Crimes involving crypto have risen

[Oilacris]

"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 don't stress out myself on how to make improvements when it comes to security because all things do depend into any service or platform itself.

Either the market bearish or bullish these hacking incident do happens.We just got surprised when the hack already happened and theres nothing we can do.

[Oceat]

"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 don't stress out myself on how to make improvements when it comes to security because all things do depend into any service or platform itself.

Either the market bearish or bullish these hacking incident do happens.We just got surprised when the hack already happened and theres nothing we can do.

My question is why can't they do the same just like what those big and reputable exchanges do just like the Binance exchange?

I'm just guessing that maybe these new exchanges are lacking funds for improvement about of their security in various hack attacks.

Aren't these exchanges and the government concerned about the huge amount being lost in cryptocurrency?

[ufaiz50]

"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's the reason some people are more strict on cryptocurrency, to reduce the crime there are some ways that are too extreme such as prohibition and excessive regulation. Cryptocurrency is only a tool or weakness of the freedom of transactions that is too free.

[audaciousbeing]

Its really unfortunate that despite the various improvement that have been witnessed in the crypto world especially as it regards KYC in crypto related services, the statistics is still this high. I think the issue really is about government continual effort in crime combating moves that is pushing people to the crypto world. In addition to that, the continual not bringing to book entrepreneurs who are custodian of funds in the crypto world for example in the case of exchange sites hacked with funds lost is giving others the motive to perpetuate such venture.

[RealMalatesta]

"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 am so sure that scam will take at least 80 percent of the crime involved in the cryptocurrency fraud and this can actually be controlled by us if we really want it to stop. There are so many way by which scammers use in scamming lots of investors, one of it is investment in some of these projects, the best way to control this is just for every investors to learn not to invest in any project without going to any length in verifying the project and any project that is not certain to them should never be invested in.

Another way scammer scam people is to hack into their wallet, either through the weak password or some exchanges, and this is also easy to curtail and the simple solution to it is just to make sure that we put the coin in a wallet that us well encrypted and then with backup up phrase. If we can curtail all these, I am sure the record will stop increasing.

[hatshepsut93]

"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.

You are looking at it wrong, crimes involving crypto have dramatically decreased. Back in early days, Silkroad and other darknet markets had a huge portion of Bitcoin's transactions, but in the recent years it was estimated that illegal activity makes up for only 1% of Bitcoin transactions. Similarly with exchange hacks - in 2014 the hack of Mt. Gox had shaken the whole Bitcoin ecosystem, but nowadays millions get stolen from exchanges and no one blinks an eye. So, criminal use is something that we shouldn't worry too much now, Bitcoin is quite big now for it to be just a small drop in the ocean.

[Dreamchaser21]

A lof of exchanges has been hacked. Thats all due to poor security or low intellect lvl

Poor security or poor part of the people or team because it can be an inside job especially the recent hacked exchange in Japan. So many incidents like that, over the past year its almost doubled and many people are suffering on that. I believe if there's no good security and regulations we can expect more incidents like this.

[timerland]

I think you are being fooled by the media here, and it is pretty obvious the numbers are being exaggerated to paint bitcoin is a bad light again, and I also don't think the numbers that are shown in the article , is very accurate. I believe the price of BTC was much lower when the exchanges got hacked, and it wasn't as drastic as what has happened.

I also got click baited a bit, I thought you were talking about illegal activities like black market trades, but instead, you are talking about crimes that have been committed against exchanges to steal BTC, not crimes done using BTC as a payment method.

[freedomgo]

A lof of exchanges has been hacked. Thats all due to poor security or low intellect lvl

That's due to lack or regulation too because if the site is fully regulated, they can have an insurance for the traders and it will cover the cost.
Thus far, only Binance made their own initiative to see the possibilities and they were able to use the funds to cover the loss when they were hack.

[jrrsparkles]

A lof of exchanges has been hacked. Thats all due to poor security or low intellect lvl

That's due to lack or regulation too because if the site is fully regulated, they can have an insurance for the traders and it will cover the cost.
Thus far, only Binance made their own initiative to see the possibilities and they were able to use the funds to cover the loss when they were hack.

Did they refund money with the help of insurance or just paid from their own pockets?

I didn't knew that any insurance company will cover the exchange hacks!

[pankowri]

"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 reason behind this is not to regulate crypto. I think it's true and it is rising day by day. If we think to stop it, regulation will be needed in this respect to prevent from such kind of criminal activity. Otherwise, it will be impossible to stay away from crypto without criminal activity.

