Crimes involving crypto have risen - page 10.

supercanada1

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Quote from: suzanne5223 on October 07, 2019, 07:50:56 AM

Quote from: TIDOVEE on October 06, 2019, 10:36:05 PM

The awareness itself is good enough to make people sit up against crimes around as will all have a part to play to be safe.
The KYC & IEO is also a strategy to minimize crime as it helps to control the interference of some criminal experts especially during registration and distribution. We may not expect that the crime be totally eradicated, because crypto users are increasing every minute.

Crime which started long ago cant be eradicate easily but with simultaneously awareness and security update needed sooner or later crypto market will be scam free. However, you're about the IEO limit the numbers of crypto investors scammer but most crypto investors are not involve in scam so I disagree with the KYC part cause the system can be abuse or manipulate.

We should have all necessary information regarding the project we are considering for some good investment. All those projects that are not scam, they never hide their identity and such projects are transparent. The team members also try to connect with investors and resolve their issues whereas scammers never help investors.

Shinpako09

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That's a lot, I know crypto is being used llegally but I don't know it was that big already. That's the reason on why governments doesn't want the idea of crypto at all. It became harder for them to trace. Well, we can't stop it and pretty sure it will become higher as time pass by. The bad perception of others will always be there and that's something that we had to accept. How can we change others mindset seeing such big amount. Well, atleast we still have a better future in crypto.

TrevorS

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Quote from: pinggoki on October 08, 2019, 08:48:27 AM

When cryptocurrency arise the number of crimes involving cryptocurrency also arise? I think the idea is not good because cryptocurrency is a digital currency and the money that is getting by the people in crypto is on their hands already and they are the one who will decision if they will use it on illegal doings or not.
It is just like when you buy a gun and you say that we must not sell gun because having a gun would have a chance that doing crimes may arise.

I do not agree with you. The more money flows into any sphere, the more this sphere is attractive to all sorts of criminals. Crypto market is an ideal place in this regard.
The developing market infrastructure, the absence of any regulation, the difficulty of understanding by the majority, and the persistence of newcomers afterwards.
As I said, ideal conditions for criminals.

Mumbeeptind1963

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Quote from: nasipadang on October 08, 2019, 10:01:15 AM

That is why cryptocurrency is still considered a double-edged knife, where its anonymity makes us free to make transactions, while on the other hand anonymity can be used by bad people for criminal acts. Crime in the digital world is inseparable from digital currency, ransomware is one of the cases that had caused a ruckus. Cryptocurrency is very easy to use, payment or redemption via bitcoin is very easy to encounter in criminal acts, because bitcoin is not easy to track and how to use it is very easy, only here is bitcoin as a tool and we cannot blame cryptocurrency.

Its a bit alarming knowing that other people take advantage to the anonymity feauture of crypto. This is one of the reason why government doesn't want to legalize bitcoin and other cryptocurrency, bitcoin is known for the currency that is being used in blackmarket, that's why government official think that bitcoin and other cryptos' main purpose is to be used in crimes.

nasipadang

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That is why cryptocurrency is still considered a double-edged knife, where its anonymity makes us free to make transactions, while on the other hand anonymity can be used by bad people for criminal acts. Crime in the digital world is inseparable from digital currency, ransomware is one of the cases that had caused a ruckus. Cryptocurrency is very easy to use, payment or redemption via bitcoin is very easy to encounter in criminal acts, because bitcoin is not easy to track and how to use it is very easy, only here is bitcoin as a tool and we cannot blame cryptocurrency.

pinggoki

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When cryptocurrency arise the number of crimes involving cryptocurrency also arise? I think the idea is not good because cryptocurrency is a digital currency and the money that is getting by the people in crypto is on their hands already and they are the one who will decision if they will use it on illegal doings or not.
It is just like when you buy a gun and you say that we must not sell gun because having a gun would have a chance that doing crimes may arise.

Vishnu.Reang

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Quote from: hulla on October 07, 2019, 08:17:37 AM

I'm not surprised this is happening now because it something that usually replicate but I don't know if you guys notice that every time Bitcoin halving is approaching crypto crime rate always increase because that's the moment most crypto theft hunt for their prey.
My advise to you guys is to be more careful.

How the incidence of crypto crime (wallet hacks, ponzi investment schemes.etc) can be influenced by the block reward halving? I have to disagree with you on that. You can claim that the incidence increases when the exchange rates go up. But how can you link the block reward halving with a rise in crime rate? There is no logic behind such an argument.

doomistake

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Quote from: ecnalubma on October 06, 2019, 08:29:53 PM

I think crimes involving cryptocurrency will continue to grow in the future, just imagine that 1% of the global population use cryptocurrency and as of the moment crimes involving cost billions of dollars already how much more if half of the global population already involved.

I agree.

especially if the cashless society would become a reality in the future, the crimes involving wiht cryptocurrency will just grow even more in a rapid way since cryptocurrecny will be the one we are all going to use, criminals will don't have any other choice to supply their illegal activities but to use cryptocurrency.

Quote from: ecnalubma on October 06, 2019, 08:29:53 PM

To deter these crimes users and the government should cooperate for countermeasures.

They can't, imagine we are all using cryptocurrencies as fiat, and most of us are using it on illegal activities, it would be a hassle to the Government solving all that rather than solving a more worthy problem of a certain country, also countermeasures won't make any change unless they are going to take back fiat for a second option of payment method, so that we will not focus only on one currency.

huige007

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all forms of crime related to cryptocurrencies must be immediately stopped and acted upon.
this issue will interfere with the cryptocurrency sustainability. because of cryptocurremcy were independent and anonymous,
the government seems to let go and not pay attention.

