crypto, even though crypto containers can be used to collect money together.

[bonker]

Keep as much of you crypto out of exchanges and into the blockchain as you can. Exchanges are full of scammers at all levels

[EL-NIDO]

Be careful of holding a large amount of coins or tokens on any exchanges. I have had some problems for example with the coinbene exchange some weeks ago. It is better to hold your investments in your personal wallet.

[asder250]

After Binance hack and idea of Bitcoin reorg, I am a little bit scared.
Where are the unhackable irreversible transactions? How can I know that my transaction will not be reversed?

[darkangel]

The question is why are centralized banks not getting much attack as cryptocurrency exchanges. Maybe exchanges encourage it in one way or another. I propose a body should hold kyc for exchange operators and fully monitor their activities while mandating them to create trust funds

[uray]

Keep as much of you crypto out of exchanges and into the blockchain as you can. Exchanges are full of scammers at all levels

I am not sure what you mean by that, i understand that you are requesting everyone to move the coins out of exchanges but how do you put all the coins in the blockchain, what you really mean by that with a high ranking account like yours  . Exchanges are not filled with scammers and if that is the case no one will be using those exchanges, if you have any specific experience, why not start a scam accusation thread against them  .

[waynechong1995]

Hacking would be always there many are still willing to exploit vulnerabilities and its the downside of crypto where funds are loosely regulated, owners are hard to track, there's already lots of measure to keep funds locked but still its unpleasant for people knowing they are always with risks. I guess its a healthy grow for people to stabilize the ecosystem through pain lessons. Nobody wants to be a victim. Keep funds safe from exchange wallets when idle, keep all the securities measures on. Developers work harder to secure loopholes. Determent is the only way for true decentralization

[bvg96634]

 Is it necessary? In any sphere there are scammers and vultures and completely eradicate them from one or another sphere - it is impossible.

[styca]

Crime and theft increase as the target increases in value. I think it's inevitable that as crypto price go up, more people will try to scam and thieve, and these scams and hacks will become increasingly sophisticated. I think government regulation, although unwelcome in some respects, will be important in combatting this sort of thing. IEOs will also help to weed out some of the scam ICOs.

[deathcode]

Crime and theft increase as the target increases in value. I think it's inevitable that as crypto price go up, more people will try to scam and thieve, and these scams and hacks will become increasingly sophisticated. I think government regulation, although unwelcome in some respects, will be important in combatting this sort of thing. IEOs will also help to weed out some of the scam ICOs.

you are right, there should be regulations from the government that limit the existence of new projects. it makes every new project that will conduct ICO or IEO sales must have approval from the government. it will reduce the project scam.

[Amejoaquim]

That's a lot of money.. Crime will always happen in the crypto world, I think tighter regulation is the answer and one more thing is from ourselves must be more careful in dealing with crime

[traderethereum]

Be careful of holding a large amount of coins or tokens on any exchanges. I have had some problems for example with the coinbene exchange some weeks ago. It is better to hold your investments in your personal wallet.

As long as he can hold the right coins in a large amount, then he doesn't have to worried about anything.
But if he holds the wrong coin, then it will be a problem for him because he will not know when he can sell the coin and how much profit he can take.
When he holds the right coin like bitcoin, ethereum, litecoin or another coin, he can predict to make a bigger profit in the future, especially if he can hold much of bitcoin.
We could still follow the crypto and still trying to prevent and stay away from the illegal things, so we don't have to get any problem like other people.

[pungopete468]

That's a lot of money.. Crime will always happen in the crypto world, I think tighter regulation is the answer and one more thing is from ourselves must be more careful in dealing with crime

Arranging permits is important. every company that intends to undertake an investment program is obliged to obtain permission from a regulator. this is a step to prevent fraud that will occur later. so investors became convinced because of a permit from a regulator