Crypto Crime is getting Worse, what do we do?

[ubercool]

No one can do anything about this other than keeping yourself out of the crimes and governments regulate crypto properly and let the population use them easily. Crypto being used in crimes is actually a sad thing and a black mark to the new investors as they feel it is only used by criminals, which is not true.

[iv4n]

No one can do anything about this other than keeping yourself out of the crimes and governments regulate crypto properly and let the population use them easily. Crypto being used in crimes is actually a sad thing and a black mark to the new investors as they feel it is only used by criminals, which is not true.

One revealed scam produces 5 new scams, of course that nobody can do anything about that. What we can do is to protect ourselves as we know, education and learning can help in that, other than that we can sound an alarm in scam accusation section and to hope that others will see it.
One huge problem about scams and accusing services and projects to be a scam is that sometimes some good projects get targeted by the scammers. I am not sure is there one coin or one service that hasn't been accused of scam at some point, we still have people who speak about bitcoin as a scam, what to say more?! So be careful about projects that are tagged, but in the end do your research, it's not a scam just because some people yelling it is.

[msarro]

I use a standalone wallet version that's only accessible from my PC. The more accessible your wallet is, more you are opening it for hacks. You have to take care of your wallet yourself, once your coin are lost you can never access them again.  

[masterrex]

There's nothing we can do about those unfortunate "crypto crime incident" that was happening in our beloved crypto industry. but we can protect ourselves by applying more drastic measures and vigilance in all crypto related investments, account security and more. But in terms of cryptocurrency exchange hacking incidents that was a sole responsibility of any crypto exchange platform to strengthen its cyber security in order to prevent/combat those hacking incidents that involve million dollars worth of cryptocurrency.

[drlukacs]

https://news.yahoo.com/cryptocurrency-thefts-fraud-hit-1-211446327.html

In Q1 alone of 2019 there was $356m in theft of digital currencies from exchanges and scams while losses from fraud hit 851m. This number includes the QuadrigaX scam which accounts to about $134m in total losses.

What can we do to help stop these from happening and getting worse?

We can only learn more and protect ourselves from fraud projects. If thousands of people share this idea, then the scammers will start starving because investors have become smarter. The strategy is to invest in any project, ask experts and people who have a lot of experience in the market. He or she will make a judgment and then you will pay for them, so that they will give you the experience and lesson. That's the best way to get rid of phishing projects.

[Best Dreams]

I use a standalone wallet version that's only accessible from my PC. The more accessible your wallet is, more you are opening it for hacks. You have to take care of your wallet yourself, once your coin are lost you can never access them again.  

You are right if someone takes our coins and gives us loss then it happens only if we give them the chance to do this. We should keep holding and keep waiting for the long term. Holding should be done with a wallet that only you can access and never open your private key for other people as I know hackers are now so sharp so don’t open your private key for people you don’t know.

[Mulann2]

Crime is everywhere, what do you do about it? It's not just only in crypto we have crime, people commit crime every day in various aspect of life so crypto is not an exception, the only thing one can do is learn to protect yourself by applying all necessary security measures and report any suspicious activities.

[DU18]

https://news.yahoo.com/cryptocurrency-thefts-fraud-hit-1-211446327.html

In Q1 alone of 2019 there was $356m in theft of digital currencies from exchanges and scams while losses from fraud hit 851m. This number includes the QuadrigaX scam which accounts to about $134m in total losses.

What can we do to help stop these from happening and getting worse?

People who go hacking or theft in a system of course they are smart people, so with the limited knowledge that we have of course it will be very difficult for us to prevent theft from happening, in this case, we only need to continue to be vigilant and strengthen the security of the account / wallet that we have so that the theft does not happen to us other than that it seems we cannot do anything.

[Leah38]

We can't predict and none of us knows what will be the next exchange that will scam exit. Maybe better not to store all your assets in exchanges.

[duuuuude]

We must always be on the alert and we must try to stop new fraudulent trends in the bud, as well as pay special attention to security. Fraudsters will not disappear but at least you need to try to reduce the number of robberies.

[pantek talacuik]

I think as long as crypto is more and more, and also has a high value, of course testing cannot be prevented, but I think it can be avoided. for example facing project fraud maybe we should learn to more "due diligence" projects more actively and I am sure this will be useful.

It will be smarter for you to look for thousands of new projects that have sprung up and ended in ruins in my opinion, so you should think more about continuing your efforts.

