Crypto Scams are a global issue

[Marry Finch]

In my opinion, everyone has already really seen that fraud and hacking in cryptocurrency has become the most serious problem for the existence of cryptocurrency. This was confirmed by the recent hacking of the Binance exchange and the theft of 7,000 bitcoins worth $ 40 million. The situation is quite complicated, because the cryptocurrency is still very slowly legalized by the states, therefore this market is still practically not controlled by the states and not taken under its jurisdiction. On the other hand, this market is anonymous and there are very large sums of money. Therefore, it is an ideal environment for scammers.

[Astvile]

What causing this is i think the ICO exit scammers,they are the one who can easily collect millions of millions of dollars and just scam investors.And they are not being penalized or worst not even getting traced,thats what contributes huge to global crypto scams

[smyslov]

Now that crypto is allowing us to transact globally I am questioning if we are going  to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

There's a lot of scams the proof is in the scam section, and there will be more coming up, it's something that we should address right away, I'm ok with regulation as long as it will stop people scamming investors, this is vain to cryptocurrency investors, it's negative impact is very huge.

[doomistake]

Now that crypto is allowing us to transact globally I am questioning if we are going  to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

Scammers are everywhere here in the virtual world, it can't be help since they have guts to scam people because we all are anonymous in the cryptocurrency world, unless you're going to provide your personal information (which is not recommended). And when you got scammed once, please let it be your lesson, don't let it happen again. Before you make a transaction with someone, make sure he is a legit one, try to have an escrow or ask him a proof of his legitimacy and so on.

[imstillthebest]

no i dont believe you op . crypto scams are not a global issue because cryptocurrency is not yet accepted on some countries . you can only say global once crypto is already accepted worldwide/globally  .

but let say  , cryptos were already accepted on all parts of the globe  ,  i think i wouldnt stil consider that crypto scamming is the number issue that we are facing right now because for me i think crypto scams or scamming in general is only normal and just part of the game  .

what should we concern more is the acceptance or the adoption because there are still lots of people that are doubting to use crypto  . we  need to educate those people so that crypto can become more legal in the public  .

[fiulpro]

I hope people who are into this crypto world able to differentiate what's the difference between a cryptocurrency and also the cryptocurrencies that is showed by scammers telling how the price will double up in 2 days .

I have recently heard of a news where a man put his life savings of billions in the Bitcoin scam and he lost everything , also hackers have also recently stolen money from a major exchange.

A part of being a trader is knowing how to avoid stuff like this , you should be able to run on your tiptoes once you sense a offer too good to be true.

[shinharu10282016]

Now that crypto is allowing us to transact globally I am questioning if we are going  to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

Scammers are everywhere here in the virtual world, it can't be help since they have guts to scam people because we all are anonymous in the cryptocurrency world, unless you're going to provide your personal information (which is not recommended). And when you got scammed once, please let it be your lesson, don't let it happen again. Before you make a transaction with someone, make sure he is a legit one, try to have an escrow or ask him a proof of his legitimacy and so on.

The anonymity if being abused and many people have already been scammed not only in the cryptocurrency world. Most of the time the one at fault are those scammers are those who would do anything to get something out of you even fooling someone for love. How do you say someone is legit? Even real people do scams especially the big ones we know about such as pyramid schemes?

[Experia]

I think innovations on the security is must for the protection of the investors and also for the protections to the participants. Day by day there were lots of scams are added in the list hope someday it will be stopped by the regulations.

[SaShiRaJaVu]

Even if there is a government who protect our money, people nowadays will always find a way to scam those who lack of knowledge. If you ever handed a cryptocurrency you should always think your security of it first because you are now the government of your own investment. Stop defending the government because you already know what happens when you leave your money to them.

If there is a government overlooking the process and someone registered as a company the consequence of running a scam will put them behind bars for a long time, people might go to any lengths to scam others, but if they are planning to scam the users deliberately they will not register with any government in the first place. The only solution for all these is not never fall for any fancy returns and if you can do that, you will never get scammed.

[hahay]

I think innovations on the security is must for the protection of the investors and also for the protections to the participants. Day by day there were lots of scams are added in the list hope someday it will be stopped by the regulations.

I don't know how long that rule will appear because I'm starting to get bored with all this. Many fraudsters continue to grow every day in various forms.

There is no need to expect rules to stop scams, for example if you see so many regulations made by government in real life in many financial institutions, but when scammer have many ways to do scams, then many lay people will become victims. So rules will not stop scammers and the one who can stop it is yourself to not be easily get scams and must always be vigilant in any situation and condition.

