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Very good article, the quality abounds in the data that you reflect, I wonder how these hackers manage to violate the security systems to a certain extent and at the same time cover all their tracks so as not to be caught, a few weeks ago I created a topic that spoke of a strategy that these hackers use to sell the stolen funds, they do it through binance p2p used profiles verified with stolen data.

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Fraudsters have different methods of how to steal money and pull it out of our vaults or from the stock exchange, so we have to be very careful and not neglect these things. This phenomenon and the reporting of anyone trying to hack or steal

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On 03/10/2020 at 4:33 PM, Whited35 said:

programming-593312_1920.thumb.jpg.3dde2249fd417e4162baeef7a5ec2b8c.jpg

Bitcoin was created to give full financial freedoms to human beings. Maybe, Bitcoin's creator Satoshi Nakamoto had no idea that it can also be the favorite currency for the criminals. In 2020, we are familiar with so many terrible incidents like the Twitter hack in Bitcoin scam, 51% attack on ETC blockchain network, DeFi lending protocol bZx hack, and recently KuCoin exchange hack, etc. These incidents indicate a growing pain created by crypto criminals. Due to the pseudonymous nature of cryptocurrency, we can not reject the fact that it is challenging to prevent Distributed Ledger Technology(DLT) based fraud but I would like to thank the high transparency feature of the blockchain technology.

 

How crypto criminals steal crypto from the hacks and scams?
Get it clear, exchange and wallet hacks are not the same as blockchain network hacks. Generally, cryptocurrency exchanges and wallets are being hacked due to phishing attacks, loopholes in the system, and weakly managed servers, etc.

2118701927_Screenshot(77).png.605f3461050b34a9e05d079995bf6c8b.png

 

Image:-Chainalysis

 

In the case of blockchain hacks, the following are the most notable possibilities.

  • 51% attack
  • Exploiting bugs in the cryptographic codes
  • Lunching Sybil attacks
  • Routing
  • Direct Denial of Service (DDoS) attacks

 

Crypto criminals and terrorist organizations like ISIS or Al-Qaeda use cryptocurrencies for the so many purposes like:-

  • Ilegal black money laundering
  • Buying illicit goods like weapons, rare materials, drugs, wildlife, and human beings, etc.
  • Running scam projects or Ponzi schemes
  • Tax evading 
  • Promoting to spread ransomware

 

So how crypto criminals are being caught and punished?
Once hackers steal the funds from exchange or wallet, their first aim is to sell stolen cryptocurrencies in the market without revealing the personal information so that they illegally sell stolen amounts on the darknet/dark web with the discounts. Due to massively increased crypto-based crimes, the blockchain community has already formed a forum named The Blockchain Alliance which aims to work together with the crypto community and law enforcement against criminals. It is the beauty of the blockchain technology that every transaction details are visible to the public it means once blockchain confirms the data, it can not be erased. Due to such public nature and transparency of blockchain, some blockchain analytics companies are doing a great job to catch the crypto criminals. ChainalysisCipherTrace,and Coin Metrics ,etc perform the blockchain analysis by using publicly available data from the blockchain technology to spot how criminals are routing the stolen crypto to cash out.

 

How Chainalysis helps to spot crypto criminals? 
This top-ranked & 5 years old blockchain analysis company works together with the governments and private companies from so many countries. Basically, it has four most effective products.

 

1435823096_Screenshot(76).png.91a6994a33e115691953d0243d03d181.png

Image:-Chainalysis

 

So many crypto exchange sites use Chainalysis KYT product to detect the flow of the transactions. If they detect the transaction coming from the crypto mixer platform, they are more likely to freeze such funds. Binance and Coinbase are famous for detecting the BTC coming from the mixer. So once an exchange or wallet gets hacked, Chainalysis carefully monitors the hacker's wallet address and flow of transactions followed by that address. If they detect fund is entering on some exchange, they let exchange to know that hackers have just deposited the stolen funds. This is how criminals are being caught. 

1640237232_Screenshot(75).png.db28c082ab455d7b1f27d34fed3df731.png

Image:-Chainalysis

 

Nowadays, scammers are finding other ways to sell stolen crypto-like on darknet/dark web so it can be extremely useful to follow the following safety measures.   

  • Exchange owners can hire trained software engineers with enough blockchain expertise to create the safest system with higher security layers.
  • Enable two-factor authentication
  • Start to use anti-phishing software
  • Use cold wallets to store valuable cryptocurrencies
  • Blacklist the scam projects, hacker's wallet addresses, and suspicious websites. 

