Crypto Fraud Hits 1.2 Billion

[wattcrypto]

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.

I don't think that people are trying to take the blockchain platform down, I think they are trying to take down the dark markets and anyone who is going to exit scam. that's why the report is so thorough on these types of discoveries. cyber security firms aren't here to ruin the infrastructure they just want to take care of the bad actors

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[Gary Levanevskii]

I think that in the future the market will become more regulated and this will reduce the amount of fraud in the market. I hope that in the future there will be much more fraud in the market.

[sabine80]

I think that in the future the market will become more regulated and this will reduce the amount of fraud in the market. I hope that in the future there will be much more fraud in the market.

i hope you are right. currently there is too much fraud in the crypto area and that is really bad. some people do not care about crypto because there are too many fraudsters. 

[Pamadar]

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?

If there's money involves then expect that there's crimes of scamming to happen, there's people who used their skills to trick and hacked others, they scammed money as it's an easy way instead of working fairly and enjoy life in a fair way, scammers and hackers will choose the easy access than to work hard to succeed from the scratch.

[Milamol]

I don't think that people are trying to take the blockchain platform down, I think they are trying to take down the dark markets and anyone who is going to exit scam. that's why the report is so thorough on these types of discoveries. cyber security firms aren't here to ruin the infrastructure they just want to take care of the bad actors

In this case, the cryptocurrency will cease to be itself. Sometimes it seems to me that the crypto industry was created for fraudsters. And the evolution of vigilance in people.
Either crypto with scammers, or something, but not a cryptocurrency, without them.

[okala]

There is no way we can think we will eliminate crime from the crypto place as long and financial transactions are involved there must be fraud and at that we need to acknowledged that fact. But we must try as much as possible to get over the criminal or better still minimize their operation.

[rijaljun]

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?

I don't know that crypto fraud level can reach that high. Now, I'm sure there are still scam projects that have't been busted and to be coming soon. Fraud will never die no matter what world we are living in.

[OptimusPrime_3]

Sure I expect it to even be more than that amount. That's what we see in the beginning of most things in life. Some persons takes advantage of it to do the worse. One thing for sure is that it will not last forever, either way it will definitely stop

[AgentZero23]

Many ICO's are popping up and having a good whitepaper and a good looking website with a believable team members. Will surely attract investors and many of them are attending blockchain shows and you will believe that they are legit and invest your hard earned money to them. And then suddenly they have this internal issue and then they disappeared with investors money.

[GunsLair]

Always where money is spinning, there are always people who want to get it in the easiest and most cost-effective way. That is, fraudulently. It is not only in crypto that happens. I think this phenomenon will push developers to create a new universal security tool.

[Yalovtsev]

Yes, crypto-fraudsters have a very negative impact on the market,since thanks to their efficiency, many projects fall very much in price,lose markets and investors ' money,there are many such examples,of course the world without fraudsters would be much better,we will believe in a bright future

[bitstalker]

I think the influence of the market and crypto crime has no effect because I remember when the market was going up, there were still cases of crypto hacking so security was the main thing

[mrdeposit]

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?

I don't know that crypto fraud level can reach that high. Now, I'm sure there are still scam projects that have't been busted and to be coming soon. Fraud will never die no matter what world we are living in.

It was always there, and as long as there is an place like the internet, it will also. The recent increase may be due to the market situation. But surely as time goes by everything will be better.

[khufuking]

The world scam is attached to Crypto this days which is a very sad thing, I am afraid that one day Crypto will be treated as HYIP programmes but that where we are heading with the number of scams we are seeing these days, no wonder no fresh money wants to enter the market at this moment.

[nikola22]

I think that in the future the market will become more regulated and this will reduce the amount of fraud in the market. I hope that in the future there will be much more fraud in the market.

yes, but where there is a lot of money the fraudsters will be very interested to take some part of them. and in crypto sphere there is lot of money.

[elitemobb]

This is not surprising since in any field of activity there are fraudsters and there are always naive people who believe them and I believe that it is necessary to think that you need to create a certain body.

[jjbanks994]

Reading these responses it seems like for the most part people believe that where there is money there will always be fraud but what if this is a new type of money we are trying to spin up and create and run ourselves. My question then becomes is there a way we can add another level of security to help make changes to a broken system?

Why would we create a new monetary system that has the same old dirty habits?

[Aniwura]

Most of the places that have been infiltrated by hackers and scammers are crypto exchanges and those were where most funds got stolen. Which means that we really need to find ways in which we can secure and safeguard our funds on them.
Another very important area is ICO, but because of the rate of scam, so many investors are not creating interest in buying ICO. Although some of the ICOs still manage to raise their soft caps. Therefore, the larger amount of money stolen this year would have come from exchanges.

[Wayrey2020]

As far as there's no one yet or an organization in control of the crypto, believe me scamers won't stop coming and building more skills every day. What I think is needed is just a bit of control from some source which can at least bring up some rules and regulations into it.

[Bitfling]

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?

Its because there is no regulation on ICOs. Many country dont have regulation about crowdfunding and scammers take advantages on this. In any fields, there is scammers and we should anticipating scammers by always doing analysis and make research before investing our money.