Crypto report: $16 billion stolen since 2012 - The Cryptonomist

[Alex Fron 602]

Source:. the Cryptonomist

Link: https://en.cryptonomist.ch/2021/01/28/crypto-report-16-billion-stolen-since-2012/amp/

Xangle has published a report in last week of January about the scam history in crypto world from 2012 to 2020. According to their report, there were 132 scams identified in which the scammers has stolen about 16 billion dollars. In this scam, there was 527 people have been indicated for scamming whose ware sentenced to 160 years in prison. Of these people, only 14 were executed, and no case has been registered against 24 people. In these 132 scams, there were many organisations involved in scam through their projects such as investment funds, ICOs, and trading schemes. 

 

Crypto scams, 2012 to date:

The first major scam, that was reported in 2012, was Bitcoin Saving and Trust who did fraudulent to their investors about of 146 Bitcoins, or 97 million dollars. At the time, the price of Bitcoin was less than 1000 dollars, but when the prices of Bitcoin started to increase, the fraudsters took a high advantage from it.

Another year with the highest number of scam was 2017 in which 41 crypto project were found as fraudulent, and in 2018 there were 39 crypto projects.

 

The main purpose of creating this topic is to make you aware of this important information about scams. There were a huge number of scammers and scams we have left in previous years. Now we should have to be careful for the next to prevent from scammers. There are many ways to prevent from scammers in which some are following:

 

1- Scammers attract you with huge offer of profit in their trading sites, don't invest in them.

 

2- They shares links in which saying the earnings free Bitcoins and any other Cryptocurrencies, don't click any link before make research about the link before.

 

3- They created many applications that effect in wallets in which the sending address automatically changed, you should read many times the address before sending any payment.

 

4- They launch many fake ICOs and coins for investing, take research before making any investment in new projects.

 

5- Enable 2fa security system in your wallet and exchange sites, it will help you to secure your money as it allows only you to access your account.

 

I wish you will have a safe journey in crypto world.

[MT khan 1886]

@Alex Fron Dear friend with popularity of cryptosystem it will existing like scammers etc the main disadvantage of the cryptosystem is fraudulent people otherwise cryptosystem is too if anybody save himself from the scammers etc.

[Syedbesharat 5423]

I have placed 2FA, mobile number message message authentication at my all exchange accounts. Which is good enough security. Also I never take interest at any ico, ieo because I have read many news about scamming of new coins. Also never install any app of crypto except trust wallet of binance, atomic wallet and binnace exchange official app. Because I don't trust any other apps. Never go after telegram bots of free btc, trx, doge coin which are now in trends. Always play by rules and save my funds. Your account security is always in your hands. 

[Dormilon 2183]

On 2/3/2021 at 2:30 AM, Alex Fron said:

I wish you will have a safe journey in crypto world.

@Alex Fron Scams are everywhere, not only in cryptocurrencies, in banks, in the daily life of human beings with local money in their countries, there are billions of dollars scammed in the world for a long time, the losses have been huge, so cryptocurrencies are not alien to that, always where there is money in the middle, scammers try to make a profitable business for them, we all have to be attentive to everything around us to avoid being victims of these people Greetings and thanks for the information, good post.

[Guru2050 8284]

Most a times so many focus by laying much emphasis on crypto system only but I think scammers are everywhere meaning both Crypto and outside crypto world. Million dollars of resources had been lost to Cyber thefts compare to the crypto world. However thanks for sharing this information that will enlighten members and increase their sense of awareness to take proactive measures to prevent scammers

[Froshk 1828]

These numbers are quite on the high side, and it just therefore means that cryptocurrencies stakeholders should be more strict when it comes to security 

[Dang3r 103]

Unfortunately, scams have been a fundamental part in the history of cryptocurrencies, especially when the market is booming, it was appreciated in 2013 with the first bull run, in the 2017 bubble and currently with the manipulation and speculation that surrounds many cryptocurrencies on the market, however little or nothing we can do about it due to decentralization we can only be cautious and take the necessary security measures to avoid being scammed.

[Whited35 15285]

That much $16 billion equivalent of crypto are gone to the hackers or criminals which is not a joke. Clearly, online wallets, exchange sites and DeFi DApps have to improve their encryption and data protection system to ensure the top rated security for the users' assets. Nowadays, DeFi platforms are also becoming more vulnerable to the hack, clearly advanced system should be implemented by devs and users should be careful while using any platforms. 

[yonkii 3205]

Scammers are attracted into a new market that has regulations issues and is running worldwide through the internet, without many governments monitoring. It is however not hard to find most of them, as even the top are making mistakes and a lot of scams have been solved by authorities with the criminals being arrested and the wallets seized. Due to the nature of cryptocurrencies, access to funds must be given by criminals to authorities and when arrested they usually do that to receive a reduced sentence.

[maarcoferrer 1096]

This will always be interesting because in the end we know that all Cryptocurrencies are there and it is up to us to focus on what we can control which would be to learn how to trade in any type of market and also to know in which new cryptocurrencies to invest. Remember that BTC is not the only Cryptocurrency, we have a lot of field to specialize in.

[kryptonick 2659]

There are scams that differ in the volumes of Bitcoin and crypto stolen. The market is full of low life scammers that just want to steal even a dollar from people that are actually working all day and trying to make $2-3 to feed their family. And there are some scammers with big plans that are more intelligent and can organize Pyramid schemes that reach billions of dollars. Also, there are hackers that can damage any system and often attack crypto exchanges leaving the wallets empty. For each part we have to be careful as we can all be targets.