Thank You! 

I must commend you for such a good write up. The criminal are getting more rampant this days and they keep investing in BTC making their funds untraceable

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4 hours ago, Ayinlek said:

I must commend you for such a good write up. The criminal are getting more rampant this days and they keep investing in BTC making their funds untraceable

Hey, Bitcoin is not untraceable asset, you must be clear first. Everything in the Bitcoin blockchain network is recorded in the blockchain in the form of immutable database and the data is distributed across the ledger. Wallet balance is still traceable by using Bitcoin wallet address. 

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Very good topic, quite well developed and explained, you deal with a very common issue within the crypto world that unfortunately has become more popular every day, I am sure that the advantages of cryptocurrencies for many people with bad intentions are quite profitable, they see privacy and financial freedom that cryptos offer us to steal our money, evade taxes and other worrisome things.

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Thank you, my friend, for this wonderful and useful participation, of course Bitcoin was a big gap and a springboard for everyone to work freely away from censorship and away from taxes, but cybercrime has nothing to do with us there are certain people working on it that should be held accountable only, not encryption. 

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Various criminal activities can be done with cryptocurrency. Because cryptocurrency has no control.There is no way to know if someone is buying illegal weapons through cryptocurrency exchange.

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13 hours ago, Yeeyee said:

Crypto crime is everywhere. Because we live in a digital age, digital hackers are prominent in the crypto scene and we should do our best avoiding them

The most challenging thing in blockchain technology is cybersecurity. According to the pace of technology, everything is going to be improved and advanced. 

13 minutes ago, Ameralsamt said:

Thank you, my friend, for this wonderful and useful participation, of course Bitcoin was a big gap and a springboard for everyone to work freely away from censorship and away from taxes, but cybercrime has nothing to do with us there are certain people working on it that should be held accountable only, not encryption. 

Cool, at least blockchain analysis companies' roles are looking very effective if governments be ready to do co-operations. 

10 minutes ago, Nula said:

Criminal has also swapped stolen crypto on DEX

Despite swapping the stolen crypto, criminals will get caught while exchanging crypto against the fiat currencies. 


 

 

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On 2/25/2021 at 12:01 AM, Migoparker said:

And it is not too difficult for the to seal a bitcoin from a wallet Dude.

Nope, it is not easier to steal Bitcoin from the good wallets. Your Bitcoin will be at the risks if you are choosing paper wallets generated by the malicious sites or if you are using the weak online wallets with the useless system architecture to safeguard your assets stored inside the wallet. Criminals are stealing the cryptocurrency after detecting the weak loopholes. 


 

 

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Regrettably, you are right! Nowadays, there are many scammers who try to hurt us and our money in whatever way they can. To avoid falling into the pit and obtain a better outcome, we must employ various defenses. Now the cyber police are taking action against hackers, which I believe would be extremely beneficial to us.

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On 4/15/2021 at 2:09 AM, teebasas said:

Regrettably, you are right! Nowadays, there are many scammers who try to hurt us and our money in whatever way they can. To avoid falling into the pit and obtain a better outcome, we must employ various defenses. Now the cyber police are taking action against hackers, which I believe would be extremely beneficial to us.

Despite the attempts to down the cyber criminals, the fraudulent activities are still growing up. If you locate the report published by the Chainalysis, so many centralized exchange sites have got hacked to loose a huge amounts of crypto. It will be far more better if you are conscious to protect your assets by not falling into the traps of scammers.  


 

 

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On 4/16/2021 at 11:47 AM, F Roberto said:

This is a good analysis from you mate. Bitcoin has been a wonderful coin which it's price and value is just increasing daily and yearly in Cryptoworld but it's sa the cybercriminals always look for way to scam and this is also why we have to keep our account protected. Analysis has been given in this topic on how scammers scam which i believe members will learn from it to safe them from being scammed of stealing their Bitcoin.

First of all, we have to be protected ourselves and if we accidentally loose our amounts from the wallets or the online exchange, every hope will not be ended as there will be still some possibilities to get back your stolen funds due the blockchain analysis companies like Chainalysis. There are so many other blockchain analysis companies are opened, it is good thing. 


