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[Symmetrick]

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[mk4]

It is worth starting with the fact that in 2021 more than $7.7 billion was stolen using crypto scams. The amount, compared to 2020, has grown by more than 50%, due to a new type of scam in the crypto industry, Rug Pull.

A rug pull isn't really a new type of scam though. It's really just sort of a meme-fied lingo of a typical cryptocurrency scam with the scammers running away with the funds. Just like how HODL became a meme-version of "hold"; just that "rug pull" is quite recent.

Still a nice thread regardless. +1

[mk4]

Thanks, but maybe I didn't express myself correctly. It meant that it was new in terms of popularity in the field of crypto scams, because until recently this attack was not so common in the crypto industry.

Weirdly enough, even the ICO scams of 2017 should technically be considered rug pulls; or even any typical cryptocurrency project since Bitcoin's inception where the devs run away with the funds. Weird how the "rug pulls" only appear in 2021 on the chart.

But then again, "rug pull" is meme lingo, hence doesn't really have some sort of "official" definition.

[BernyJB]

Ok, it is interesting, as much as it is upsetting. And that's only the part I understood. I don't want to think how it would feel to get it all.

Now, my philosophy in these cases it to "grab them by the horns", but on this particular subject my knowledge is very limited. I saw a website (Scam detector, or something like that) a moment ago, and it got me thinking it'd be a good thing to be able to do something like that. Of course, you will never be able to get them all, but maybe to code a site to  run a good algorithm on another site, and advice people accordingly... Or even to show a warning to anybody visiting that site, before directing them to it.

Who knows? I'm just learning the basics of python myself, maybe in the future I'd be able to write something like that. Or even get in contact with the forum's more knowledgeable people (once I can add something to it), and come up with a sort of "crypto scam detector" for the forum?

Would that make sense or is it just a pipe dream?

[_act_]

What I can add to this is that people should be careful of DeFi. Over $10 billion DeFi scam in 2021

https://www.cnbc.com/2021/11/19/over-10-billion-lost-to-defi-scams-and-thefts-in-2021.html

Overall losses caused by DeFi exploits have totaled $12 billion so far in 2021, according to a report from Elliptic.

Fraud and theft accounted for $10.5 billion of that sum — a sevenfold increase from last year.

DeFi, or decentralized finance, products aim to replicate traditional financial services using blockchain.

DeFi is very centralized but it is called decentralized.

[mk4]

Ok, it is interesting, as much as it is upsetting. And that's only the part I understood. I don't want to think how it would feel to get it all.

Now, my philosophy in these cases it to "grab them by the horns", but on this particular subject my knowledge is very limited. I saw a website (Scam detector, or something like that) a moment ago, and it got me thinking it'd be a good thing to be able to do something like that. Of course, you will never be able to get them all, but maybe to code a site to  run a good algorithm on another site, and advice people accordingly... Or even to show a warning to anybody visiting that site, before directing them to it.

Who knows? I'm just learning the basics of python myself, maybe in the future I'd be able to write something like that. Or even get in contact with the forum's more knowledgeable people (once I can add something to it), and come up with a sort of "crypto scam detector" for the forum?

Would that make sense or is it just a pipe dream?

- You build some sort of "scam detector"
- The shitty scams would easily be detected, giving people a false sense of security
- The shitty scams would make adjustments to find a loophole, to not get detected
- The scams would end up thriving anyway

So yea, it's a pipe dream; easily. The only thing that would stop scams to a certain extent would be education and being realistic.

[KingsDen]

The analysis is interesting. I expected that as the year increases, many becomes aware of scams, scammers and their tactics. But as the year increases, scam does not decrease. We keep having victims.
It's making me believe that there will be no world without scam.
I also think that the reason that scam never fades even as people are becoming wiser is because, scam is dynamic and scammers are wise and are also great researchers.

[aysg76]

This is a truth that the scamming will never be reduced. In the same way that the world is in dynamic condition, the scammers are building  new plans, just as everything is increasingly mobility. It will never be reduced. Moreover, scammers always want to keep a little more experience. There is nothing to do except awareness,for the way to get rid of them.

Scammers are trying to find out new ways to make you fool and have your funds with advanced technology like charging cables and any other official sites hack but sometimes you would also find out that people still living in that era where normal scam also occur.

Like few time back the double your coins scam has also rised over a particular period of time and it made me strike how much dumb victims might have been to fall for such things easily.Like Saylor and Musk doubling your coins within these days and they deposited the funds over that address and later on it turned out to be a scam.

But overall nice thread and as usual detailed information by @Ratimov about how many people become victims of such crypto scams and nice information through graphical representation.

[tranthidung]

It is interesting to see DeFi is the biggest one for money laundering. I expect to see NFT in the list as well because the hype and overvalue of many NFTs are very weird. I believe there are something shady behind growths of those NFT projects. DeFi and NFT connect with each other technically so if DeFi is a most favorite for money laundering, why people don't like NFT for same illicit activities? Growth of NFTs is even more crazy than DeFi and it is very abnormal.

I know fast comes, fast goes. It is very true in crypto but I wonder where does capital come from in order to help the market for NFTs grow too much?

[BernyJB]

- You build some sort of "scam detector"
- The shitty scams would easily be detected, giving people a false sense of security
- The shitty scams would make adjustments to find a loophole, to not get detected
- The scams would end up thriving anyway

So yea, it's a pipe dream; easily. The only thing that would stop scams to a certain extent would be education and being realistic.

Yeah, I was fearing that. Just keeping it updated would be a huge task. Kinda like what happened to viruses.

Oh, well, it was an idea...

[Trojane]

There has always been these scamming of a thing right from the inception of Bitcoin and all efforts to abort it has been in vain.... a staff here once said that they should just let them be since every effort to stop them will only worsen everything because these fraudsters have been in deep studies to all night just to conquer cyber securities and make away with trillions of coins globally but these is somehow impossible!
People haven't had the fear for loosing thier coins these time around that's why the have invested enough in it with ultimate confidence.
The barcode chat, as much as I can interpret shows that the rates of theft and internet fraud has increased speedily...

[Cookdata]

Among the options for laundering stolen funds, North Korea used mixers more often in 2021:

Do these analysis and statistics depict North Korea as the rotten eggs in crypto mix? I thought they are recognized as a one-party state, and the media covers them as a tyrant hidden behind their walls. What has their government done to combat this cruelty by using crypto as an unlawful instrument for defrauding?
North Korea government was never an admirer of cryptocurrency, they should battle these criminals in the same manner that other countries who regard crypto as illegal but continue to fight fraud of any means.