[Botnake]

Crime is everywhere, what do you do about it? It's not just only in crypto we have crime, people commit crime every day in various aspect of life so crypto is not an exception, the only thing one can do is learn to protect yourself by applying all necessary security measures and report any suspicious activities.

of course that is true but in crypto the reason why there's more crime because crypto was not fully regulated yet.
When people transact anonymously, that's where the criminals are taking advantage, of course this is privacy but with privacy, this also gives the criminals a chance to scam and launder their money.

WE NEED FULL REGULATION AND THE STANDARD REGULATION FOR THE WHOLE WORLD.

[joeperry]

One of the ways to somehow prevent the worsening of crypto crimes is to strictly implement a standard rules and regulations in the system. Immoral people are taking advantage of the decentralized feature of the system in their unethical actions so there must an eye that would regularly check on these noticeable and doubtful transactions. There must be some kind of institution, which is of course regulated by creator of cryptocurrencies, to check up on these cases and address every necessary solutions.

[Juggy777]

Crime is everywhere, what do you do about it? It's not just only in crypto we have crime, people commit crime every day in various aspect of life so crypto is not an exception, the only thing one can do is learn to protect yourself by applying all necessary security measures and report any suspicious activities.

of course that is true but in crypto the reason why there's more crime because crypto was not fully regulated yet.
When people transact anonymously, that's where the criminals are taking advantage, of course this is privacy but with privacy, this also gives the criminals a chance to scam and launder their money.

WE NEED FULL REGULATION AND THE STANDARD REGULATION FOR THE WHOLE WORLD.

What kind of regulations are you talking about because despite the strictest regulations criminals till date are able to transfer fiat money across country borders, and believe me the number of illegal transactions happens more in fiat. Also I don’t think we need to do anything because these days nearly all exchanges require KYC details to transfer funds, hence if they suspect anything wrong they can always report it to the concerned authorities and then they can take necessary action.

Source: https://cryptoiq.co/a-mere-0-08-of-crypto-transactions-are-associated-with-illegal-activity-and-fiat-currency-is-used-for-crime-1000-2500-times-more-than-crypto/

[#Darren]

I do not know if there a way to do something against this. I mean exchanges are actively investing into crypto security and doing hackatons, but in a few months, there is another new method to hack them, so this cycle never ends.

[OasisDre]

Things always find their ways of working out, there is nothing you can do at this time to stop crypto crime, the highest result we gonna get is limiting the crime not totally wiping scammers out, that will be a total failure, newbies are the ones we need to keep warning

[sjbi]

It is almost impossible to get a scam-free world. Every coin has two sides. So if there is good, there is bad as well. What we can do is just to minimize bad side. Relating to cryptocurrency scams, first of all we need strong regulations whereas scammers and frauds get punished. But sadly, scammers are walking free when they are guilty of scamming people. Second is we need to be aware of scam projects and frauds. We need crypto education.

[TWW]

I do not know if there a way to do something against this. I mean exchanges are actively investing into crypto security and doing hackatons, but in a few months, there is another new method to hack them, so this cycle never ends.

then regular updates to protect platforms and digital assets must also occur. that's what developers need to do to continue to get investors and enthusiasts on their platforms. if they ignore platform updates and maintenance they will be left behind and abandoned by investors.

[gwaposakon]

https://news.yahoo.com/cryptocurrency-thefts-fraud-hit-1-211446327.html

In Q1 alone of 2019 there was $356m in theft of digital currencies from exchanges and scams while losses from fraud hit 851m. This number includes the QuadrigaX scam which accounts to about $134m in total losses.

What can we do to help stop these from happening and getting worse?

I think crypto crime continues to exist because scammers know that they have lots of victims that they can deceive. Educating ourselves about the crypto industry and how it works I think is the best way to help ourselves avoid these scams. Always stay alert and don't get persuaded in joining investments that promises you super big returns. Researching the project is very important.

[Blackdeath]

https://news.yahoo.com/cryptocurrency-thefts-fraud-hit-1-211446327.html

In Q1 alone of 2019 there was $356m in theft of digital currencies from exchanges and scams while losses from fraud hit 851m. This number includes the QuadrigaX scam which accounts to about $134m in total losses.

What can we do to help stop these from happening and getting worse?

I think crypto crime continues to exist because scammers know that they have lots of victims that they can deceive. Educating ourselves about the crypto industry and how it works I think is the best way to help ourselves avoid these scams. Always stay alert and don't get persuaded in joining investments that promises you super big returns. Researching the project is very important.

I think crypto crime will continue exist, as long cryptocurrency exist because since there are still a lot of people who don't know anything about bitcoin or cryptocurrencies and blockchain technology, it will be easier for scammers to trick them and to steal their money by forcing them to invest their money in their dirty schemes.