Crimes involving crypto have risen

[Paulinerims]

"Nearly 2.7 trillion won ($2.3 billion) have been lost to crimes involving cryptocurrency in the last two years, according to South Korean government data."

where do you see the improvements being made against crypto criminal activity. this can really hurt the price for traders/investors if conditions don't improve.

[1715282702]

1715282702

[freedomgo]

"Nearly 2.7 trillion won ($2.3 billion) have been lost to crimes involving cryptocurrency in the last two years, according to South Korean government data."

where do you see the improvements being made against crypto criminal activity. this can really hurt the price for traders/investors if conditions don't improve.

That will improve for sure but it will take time, when market regulation happens, scams will be minimize.

Next time you post the source so you will not violate the forum rules which in your part is Plagiarism.
This is the source https://www.coindesk.com/south-korea-estimates-2-year-losses-from-crypto-crimes-at-2-3-billion for sure.

[NavI_027]

Oh, I wasn't expecting that! I never thought it would be that huge . Sad to say but AFAIK there is no specific agency which primarily deals with all the cases regarding crypto however for sure police authorities of each country have their own cybercrime division handling with these stuffs. But honestly, I think it wasn't enough.

Anyways, as a crypto investor we should not fully depend our own welfare to our government/others. Our money is our own obligation so we are supposed to take care of it first and foremost. I know that scammers are getting smarter nowadays but this will not be a valid excuse, we must become wiser as well.

[LeGaulois]

"Nearly 2.7 trillion won ($2.3 billion) have been lost to crimes involving cryptocurrency in the last two years, according to South Korean government data."

where do you see the improvements being made against crypto criminal activity. this can really hurt the price for traders/investors if conditions don't improve.

They are exaggerating to make the crypto industry the boogeyman, so the mass population will accept to be controlled easier via legislations, taxes, etc... It would have been interesting to give the figures for the fiats currencies. Because we think it's a lot, but if we could compare it with the dollar it would be peanuts! I remember a slogan saying "Create the problem and offer the solution"

Illegal activities with Bitcoin have decreased by more than half over the last 5 years....without Satoshi coming to say "hey! Here is the new regulation to fight the crime"

[Genamant]

"Nearly 2.7 trillion won ($2.3 billion) have been lost to crimes involving cryptocurrency in the last two years, according to South Korean government data."

where do you see the improvements being made against crypto criminal activity. this can really hurt the price for traders/investors if conditions don't improve.

i really hate this when i encounter people here in our country saying Bitcoin is scam
i know i am not to judge them but why invest in something you do not understand, peoples greediness is the real reason
why there are scammers and why there are people being scammed.
thats why i do my part to enlighten those people to atleast have a change of heart and understand crypto more.

[fillippone]

It would be nice to know how many trillion won have been lost to crimes involving won in the last two years, according to South Korean government data.
Just'sayin.

[Indamuck]

Ok, but how many dollars have been involved with illegal activities?  Currency isn't inherently bad or evil, it is just a tool used for transaction and it is on the humans on what it is used for.  A baseball bat isn't good or bat but it can be used for a weapon, now lets ban all baseball bats.....

[danherbias07]

Most of this came from the scam crypto exchanges which just vanished in thin air.

Security should be improved on that field or better just use decentralized one with a lot of security.
If not, then just keep using the trusted ones. I dont know what is the deal of creating more of this exchanges when we can see it will be difficult to tear down a known exchange specially Binance who had been growing day by day.

[Muzika]

As long as there was no regulations those scammers are free on what they are doing regulations will really help the scam projects to be exposed easily and for the investors to avoid it.

[TheCoinGrabber]

Oh, shocking.  Of course they would try to take advantage of vulnerabilities, especially with exchanges. Why rob a bank when you can hack an exchange? It's just that crypto is becoming more mainstream, meaning more users, meaning more weak points and more money to steal.

Note that I mentioned mostly exchanges. These are the larger targets. Of course single holders can be hacked into but as long as you took precautions and don't actually brag around, you're probability of being target is smaller than that of an exchange.

[hugeblack]

These numbers are exaggerated and it is for "Media amplification (Propaganda)" only.
If the analyzes are honest they must display it ​​either by their actual value or by converting to the US dollar on the day of the hack.
I can scam you for 1000BTC in the past and this value is worth less than $10,000 in the past and 10 million now.

[avikz]

"Nearly 2.7 trillion won ($2.3 billion) have been lost to crimes involving cryptocurrency in the last two years, according to South Korean government data."

where do you see the improvements being made against crypto criminal activity. this can really hurt the price for traders/investors if conditions don't improve.

The financial crime rate is steadily increasing worldwide, cryptos are just adding to the value because it is somewhat easier for the hackers and criminals to handle due to the anonymous nature of the cryptos. It is also becoming a preferable currency to a lot of criminals because of the same reason. I strongly believe individual can't solve this problem. It needs the leaders to come under a common platform and fight against such crimes, just the ways G20 leaders are gearing up for the same.

