Crypto Fraud Hits 1.2 Billion

[ccryptopark]

https://www.nytimes.com/reuters/2019/04/30/business/30reuters-crypto-currency-fraud.html

It makes me sad to read how crypto crime has inflated as the market has slowed down. What has crypto become and is it becoming a means for people to do such dirty ways?

[cryptowolfsu]

Securing the crypto space is crucial if we want mass adoption and further evolution of it.
Exchanges and  all kind of wallets should be maximally secure, plus people should educate
themselves how to prevent their devices to be compromised.

[passwordnow]

https://www.nytimes.com/reuters/2019/04/30/business/30reuters-crypto-currency-fraud.html

It makes me sad to read how crypto crime has inflated as the market has slowed down. What has crypto become and is it becoming a means for people to do such dirty ways?

People are looking to crypto fraud as if the fiat fraud is something normal, this creates a very negative character for the crypto market itself. That's why most of the people that are looking to crypto will start to doubt it because of the 'frauds' knowing that there are also frauds happening in banks, credit cards, ATM's and other banking related services. The media plays a big part on this, they're making such articles that's intentional on what's their stand to the crypto market.

[poodle63]

https://www.nytimes.com/reuters/2019/04/30/business/30reuters-crypto-currency-fraud.html

It makes me sad to read how crypto crime has inflated as the market has slowed down. What has crypto become and is it becoming a means for people to do such dirty ways?

Because that's easy money for scammers. I thought that total amount must include with all of those hack amounts that happened with various exchange sites. When scammers are seeing an opportunity to fool those are expecting to gain fast through use crypto.  this must be stopped.

[Adriano2010]

Is so bad that here on crypto is a lot of scam and theft, there i think every user of crypto should buy a hardware wallet and try to use it more than another wallets, because any os can be viruses and then if there are crypto coins the hackers will steal them.

[antsam]

crypto world is proceeding for the better, security tokens are a good choice I think that benefits investors and ieo is the process of selling the best tokens to ensure investors do not run away from investors' funds, especially those from large exchanges who have selectively chosen the projects they will receive

[Alpha0One1]

"cross-border payments to offshore exchanges have grown 46% over the last two years, contributing to the $8.7 trillion,"

Aside from fraud, this is very interesting. This only means that crypto is NOW being used to transfer value/wealth more than ever.
Bypassing traditional ways of transferring value which is thru banks.

[NightMar_1St]

Now there is no legal framework for electronic money. so there is a lot of ico cheating on long-term situation that can lead to the loss of trust of investors and a bad view of everyone's electronic money.

[jumiapaul]

One of the challenges that has to be conquered in the industry is the prevalence of cyber theft and fraud. This has been a major reason while the government and many investors has lost support for the industry. The desire for mass adoption is less likely to be achieved with issues on cyber fraud dominating the media.

[icalical]

The fraud issues are really hard to solve not only in the cryptocurrency field but in traditional investment and other kind of business opportunity. The thing is, it is not a technical issue, it is more like community issue. No, matter how perfect we make regulation and secure anything with a system, if the people is uneducated about crypto when they entering this it will keep get bigger and bigger.

[Spaffin]

"cross-border payments to offshore exchanges have grown 46% over the last two years, contributing to the $8.7 trillion,"

Aside from fraud, this is very interesting. This only means that crypto is NOW being used to transfer value/wealth more than ever.
Bypassing traditional ways of transferring value which is thru banks.

In fact, these 8.7 trillion dollars is the amount that is now laundered through offshore zones. This, in principle, was to be expected.
As for the thefts and cryptocurrency fraud, this has already become a serious obstacle for ordinary people to switch to the use of cryptocurrency. Hackers and fraudsters are now very active, using the lack of regulation of this type of activity and large amounts that can be stolen. Cryptocurrency urgently needs state regulation.

[pishite]

"cross-border payments to offshore exchanges have grown 46% over the last two years, contributing to the $8.7 trillion,"

Aside from fraud, this is very interesting. This only means that crypto is NOW being used to transfer value/wealth more than ever.
Bypassing traditional ways of transferring value which is thru banks.

In fact, these 8.7 trillion dollars is the amount that is now laundered through offshore zones. This, in principle, was to be expected.
As for the thefts and cryptocurrency fraud, this has already become a serious obstacle for ordinary people to switch to the use of cryptocurrency. Hackers and fraudsters are now very active, using the lack of regulation of this type of activity and large amounts that can be stolen. Cryptocurrency urgently needs state regulation.