Wherever there is money, there are crimes. You can never imagine a method or system completely clean of bugs or crimes. Governments instead of going against crypto currencies shall support this system and make them available for everyone. They shall take control of crypto currencies and help people in seeking justice in this world.

agentx44

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Quote from: Paulinerims on July 22, 2019, 04:39:46 AM

"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 think there are a lot of cases already before which involves felony involving crypto. There are a lot of people who take advantage on having anonymity here in crypto, there will be a hard time figuring out the people behind the crimes since the system is well figurated. Let us just keep on hoping that there would be, someday, an improvement to avoid such harmful acts to happen.

hulla

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I'm not surprised this is happening now because it something that usually replicate but I don't know if you guys notice that every time Bitcoin halving is approaching crypto crime rate always increase because that's the moment most crypto theft hunt for their prey.
My advise to you guys is to be more careful.

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I think this crime uses cryptocurrency as money laundering because it is usually the result of theft and extortion using digital currencies as it happened some time ago there was a virus that spread quickly and had to give some bitcoin to be able to unlock the files that were affected by the virus.

suzanne5223

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Quote from: TIDOVEE on October 06, 2019, 10:36:05 PM

The awareness itself is good enough to make people sit up against crimes around as will all have a part to play to be safe.
The KYC & IEO is also a strategy to minimize crime as it helps to control the interference of some criminal experts especially during registration and distribution. We may not expect that the crime be totally eradicated, because crypto users are increasing every minute.

Crime which started long ago cant be eradicate easily but with simultaneously awareness and security update needed sooner or later crypto market will be scam free. However, you're about the IEO limit the numbers of crypto investors scammer but most crypto investors are not involve in scam so I disagree with the KYC part cause the system can be abuse or manipulate.

TIDOVEE

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The awareness itself is good enough to make people sit up against crimes around as will all have a part to play to be safe.
The KYC & IEO is also a strategy to minimize crime as it helps to control the interference of some criminal experts especially during registration and distribution. We may not expect that the crime be totally eradicated, because crypto users are increasing every minute.

ecnalubma

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I think crimes involving cryptocurrency will continue to grow in the future, just imagine that 1% of the global population use cryptocurrency and as of the moment crimes involving cost billions of dollars already how much more if half of the global population already involved. To deter these crimes users and the government should cooperate for countermeasures.

Tungsten-1

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Quote from: Betwrong on October 05, 2019, 04:20:11 AM

Quote from: Dreamr on September 30, 2019, 12:00:50 PM

Quote from: Paulinerims on July 22, 2019, 04:39:46 AM

"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.

Although the number of crypto users is increasing, I think the number of crimes associated with it will decline in the future. Not all criminals realize that they can be traced more easily when using crypto, but with more and more criminal cases unfolded, it will become more obvious, and they will switch back to fiat.

But I agree with you that currently the stats only demonstrate that the number of people using crypto is increasing.

The reason why people rather criminals like to deal in crypto currencies or bitcoin is that they are anonymous which means it is not possible or too difficult to trace out the transactions made with crypto coins. Also, we cannot blame digital currencies for this because there are many people who use technology in good way and then there are those who commit awful acts of theft and robbery. Bitcoin and altcoins are the future.

blckhawk

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Quote from: Paulinerims on July 22, 2019, 04:39:46 AM

"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.

If there's no centralized institution that will handle regulations of cryptocurrencies, then there's not much we can do. Some of the ways I can see is to educate people here in the forum of some tips and guides to prevent this kinds of unfortunate events. Discussion is healthy for the community, to discuss how to prevent scams, improve security and other tips that may further protect them. If there was to be a regulatory board for cryptocurrency, such as to check for companies launching various projects, to make sure they're held responsible if they won't meet the promises they had given.

Finestream

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Quote from: HarmonyA on October 04, 2019, 05:54:16 PM

crimes involving cryptocurrency are one of the major reason for delay in mass adoption of cryptocurrency.

I don't think so the increasing crimes means people are already adopting in crypto, if there's more crime it will the market bad but we have the government to provide solution to minimize these scams, and they can do that with issuing a strict rules and regulation so there's always a consequence for bad actions.

Crypto has been improving, every year there's more and more businesses adopting with crypto.

One industry I notice is the gambling industry and I believe based on my experience too that crypto is the best currency to gamble and it just provide the solution of KYC resistance to some, and those small gamblers are given a chance to enjoy.

Sithara007

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Quote from: HarmonyA on October 04, 2019, 05:54:16 PM

crimes involving cryptocurrency are one of the major reason for delay in mass adoption of cryptocurrency. Imagine educating someone on crypto, and later the person get robbed, either by sending asset to wrong address, hackers or investing in crypto startup's that are dubious. It will eventually make such person frown at crypto.

Well.. well... if someone wants to invest in cryptocurrency, then first he should learn about the crypto and know how to safely use it. Most of the times, the wallet hacks occur when the new and inexperienced users fall victim to phishing attacks, or when they fail to take adequate security measures (such as 2FA and email or mobile confirmation). Another mistake that many of the noobs make is that they store their coins and tokens in exchange wallets, despite repeated warnings on not to do so. The exchanges get hacked every now and then, and these coins are lost forever. And in rare cases, the exchange freezes the wallet and asks the user for additional verification. I still don't understand why people use the exchange wallets for storage, when so many free online wallets are available. And hardware wallets are very cheap, starting at $99 apiece.

Betwrong

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Quote from: Dreamr on September 30, 2019, 12:00:50 PM

Quote from: Paulinerims on July 22, 2019, 04:39:46 AM

"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.

Although the number of crypto users is increasing, I think the number of crimes associated with it will decline in the future. Not all criminals realize that they can be traced more easily when using crypto, but with more and more criminal cases unfolded, it will become more obvious, and they will switch back to fiat.

But I agree with you that currently the stats only demonstrate that the number of people using crypto is increasing.

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