Crypto Fraud Hits 1.2 Billion

[jademaxsuy]

Truly sad but exchanges and online wallets now are already securing it so as to get away from the frauds and hi jacking. Users also now are more careful on phishing sites though there are still newbies fall for it. We'll just hope and pray that cryptocurrency system will go and prosper and this frauds will get minimized.

It will just be a matter of.time that problem like this will be solved in the near future.

[Akoldi_ibk]

This report is not good for a young developing industry like crypto. It totally paints the industry black and dark. Fraud can't be totally eliminated as it is in other works of life, but this one must be drastically reduced to avoid bad stinks. Regulation-wise and Technology-wise, something must be done to reduce this.

[daporivera]

Reports like this don't need to come up before the desperate need for a regulation is put in place. Report like this is not good for an industry still in the process of developing, it scares people off from adopting the system. If a regulation is put in place, scammers won't stop scamming, as it is  a get rich quick scheme for them.

[jjbanks994]

This report is not good for a young developing industry like crypto. It totally paints the industry black and dark. Fraud can't be totally eliminated as it is in other works of life, but this one must be drastically reduced to avoid bad stinks. Regulation-wise and Technology-wise, something must be done to reduce this.

I agree. I think that having a ledger that is technically public allows people to see even though there are transactions being made without  the knowledge of what is being purchased, technology will always get better to prove that there will always be bad actors unfortunately. It's how we can stop them early on through these third parties that will help the large money losses

[davinchi]

This report is not good for a young developing industry like crypto. It totally paints the industry black and dark. Fraud can't be totally eliminated as it is in other works of life, but this one must be drastically reduced to avoid bad stinks. Regulation-wise and Technology-wise, something must be done to reduce this.

I agree. I think that having a ledger that is technically public allows people to see even though there are transactions being made without  the knowledge of what is being purchased, technology will always get better to prove that there will always be bad actors unfortunately. It's how we can stop them early on through these third parties that will help the large money losses

Just like he said, fraud cannot be eliminated, but we can be very careful enough to limit the rate or not even give chances for it to happen. Aside hacking of wallet, scammers will not directly deep hands into our pocket to steal money if we don’t give chance to them, we have been given them chance for too long to sweet talk us into transferring our wealth to them.

We need to be more careful, ensure that whatever project we pick interest in, even if its 1 project in the market, is worth it and would not threaten our investment, the whole chunk of the job is really in our hands because there is nothing the government can do right now to assist, since they are yet to legalize it.

[darewaller]

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?

We do not even know which one to believeagain because I just read another version of this same story where they said the total amount that has been lost to fraudulent act in the cryptocurrency is 850 million dollars, now I am seeing 1.2million dollars which makes it a difference of 450 million dollars, has this now becoming a speculative news to.

Anyway, I know fraud is really happening in the cryptocurrency market and it is very disheartening for those that has fallen victims of scam, but we still have to get our figures right, some of these fraudulent thing happening, I see some has even deliberate act by some powerful people to discredit crypto project and make government ban the cryptocurrency.

[Lizzylove1]

What happens in crypto does happen too in real sector. People should stop been greedy with a quick gain mentality and they should avoid HYIP, and they should well to safeguarding their wallets. Avoiding a phishing project is key. Participation in  ICO and IEO should be very discreet and minimal.

[lyks15]

That is very alarming. This is very huge number of fraud. I think we really need to have an regularization and legalization so scammers and fraud will be prohibit here in crypto world. Because I believe if regularization and legalization will be executed there will a law to punish scammer so the number of fraud will be lessen and I hope this will be a clean crypto world.

[akitha]

crypto fraud is just another term for easy money.. those project tag as fraud/scammers have taken advantage to people new in the crypto market

[Fundalini]

If you compare this to other assets being used for fraud I doubt the former could even compare. We have a long way to go and this includes the bumps. On a positive note, fraud can teach people to be more mindful of their assets and wise with their decision.

[Akpuv]

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?

This is rather very disheartening. This will pose a very bad image for cryptocurrency generally. The major impact will be to scare people away from investing in it, and may also affect its long term survival.

[rarkenin]

It is happening because of a lack of regulation. Decentralized exchanges will be safer for trading and holding the cryptocurrencies but everyone thinks it is early for the DEX for a reason. Crypto fraud can be prevented with the DEXs.

[meanwords]

What happens in crypto does happen too in real sector. People should stop been greedy with a quick gain mentality and they should avoid HYIP, and they should well to safeguarding their wallets. Avoiding a phishing project is key. Participation in  ICO and IEO should be very discreet and minimal.

We got to be honest. It's hard to avoid scams and frauds in this crypto space because of its anonymity. I most of the time, people in invest in cryptocurrency to gain a lot of money but people takes short cuts and invest in ICO without knowing anything about it. It's really hard to avoid it.

[slashz9]

that mean nothis is safe, even in fiat you can still be stolen, but yeah in real life that a was police, different wth crypto.
that make people view about crypto is bad, but i think is not bad if they all know how to use cold wallet it most stronger than web wallet.
and media make it very scary to invest on crypto, that always give bad impact to bitcoin and etc.

[Chomsy]

There's no business without a crime story. In that same business you will also see people that can say they made a lot of money. There's crime and fraud in crypto yes, but if I may ask, how did you get to 1.2 Billion calculation?

[jdarren]

There's no business without a crime story. In that same business you will also see people that can say they made a lot of money. There's crime and fraud in crypto yes, but if I may ask, how did you get to 1.2 Billion calculation?

from the article it's the total of the Bitfinex exchange scam plus all the other smaller scams or stolen funds found

[rmilly]

We should bring these numbers up to the public and care because even in crypto- crime happens. I hope that each quarter these numbers go down and we have people working on better security.

[seleme]

There's no business without a crime story. In that same business you will also see people that can say they made a lot of money. There's crime and fraud in crypto yes, but if I may ask, how did you get to 1.2 Billion calculation?

from the article it's the total of the Bitfinex exchange scam plus all the other smaller scams or stolen funds found

Bitfinex and Usd Tether are warnings for the crypto community. Crypto fraud numbers are growing every day, so we need to prevent the scam projects before it is get spread with the mainstream. Investors and significant exchanges should take care of investor funds and they should fill the holes before it is too late.