Crypto Scams are a global issue

[Pamadar]

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

Which is commonly happened from everywhere around, scammers are doing their best to grab and sucks all the money that they can have, crypto based scams widely being used by those who learned this market bringing it as a front business promises a lot but nothing in return.

[automaticmoney]

investors should be educated now and then from crypto scams only then we can be protected from highly intelligent crypto scams . crypto scams involve are tokens or investments scheme and auto trading bots all are risky once the bitcoin volatility increase

[Ayiranorea]

Scam were common in the crypto ecosystem, because each and every activity happens through the interlinked platform. As of now the user community is very small compared to the fiat usage around the globe. Upon the same crytpo scams weren't a big issue as people are much aware about the possible ways of scamming and the measures to stay away. Earlier it was easy to scam people in the name of cryptocurrency and particularly in the name of bitcoin.

[Leh-Meh]

The owner of bitconnect.com got arrested in India for $14,000,000,000 ponzi scheme using bitcoins.

[Janation]

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.

Cryptocurrencies are decentralized so this will be hard.

It's like you are saying that the internet should be regulated so the scams and fraud can be stopped, you know that is close to impossible. The regulation will never stop such things so people and investors should know better. They should be educated, they should have the knowledge of telling whether a site or a platform is a scam.

[stadus]

We need compliance company and it would only be possible if we have a regulation in the crypto space.
Scams are everywhere because people want to make money from investing but there are still a lot of people who does not understand crypto.

Education is very important to them but they could not learn it right away, it takes time but they are eager to invest even without lack of knowledge, only the fair regulation can help that.

[Ronaldcoin2017]

Well i see that many country support crypto. I believe that there are so many people are now using crypto now a days and some other people or scammer take the advantage of the fastest growing number of crypto user today, we can really see the scammers in crypto feild is everywhere this is really a global issue.

[XFlowZion]

We are living in  a modern world where people will do anything illegal on the internet just steal someone's money. I think scam is a broad topic and online scams became pretty popular. There  are a lot of ways scammers can do in the internet like love scam, online job scam, online shopping scam, fake identity scam and so on. So it means that the global issue isn't just about crypto scams but it's within the internet because every scammer is free to do what they want unless they are pursued by international cybercrime division.

[leavolnhals]

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/

is not. I don't think we need this. because the spread of crypto is normal because blockchain technology is doing its job well. It is serving very well at the present time.
In the future, I'm sure there will be organizations that protect investors and verify transactions that are transparent. it is indispensable in the future and it is the responsibility of governments.

[judeafante]

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/

This is the price we have to pay and the issue that we must resolve if people wants to have a good opinion on Bitcoin, imagine

Cryptocurrency Thefts, Scams, and Fraud Could Tally More than $1.2 Billion in First Quarter 2019

This is very alarming although there have been so many scams in the past without the use of Bitcoin, that's the first quarter alone if we want to have a full adoption we need a world body to oversee how Bitcoin is being used and combat cryptocurrency related scams.

[putra goromo]

Now fraudsters are increasingly rampant in global cryptocurrency, which often happens in ICO projects or fundraising sales, many cheat investors in sales mode, but after that just disappears, this is a concern.

[ethereumhunter]

investors should be educated now and then from crypto scams only then we can be protected from highly intelligent crypto scams . crypto scams involve are tokens or investments scheme and auto trading bots all are risky once the bitcoin volatility increase

I am sure that the investors have already learned from the past because some of them has already got the bad experiences in the last year and now, they don't want to get the same experience. They will be more selective to choose the project, and they will search for more information related to the project so they can invest without worry. Crypto scams will always happen in the future, and we don't know who they are, but we can prevent to become a victim by them.

[wumBowo]

even though a scam is a normal thing on crypto, but from time to time the number of people  scammed  keep getting lower and lower

[syamster]

Now fraudsters are increasingly rampant in global cryptocurrency, which often happens in ICO projects or fundraising sales, many cheat investors in sales mode, but after that just disappears, this is a concern.

Those sale scammers will come in our market they will show us green garden about crypto currency but we will not get trapped by them and be very careful, just don’t sell on panic, hold your investment, we should have faith on what we are investing and keep our coins with proper wallet then it will only increase no scammer will dare to take advantage of our investments.

[omone1]

Scam is still a very big issue in the crypto space because of the decentralization. Some persons just hide under decentralization and unregulated market to defraud investors, if possible we need a watch dog, but this will come at a very huge cost. I saw a flash that there is going to be a proposal for KYC and compliance for any transactions from $1,000 and above, men will still find away around this in exchanges.

[kodtycoon]

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.

agree, that's why the IEO that is predicted to suppress or minimize scams projects, if this works well then of course crypto in the future no longer has the same problem every year

[toast]

Now fraudsters are increasingly rampant in global cryptocurrency, which often happens in ICO projects or fundraising sales, many cheat investors in sales mode, but after that just disappears, this is a concern.

although fraud is increasing, but this situation can still be monitored, because fraud will sooner or later not last long, we'll see, it will be discovered, because actually fraud is very making people nervous constantly.

[DigitalGemToken]

Crypto Scams are really bad for everyone.

It's bad for new tokens like our's which seek to actually help people.

It's bad for people who did get scammed and has lost money.

And it's bad for the crypto economy as a whole because the scams dampen adoption.

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[nickenburg]

I agree but it also has some similarities with the price of Bitcoin,
Back in 2014 this forum did have scammers, but they werent that advanced you could easily spot them most of the time because they would put much effort in to them.

But when Bitcoin did the last rally to 20k$ there where a lot more scammers, and they actually put effort in them their main topics looked sick, website as well I remember one that even got me it was called:

Otho they did a airdrop and you had to have 0.05 ethereum in your wallet to even enter plus a lot of other requirements.
at one point what I had received was worth 400$, they announced a new exchange, I believe it was Kucoin a lot of people bought the token and it turned out the Kucoin release was fake! And after they released that announcement they started selling and left.

For me that was a real wake up call that you really have to watch out now, most of the projects out there will be gone within a year or they are a scam, you really need to find that needle in a haystack.

I think it will be really hard to control as well, where there is a lot of money involved some people will try to scam, you probably heard about people who will send u a email, while they are impersonating your bank and when you login to your bankaccount they will steal all the money off it, here in The Netherlands its quite a common thing they target older people who don't know much about Online banking.
So it is not only a Crypto problem, but it is a Worldwide Problem because of unfair wealth distribution!

So I do think it's really hard to stop all scamming completely, but thats why I think a community like this is a good thing because we can help new people and tell them about the scams going on and hopefully they wont fall for them!

[shoreno]

Now fraudsters are increasingly rampant in global cryptocurrency, which often happens in ICO projects or fundraising sales, many cheat investors in sales mode, but after that just disappears, this is a concern.

although fraud is increasing, but this situation can still be monitored, because fraud will sooner or later not last long, we'll see, it will be discovered, because actually fraud is very making people nervous constantly.

yes it will be soon discovered but fraudsters can still commit the same crime again by using a different identity  . frauds dont only exist on ico's alone but they are also present on other investment schemes . scams/frauds are not only the issues that we face when we use cryptos but frauds and scams are already an issue just before the start of the internet   .