Crypto thefts, fraud hit $1.2 billion in Q1 report

[krb91]

It is truly appalling that the loss in just Q1 has reached over 1.7 billion USD. However, I still believe KYC and regulations take away the core concepts away from the 'decentralized' and 'anonymous' world of blockchain technology and cryptocurrencies. I think just like block chain technology and crypt I currencies have created a more effective means of transacting and transferring funds, a more effective model should be developed to checkmate fraud on the block chain.

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[wattcrypto]

I wonder how Libra is going to have an effect on crypto thefts and fraud... really over all regulation

[mazdafunsun]

This article is interesting, there several interesting points.

The first one is that the fraud has dramatically increased compared to 2018. This is something that i was not expecting, I believed that the fraud level would be lower than in 2018 because of ICO s are not so popular anymore.

I dont understand how the OP thinks that KYC should help , this is about people scamming thru ICOs and lost funds thru exchange hacks.

I found very interesting that they keep statistics on how much funds are going out of the country.

An analysis of 164 million bitcoin transactions showed that cross-border payments to offshore exchanges have grown 46% over the last two years, contributing to the $8.7 trillion, or 11.5 percent of the world’s wealth, hidden offshore, the report said.

[jjbanks994]

This article is interesting, there several interesting points.

The first one is that the fraud has dramatically increased compared to 2018. This is something that i was not expecting, I believed that the fraud level would be lower than in 2018 because of ICO s are not so popular anymore.

I dont understand how the OP thinks that KYC should help , this is about people scamming thru ICOs and lost funds thru exchange hacks.

I found very interesting that they keep statistics on how much funds are going out of the country.

An analysis of 164 million bitcoin transactions showed that cross-border payments to offshore exchanges have grown 46% over the last two years, contributing to the $8.7 trillion, or 11.5 percent of the world’s wealth, hidden offshore, the report said.

I thought that was interesting too. It's interesting to see that there are more countries than others that have shown the highest movement of laundered money. Is there a reason for that?

[CryptoCraze11]

Don't think that normal businesses have no fraud, they also steal hundreds of millions, banks do it, businesses of all types do it, investment businesses do it. Just because the headlines are like that for crypto it doesn't mean it only happens here. There is MASSIVE fraud out there not involving crypto, billions and billions of dollars, if we knew the real figure it would make the 1.2b seem like dust.

You are right, frauds are in every business be it a fiat currency or cryptocurrency. 1.2Billion in one quarter means around 5 billion per annum and this is not a big figure if compared with market volume of cryptocurrency.