Crimes involving crypto have risen

[marcuslong]

Here in the Philippines, they use it as a mode of payment in their ponzi scheme so that they can invite many people in my country. If people is knowledgeable in crypto I think they will not invest in this kind of investment. To prevent this we need to spread our knowledge about bitcoin in our community.

[ardentvolcanoes]

Here in Brazil, the regulation on exchanges are growing fast.
The regulators looking for people Who use crypto to wash money coming from corruption in Petrobras and big engineer company.

Many ponzi are busted too.

Consider it as a good news since ponzi businesses damages the image of crypto, its a good action from the government to begin chasing those illegal doers and bring good business to cater and support crypto system. If the government manage to clean this illegal business and those criminals who hides there transactions using cryptos, the chance being adopted will increase. Regulations will help in some ways only if the govern bodies are serious to use the system.

[ShooterXD]

Here in Brazil, the regulation on exchanges are growing fast.
The regulators looking for people Who use crypto to wash money coming from corruption in Petrobras and big engineer company.

Many ponzi are busted too.

Consider it as a good news since ponzi businesses damages the image of crypto, its a good action from the government to begin chasing those illegal doers and bring good business to cater and support crypto system. If the government manage to clean this illegal business and those criminals who hides there transactions using cryptos, the chance being adopted will increase. Regulations will help in some ways only if the govern bodies are serious to use the system.

The govern combat the ponzi is a good news, but this happen only to protect banks, because people cashout your money from banks to invest in these ponzi. Banks in Brazil are a BIG mafia, they control everything. In vaza jato scandal, the banks are envolved too, but no one get punishiment from law.

They raise high interest rates and leave the population indebted and in their hands, indebted the state itself with such loans as well.

[kodtycoon]

Haven't heard major crime stories related to Crypto recently. The whole world's government is tightening the grip on the use case of crypto currencies. So countries have banned it and have started taking action against their citizens who happen to use it for any purpose whatsoever.

even in my country there are no restrictions on the use of crypto and i don't know the news. indeed, there have been no crimes involving crypto recently, but at least every time a crime occurs the news will involve a crime with crypto which of course is a serious problem because it will adversely affect the crypto market itself

[Silberman]

"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 is one of the reason why some government are pursuing to regulate crypto, to atleast lessen crypto being used in illegal activities, money laundering and scam. Even in our country crypto is now being used for drug transactions, scam, money laundering and etc. Maybe one of the reasons why mass adaptation is not yet achievable as of now.

No, that is one of the excuses that governments are using to try to regulate this market as much as they can, the truth is that the amount of illegal transactions that are being made in the market of cryptocurrencies is very low especially if you compare it with the amount of transactions and money that are made with traditional currencies, make no mistake governments understand very clearly the potential of cryptocurrencies to change the world and they will do everything in their power to stop them.

[Lorna111]

Well, in all aspects, scammers are everywhere. It's up with the person using bitcoin if they will get scammed or not. As a bitcoin investor, It is best that you know what you are doing and differentiate what's legitimate or not beforehand. In that simple way, scams can be prevented and those numbers will tone down as well.

[Dread Pirate Roberts]

Here in the Philippines, they use it as a mode of payment in their ponzi scheme so that they can invite many people in my country. If people is knowledgeable in crypto I think they will not invest in this kind of investment. To prevent this we need to spread our knowledge about bitcoin in our community.

if in real goods in a ponzy system they require potential investors to buy their products first and then make us sell our products again witch it their products too, and force us to do that if we want to get our money back and mostly people are so lazy to do it. because its so different with what they explained before we join.
i think that system exist in many country.

[Colt81]

Well, in all aspects, scammers are everywhere. It's up with the person using bitcoin if they will get scammed or not. As a bitcoin investor, It is best that you know what you are doing and differentiate what's legitimate or not beforehand. In that simple way, scams can be prevented and those numbers will tone down as well.

The reason behind why a lot of people were victims of scams because of lack of knowledge in cryptocurrency and blockchain technology, that is why they can be easily be trick by scammers. Also, there are a lot of hackers nowadays that can easily steal all of your profits by just using an unsafe or untrusted wallet, that is why we should guide every crypto users and investors for them to avoid this kind of crimes.

[joshy23]

Well, in all aspects, scammers are everywhere. It's up with the person using bitcoin if they will get scammed or not. As a bitcoin investor, It is best that you know what you are doing and differentiate what's legitimate or not beforehand. In that simple way, scams can be prevented and those numbers will tone down as well.

If you are fully aware of any situations inside this industry you are not prone to any scamming activities. Most of those who become victimized are people who didn't care doing research and studies first before getting engaged with crypto industry. Scammers are all around and slots of crimes which being held using this system has been reported around the world.

[Betwrong]

Haven't heard major crime stories related to Crypto recently.

Are you kidding? It's on the news almost every day, journalists love this topic. Below is the link to one of the latest articles, for example:

https://thenextweb.com/hardfork/2019/09/27/binance-says-it-buddied-with-uk-police-to-catch-crypto-criminal-who-stole-51m/

The whole world's government is tightening the grip on the use case of crypto currencies. So countries have banned it and have started taking action against their citizens who happen to use it for any purpose whatsoever.

I think the situation is exactly the opposite of what you describe. Bitcoin is illegal in Algeria, Egypt, Bolivia, Ecuador, Nepal, and maybe in a couple of other countries, but it is perfectly legal in all civilized world. (It's a pity that people have to live in those countries I listed above. I don't mean to offend them. It's their governments that are uncivilized, not the people of those countries.)