[yohananaomi]

Scams happen everywhere, this isn't a problem exclusive to crypto currency.  Just look at all those MLM schemes we have now.  But most people are honest people, the percentage of people that are scammers are very low.  Those dirtbags go and abuse the trust of good hearted people.

What you are saying is a truth that is happening right now, a lot of fraud has occurred in almost all, but I am also happy that their percentage is not much and there are still many better, just maybe a little more selective if you want to join crypto and not lazy to always open a forum that might have information that can help.

[bitcoindusts]

Usually the victims are the beginners since they are easily convinced and they are not yet well informed but as they are hearing more and more testimonies on being scammed by this and that company or schemes they begin to be aware and careful not to fall in the same trap. Its good to have someone who is more senior to you when it comes to experience in cryptocurrency so you can inquire or ask for advise every time you are planning to invest in whichever project or coins.

[Irviyandi]

In my opinion, what is called fraud is a big problem, not only in the cryptocurenncy section but in other places it is also a big problem, indeed this cryptocurenncy fraud often happens and can be victims of people who have recently known the cryptocurenncy and they have not learned the system  this cryptocurenncy work, so they are easily fooled

[Whosdaddy]

What causing this is i think the ICO exit scammers,they are the one who can easily collect millions of millions of dollars and just scam investors.And they are not being penalized or worst not even getting traced,thats what contributes huge to global crypto scams

Scam in cryptocurrency market is not limited to ICO alone, it really cut across the whole crypto market, down to wallet hacking, we just heard of recently, how money was stolen from Binance account and how the hacker was able to crack Binance security is a still a mystery to most people. 

The money stolen from exchanges alone is almost the same as money that has been stolen through ICO scam, so it has become a general issue and something has to be done before it eats deep into the system of cryptocurrency and crumble its activities, and also if we really have to earn the trust of government too.

[Nasty23]

In my opinion, what is called fraud is a big problem, not only in the cryptocurenncy section but in other places it is also a big problem, indeed this cryptocurenncy fraud often happens and can be victims of people who have recently known the cryptocurenncy and they have not learned the system  this cryptocurenncy work, so they are easily fooled

I agree, most of the victims of these scams are those people who doesn't have enough knowledge about cryptocurrency on which should know on how it works that can help them to become knowledgeable and avoid those scams.

[prtty2gal2]

Yes, they are global issue that we cannot solve. No one can solve, we just need to learn to avoid the crypto scammer when we see them. No matter how much they try to pretend, there's always something that exposes them (though some of them cover up pretty well, but there's always that one thing that will expose them. If it's about us getting the problem solved by stopping scam in crypto, nah that can't happen, there will always be scammer, it's left for us to be careful and avoid projects that seems suspicious. Unless we want to be talking about regulation.

[Muzika]

Yes, they are global issue that we cannot solve. No one can solve, we just need to learn to avoid the crypto scammer when we see them. No matter how much they try to pretend, there's always something that exposes them (though some of them cover up pretty well, but there's always that one thing that will expose them. If it's about us getting the problem solved by stopping scam in crypto, nah that can't happen, there will always be scammer, it's left for us to be careful and avoid projects that seems suspicious. Unless we want to be talking about regulation.

I think we can solve this kind of issue if the crypto industry will be regulated by the government, let us say there are certain global monetary industry that needs it accreditation for a certain ICO before it can operate, with this, the scam ICO will lessen or even it will disappear.

[South Park]

That is why trusted escrow is needed to prevent more scammers, perhaps by having many companies that provide reliable escrow, transactions between countries will be safe and there will be no high anxiety. We are well aware of the very high scammers on the internet and for those who are careless from every transaction that will be made, chances are they will get scammed, one of which must be emphasized is a good awareness and understanding.

While I support the use of escrows with a high reputation their use bring us back to centralization, a few trusted individuals or companies will have control of the market and while that is a solution it is only a temporary one, after all if escrows ever reveal their identities and without their knowledge they were participant of a scam then the authorities will go against them, so we need some form of decentralized escrow to avoid that to happen.

[Daniwahyu007]

Now that crypto is allowing us to transact globally I am questioning if we are going  to start to see more scams happen between countries. Do we need more compliance companies to step in to help major scams and illegal trafficking?

Full report: https://ciphertrace.com/articles/q1-2019-cryptocurrency-anti-money-laundering-report/

I think, there are a lot of crypto-based scams with the promised lure, even though there are a lot of losses, everywhere ... and this is still happening everywhere

[TIDOVEE]

quite alright, crypto is spreading far each day and will be more especially if the bull run  begins. but even as widely spread as it is, it is still with defined countries, which means the scam can still be monitored.and i think the IEO will be of advantage here.