I do not agree in government regulation. Since the very meaning of the concept of cryptocurrency is lost. We need to do something at the software level. For example, if they stole funds, they will not be able to use them, since additional passwords are needed, which are locked in special smart contracts. In which it is indicated that they can be used at a certain point and on a certain date.

[Decksperiment]

The ever increasing popularity of cryptocurrencies has been a magnet to ordinary people to become an unwilling victim of a fraud be it an online investment scam, phishing attacks, malware attacks, hacking attaks or even theft. Identifying this fraudulent activities and becoming more aware about its signs should be a priority for every crypto enthusiasts and we should find a way or at least educate ourselves in order to mitigate or prevent such incidence.

[Natalim]

This is an alarming figure, we are a billion industry and the amount of fraud is also in billion, it's not good for crypto's future if the government will not try to regulate to minimize scams. The space is getting bigger now so more opportunity for the scammers and the thieves to operate, it's mentioned that it's coming majority from exchanges, hacks and scams, I think if they will add up the ICO scams, it would be bigger.

[Shatterlean22]

I'm sure half of the money is from hacks ,many investors still don't know how to keep safe there wallets from hackers ,all they care about is quick money making

[Serve20]

This is alarming and saddening. A news like this is not good for the young industry especially at this time that we are seeking mass adoption of blockchain technology and cryptocurrency. Something needs to be done and there is w need of a crowdfunding system that will surely protect the interest of investors.

[Herbert2020]

What has crypto become and is it becoming a means for people to do such dirty ways?

"cryptocurrency" has not become anything. it is still the same thing as it always was, a TOOL. the fact that some people choose to use that tool in an unsafe or wrong way is their own choice. for example when they trust shady exchanges that are obviously going to scam them or when some of these exchange owners are newbies who are handling large sums of money in an unsafe way it is obvious that disasters like these would happen.

[Alpha0One1]

"cross-border payments to offshore exchanges have grown 46% over the last two years, contributing to the $8.7 trillion,"

Aside from fraud, this is very interesting. This only means that crypto is NOW being used to transfer value/wealth more than ever.
Bypassing traditional ways of transferring value which is thru banks.

In fact, these 8.7 trillion dollars is the amount that is now laundered through offshore zones. This, in principle, was to be expected.
As for the thefts and cryptocurrency fraud, this has already become a serious obstacle for ordinary people to switch to the use of cryptocurrency. Hackers and fraudsters are now very active, using the lack of regulation of this type of activity and large amounts that can be stolen. Cryptocurrency urgently needs state regulation.

I do not agree in government regulation. Since the very meaning of the concept of cryptocurrency is lost. We need to do something at the software level. For example, if they stole funds, they will not be able to use them, since additional passwords are needed, which are locked in special smart contracts. In which it is indicated that they can be used at a certain point and on a certain date.

I sort of agree with this. Crypto currencies needs to be free from banks and government regulations. This the main reason why bitcoin was created - as a protest to how the banks are using and making endless supply of fiat currency.

Remember the Genesis Block:
“sknab roftuoliab dnoces fo knirb no rollecnahC 9002/naJ/30 semiT ehT”

These "too big to fail" banking institutions and government are the ones who created the 2008 subprime financial crisis.

[burky156]

This is a huge number and those money was belongs to all of us. I am sure many of us got scammed in this cryptocurrency world, some of us more than once.. 1.2 billions of dollars big money and this number is keep raising, scammer wants to steal more! We need to be carefuly about any invest or trade.. Also we need to keep our coins safe and never trust no one on the internet. I got scammed twice and lost $2300 in 2 years ago but i have learned my lessons well and now i am very very careful..

[SirLancelot]

https://www.nytimes.com/reuters/2019/04/30/business/30reuters-crypto-currency-fraud.html

It makes me sad to read how crypto crime has inflated as the market has slowed down. What has crypto become and is it becoming a means for people to do such dirty ways?

The Crypto market is a free market and anyone is free to carry out any project they want, I believe this is the problem because a lot of persons who launch Blockchain projects most times don't really focus on the security of their platform but on what they are bringing to the market which is so bad, because we have a lot of hackers that are looking for ways to bring this Blockchain platform down by all means ever.