[eaLiTy]

That's the reason some people are more strict on cryptocurrency, to reduce the crime there are some ways that are too extreme such as prohibition and excessive regulation. Cryptocurrency is only a tool or weakness of the freedom of transactions that is too free.

People who use bitcoin for illegal activities is the dumbest criminals you will ever find, it is like robbing a store and leaving your entire trail to your house  . Mixing sites are shutting their doors because of pressure and in the future criminals will find it hard to shake off the trails, it will hurt individual privacy but in order to over come these criminals in taking advantage of the technology something has to be done and i expect every criminals will be held accountable in the future as there will be tools to follow every trail of their illegal conduct even if they used mixers in the past.

[mitchr4]

"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 reason behind this is not to regulate crypto. I think it's true and it is rising day by day. If we think to stop it, regulation will be needed in this respect to prevent from such kind of criminal activity. Otherwise, it will be impossible to stay away from crypto without criminal activity.

We cannot deny that because crypto is also anonymous which people are free to use it. Regulations for crypto will also make things worse, because every transaction using crypto will be monitored and restricted. As a user, we will feel uncomfortable about it because of personal matters that do not have to be known. We cannot avoid the crime because the criminals are getting smarter by the day. It's just that every crypto user must always be aware of suspicious transactions and protect assets safely. It needs to be applied in order to avoid fraud and hacking.

[Ridwan Fauzi]

I see the cause is only one i.e the government can't control bitcoin entirely. Let me ask something, is the illegal activity never happened before bitcoin came? does the sale of illicit goods not use money fiat? I think most of them using money fiat for a transaction. But I just weird when bitcoin came money fiat has been forgotten as a tool for illegal transaction, it is not fair. Whilst, if I am not mistaken if some people make a transaction then all of the transaction will be known by many people because we can see on the blockchain. Even I just thinking for those people who will use bitcoin as an illegal activity and he has known bitcoin properly then he will not use it and find another currency which cannot be tracked such as money fiat.

[Vishnu.Reang]

The most important thing to note here is that the criminals are not getting away. They are getting caught and indicted for their crimes. Past few years have seen a lot of the criminals who have used cryptocurrency for their own illegal activities biting the dust. The most important ones being Alexander Vinnik, Ross Ulbricht, Hugh Brian Haney, Joel Ortiz, Blake Benthall, Brian Farrel.etc.

I would say that the cryptocurrency domain is getting cleansed with the arrest of each of these criminals. I have no sympathy for them. They tarnished the reputation of Bitcoin and made the legalization difficult to attain.

[Sharon121212]

"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 should not be surprising with the success achieved by crypto over the years.  Am sorry the figures of crime rate might also increase if little alterations to the decentralisation of cryptocurrency is not made. Criminals are feeling to much sense of safety being here in cryptocurrency if that can be handled tactically without giving in into governmental demands

[arpon11]

"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.

This are propagation against bitcoin and cryptocurrency to me the south Korean governments have never told us how much was as crime through USD or their country's money for the past two to three years. It is good we have all this data in other to be able to see if cryptocurrency is highest in criminal activities or not. We have story of how many millions or billions of dollars or other currency that people has used in stilling public funds and corrupt leaders has used in laund money. I think singlehandedly bringing bitcoin out as something that attracts criminals is not good and I think governments is doing all this in other to be able to called bitcoin bad names.

[shoreno]

The most important thing to note here is that the criminals are not getting away. They are getting caught and indicted for their crimes.

only few are being caught and those who have caught are i think newbies because they dont know how properly conceal thier selves before they decide to do  an illegal business .

have no sympathy for them. They tarnished the reputation of Bitcoin and made the legalization difficult to attain.

its not thier fault on why why cryptos werent legalize to some countries and if cryptos were given a bad reputation because its normal that they will use cryptos because cryptos are a kind of money   .  didnt you see even fiats are also being used for crimes but people still use fiats  

[jakelyson]

"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 should not be surprising with the success achieved by crypto over the years.  Am sorry the figures of crime rate might also increase if little alterations to the decentralisation of cryptocurrency is not made. Criminals are feeling to much sense of safety being here in cryptocurrency if that can be handled tactically without giving in into governmental demands

There is nothing that you can change in crypto that will deter criminals from using it. It is money. As long as it can be spent, it will be used in criminal activities and a target by criminal entities. The only deterrent I can see is that these criminals be caught and punished heavily so that others will be afraid to do crimes
.

[Ranly123]

"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.

Crimes involving cryptocurrency can be minimized only if crypto market will be regulated. Which means both investors and the project owner will have a third party to regulate their transactions.