[gabbie2010]

Haven't heard major crime stories related to Crypto recently. The whole world's government is tightening the grip on the use case of crypto currencies. So countries have banned it and have started taking action against their citizens who happen to use it for any purpose whatsoever.

even in my country there are no restrictions on the use of crypto and i don't know the news. indeed, there have been no crimes involving crypto recently, but at least every time a crime occurs the news will involve a crime with crypto which of course is a serious problem because it will adversely affect the crypto market itself

Of course many terrorists,money launderers and kidnappers have started using cryptos to perpetuate their dastardly act it obvious that some government had to take a drastic action to checkmate and prevent the use of cryptos while its becoming very difficult to track cryptos transaction these days some culprits had turned to it as a safe heaven and safer way in earning invariably resulted to the increase in the number of crypto related crimes of course more tightening measures had to be put in place else the world would not be a safe place.

[Pab]

Compere that stats with crimes done with fiat currencies
Most dangerous for bitcoins is hacking.Industry really needs to integrate
it can"t be like that that coins stolen from Cryptopia has been exchanged for Elf coin on DAX exchanges and then elf were  sold on Binance
Maybe part of that current dump was caused by hackers

[Klausi]

Silkroad is one of example as a proof that people are using cryptocurrency few years back then in illegal activities, like for example buying drugs, illegal guns that don't have any license, other people's credit card account, it is all about dark agendas, but the Government successfully shut it down(I think) by tracking people behind that site, and until now, there are still sites like that I know deep inside the internet that the Government can't even bulge.

[Cnut237]

Two reasons for more reports of crypto crimes:

Crypto is bigger news now than it used to be, which means that a crypto crime now is more likely to get reported than say 5 years ago.
Prices are so much higher than they used to be, which makes crypto more valuable and so a bigger target.

What can be done to reduce this? Well, we are already seeing the first stirrings of regulation in the crypto industry. This will help to weed out scam projects. Other types of crime, phishing etc, aren't crypto-specific, and other than regulation can only really be combated by increasing user awareness and adding extra security steps.

[Vinalians]

The popularity of bitcoin is now on the top right? Those criminals are have the idea that they can use bitcoin as their payment method because they knew that it is untraceable. I hope those whose on the top that manages the reputation of bitcoin would do their best to get red of those criminals that using bitcoin for their bad doings.

[Distinctin]

The popularity of bitcoin is now on the top right? Those criminals are have the idea that they can use bitcoin as their payment method because they knew that it is untraceable.

They are stupid if they think it's completely untraceable, the fact that transactions are in blockchain, that means it can be trace.
It may take time if a criminal knows how to launder money but sooner or later it will be trace.
Also, consider that the government are making good effort on regulating exchanges and any financial institution that caters crypto, so I think this move will make the scams to reduce.

I hope those whose on the top that manages the reputation of bitcoin would do their best to get red of those criminals that using bitcoin for their bad doings.

The government regulating the market, I think that's just the most important thing to do, when there's a law, it will just prevent them but will not stop hem from doing crime as they are in control of their selves and their accounts.

[Sithara007]

Compere that stats with crimes done with fiat currencies
Most dangerous for bitcoins is hacking.Industry really needs to integrate
it can"t be like that that coins stolen from Cryptopia has been exchanged for Elf coin on DAX exchanges and then elf were  sold on Binance
Maybe part of that current dump was caused by hackers

A comparison with fiat currency may not be suitable here. The fiat currency market capitalization is more than $15 trillion, while the same for cryptocurrency is only around 1/100th of that amount. If the South Korean government data is accurate, the stolen amount represents 1% of all the cryptocurrency in circulation. That is equivalent of criminals stealing $150 billion in a single year in just one country, and I am sure that the amount for fiat cash is much lower. But then, why we need to compare with fiat?

I am not aware of how the thieves laundered the coins stolen from Binance. But from what I heard, the vast majority (90% or more) of this $2.3 billion came from scam ICOs. Scam projects such as M token scammed tens of millions of USD from Korean citizens. But the heaviest losses came from the Plus Token scam (which resulted in losses in excess of $2 billion, and probably much higher).

[boltz]

What about crimes involving dollars or euro or any other currency ? Don't try to put bitcoin into a bad spot because we all know crimes and illegal things have always been there before bitcoin even appear. Also the crime rate in south Korea is rising so bitcoin and other crypto currency are being used for their methods which indeed is bad for bitcoin because if we ask a non-bitcoin enthusiast mostly he will answer with "bitcoin is for drugs and black markets" as media feed the people with this crap news on early 2013-2014 and that stuck into people minds.

Lets be honest and admit that all this illegal stuff were always here and bitcoin is just another victim for them as they don't care what currency they used as long as the job gets done . Its our duty to put bitcoin into a good spot and guide everyone to the good reasons of using Bitcoin and Cryptocurrencies.

[Dreamr]

"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 crime increases based on the number of people. therefore, the more people you have the more crimes you gonna get. Also, that same principle applies to bitcoin. thus, the more people join the bitcoin and crypto community, the more crimes you gonna get. I'm not surprised by the stat at all.

[TGD]

The crime increases based on the number of people. therefore, the more people you have the more crimes you gonna get. Also, that same principle applies to bitcoin. thus, the more people join the bitcoin and crypto community, the more crimes you gonna get. I'm not surprised by the stat at all.

Actually I first hear bitcoin being use in some crimes before than I know that there are tons of way to earn from it. Since it is decentralised and have a easy and smooth ways to transact using it. Number of people only increase this time that investment projects, companies and exchanges use bitcoin. Before only big or known people only uses it for crime, now due to number of users who knows it is possible not to be track they might finds it much easy to do crime than to try to earn from it by trading or by investing. Sooner some applications might exist that they will be track as implementation and government might collaborate to solve this.