 

 

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10 hours ago, vienna delanteraa said:

Blockchain hackers are not ordinary hackers, they are professionals and gain a lot from these illegal operations that they perform, they carry out numerous phishing attacks to discover vulnerabilities and security loopholes in the system and servers and take advantage of that, really they are the worst.

They are highly trained and the professional hackers. They detect the weakest points in the system and make such weakness as the attacking points to make their attack successful. Bigger blockchain networks are safe as the attackers have to use their huge efforts and resources. Additionally, developers are also creating the advanced system to prevent the attackers. 


 

 

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Excellent topic to explain the good nature of cryptocurrency and its bad side that perhaps Nakamoto Satoshi did not take into account when these cyber criminals who try to scam everyone through binary codes and computer language to take the lead in the crypto world.

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Honestly, it is very difficult to hack your account. You have to put a strong password between letters and symbols, which is kept away from hacking. And for fraud also, you must keep your keys away from others

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Your money is safe as long as your computer or phone is safe. If you want to be almost 100% secure, create a wallet on an offline computer that will not connect to the Internet, use sites such as blockchain.com to view your balance without the need for a secret key, in short, the matter is safe with the safety of any other account, since the main problem is that the user Himself is the one who exposes his account to the hack.

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Fraudsters are smart people and every day they have new methods, but according to the crypto analysis company, the crime rate in currencies has decreased dramatically. Sneak analysis helps recover the loss caused by the hack.

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13 hours ago, Naveed akbar said:

These crypto hackers, in particular, are very smart and intelligent; it amazes me how they can find weak spots in a system and steal cryptocurrency from crypto wallets; it's truly incredible.

They are trained to hack and obviously they do it in a smart ways 😁 ! They are familiar with the codes and the blockchain architecture as they are also supposed to be nerd to spend an endless hours in front of computers. Once they detect the target points or the loopholes, they keep attacking to get the benefits from stolen money. 


 

 

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The cryptoworld is full of hackers, scammers, and other malicious activity, which is why we all need to be extra cautious about where we store our valuable Cryptocurrencies. Hackers use a variety of tactics to reach their targets, but if we are diligent, the risk can be reduced, so we can use cold wallets to store our valuable Cryptocurrencies to avoid losing them.

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I agree with you my friend, this is really sad, we all have been exposed in one way or another to piracy, they have many ways to hack and steal your wallet, the most important and widespread of which are the scam links, one of them has to determine a solution to this matter, the gaps exist and must be resolved.

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54 minutes ago, Dadouasaad123 said:

I agree with you my friend, this is really sad, we all have been exposed in one way or another to piracy, they have many ways to hack and steal your wallet, the most important and widespread of which are the scam links, one of them has to determine a solution to this matter, the gaps exist and must be resolved.

Blockchain analysis companies are getting the massive influx of reports regarding the crypto-based frauds. They have provided the premium tools to track the transactions but governments from different nations should work together to reach the actual criminals for restoring the justice for victims so protecting your assets by not falling in the traps of scammers can be the best ideas. 


 

 

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On 4/24/2021 at 1:36 PM, moory.moor said:

An accurate and useful topic, this is something for you to bring this up to us with this, people here will be able to gain superficial knowledge about why Bitcoins are restricted from another country and why it becomes so or why they are not legalized. In addition, this post can help greatly in securing our currencies online and increase our knowledge of the information at hand.

Technically, Bitcoin can not fully restricted or banned in any nations of this world. It is constructed to assist the decentralized community however criminals are attracted to it and making the fraudulent activities to steal the money, that's the problem. If you have subscribed to the newsletter on Chainalysis, you should be receiving the weekly or the monthly updates in your email regarding their latest investigations. 


 

 

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In the nearest future, in the Arab state there is a crypto user who lost 33 BTC in a crypto wallet that he owned. It is likely that the number of users who lose bitcoins is even more because there are many crypto wallet application users. So the owner of the crypto wallet application stole all crypto coins in the wallet and transferred them to his personal crypto wallet. This is certainly a crypto crime that is very likely to occur later if it is allowed to continue without close supervision from independent world institutions.

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In fact, Bitcoin despite its many benefits, but it may also have downsides and this is very normal, I think that moderators will work hard to avoid any gaps that enable thieves and fraudsters to penetrate, we must take caution, and follow methods that protect us from fraud

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This is all about the scammers and hackers of the cryptocurrency and the blockchain technology, so thank you for sharing this important part of the cryptocurrency world with us, because the scammers are one of the challenge of the cryptocurrency world, thanks. 

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