I am shocked to see a lot of people in the forum prefers to stay anonymous and ditch the banking system because they believe banks are evil and governments are cash-sucker morons! But they don't always understand the counter risk of the anonymity factor of the cryptos! Cryptos are already involved with the terrorism activity in NZ where the accused bought deadly weapons using cryptocurrency!

Crypto regulation at a global level is the need of the hour! Without regulation, neither the crypto adoption will increase nor it will help build the reputation!  

[bernardos]

A lot of scams happen because users lack the knowledge and ways to secure their assets. They get hacked or phished because they believe everything they hear and trust promises of big profits.
Bitcoin is still complicated for those who are not technologically gifted so they take the easy route. Instead of investing in a hardware wallet that costs money they will keep their assets on an exchange. When the exchange gets hacked they leave the crypto industry and will never return.
People need to learn the right ways to be part of this industry to minimize the risks.

[Upgrade00]

I do not think that regulation is a solution to financial crimes involving cryptocurrency. Fiat currencies are regulated but has been a tool for crime long before Bitcoin was invented.
I also do not share the notion that it is easier to engage in crimes using cryptocurrency, that's the idea most governments are selling to deter their citizens from getting involved in it.

Now, there needs to be some form of regulation so the cryptocurrency space does not become a sea of scammers. Exchanges and up starts should be audited for credibility. And investors and traders should be sensitized on proper ways to safeguard their wallets.

[enhu]

Its expected to happen. When adoption is increasing more and more technologically inclined individuals will keep finding ways to get money out of it. Only here in the forum there are thousands of scams already happened in the last 10 years of BTC. You'll be counting more of it as soon as libra is up and running.  Korean government wouldn't bother counting them.

[Argoo]

Cryptocurrency at the international level is still almost not regulated and its holders are not protected. Therefore, hackers, scammers and other criminals feel themselves unpunished in this area. In addition, crimes related to cryptocurrency, as a rule, are international, that is, they are committed on the territory of several states at once, or criminals and victims are in different states. Therefore, to successfully combat crime in the field of cryptocurrency, you need to quickly and efficiently interact with law enforcement agencies of various states. Once this is achieved, the number of cryptocurrency-related crimes will plummet.

[Thanasis]

"Nearly 2.7 trillion won ($2.3 billion) have been lost to crimes involving cryptocurrency in the last two years, according to South Korean government data."

where do you see the improvements being made against crypto criminal activity. this can really hurt the price for traders/investors if conditions don't improve.

Most of the hacks are from scam crypto projects and the exchange hacks it cn be completely stopped only if the investors of new projects knows how to find out the worth project rather than just going beyond someone as sheep and also never keep the funds on exchanges if you are not going to trade them very often.

[buwaytress]

Some citizens of certain economies would even say the way some of their banks and governments worked together to bring their country's economy and currency to ruin were criminal beyond comprehension. After seeing myself the levels of corruption, experiencing first hand hyperinflation, and talking to people whose government's wiped out their life savings? I'd be inclined to agree.

But oh, let's focus on the involvement of crypto, instead of the complicity, yeah?

[The Sceptical Chymist]

Bitcoin has been tied to all sorts of crime ever since its inception, and I highly doubt people are going to stop using it for illegal things anytime soon.  The thing is, bitcoin isn’t the criminal—the criminals themselves are, and bitcoin itself is not illegal. 

All cryptocurrencies get a bad rap because of crap like this, and it’s spoonfed to the uncritical masses who now think of crime when they hear the word “bitcoin”.  It’s been said over and over on this forum that good ol’ fiat cash has been used to facilitate illegal transactions for centuries and yet no one has a problem with the dollar bills in their wallet, do they?  Nope.

So crime tied to crypto can grow as fast as it can, but it’s never going to be bitcoin’s fault and its reputation ought not be sullied because of reports like this.

[fillippone]

Bitcoin has been tied to all sorts of crime ever since its inception, and I highly doubt people are going to stop using it for illegal things anytime soon.  The thing is, bitcoin isn’t the criminal—the criminals themselves are, and bitcoin itself is not illegal. 

All cryptocurrencies get a bad rap because of crap like this, and it’s spoonfed to the uncritical masses who now think of crime when they hear the word “bitcoin”.  It’s been said over and over on this forum that good ol’ fiat cash has been used to facilitate illegal transactions for centuries and yet no one has a problem with the dollar bills in their wallet, do they?  Nope.

So crime tied to crypto can grow as fast as it can, but it’s never going to be bitcoin’s fault and its reputation ought not be sullied because of reports like this.

Criminals are using bitcoin basically for one reason: it works.
Of course "bad agents" use bitcoin, but this is not bitcoin fault, and this shouldn't be banned for this. If ever bitcoin would be banned because of illicit activity from "bad actors (sorry if I keep calling them like this I am only using Steven Mnuchin terminology here) so all the other means used by them should be banned too: mobile phones, internet, fast cars, and.. fiat currency.

Please remember that the main vector of illicit transactions are still the dear, old fiat currencies: maybe the small online drug seller wants to be paid in crypto, but the Colombian Cartel still wants USD.