Crimes involving crypto have risen - page 23.

ufaiz50

hero member

Activity: 1666

Merit: 502

Quote from: Paulinerims on July 22, 2019, 05:39:46 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.

That's the reason some people are more strict on cryptocurrency, to reduce the crime there are some ways that are too extreme such as prohibition and excessive regulation. Cryptocurrency is only a tool or weakness of the freedom of transactions that is too free.

Oceat

sr. member

Activity: 2506

Merit: 368

Quote from: Oilacris on July 23, 2019, 11:45:50 AM

Quote from: Paulinerims on July 22, 2019, 05:39:46 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 don't stress out myself on how to make improvements when it comes to security because all things do depend into any service or platform itself.

Either the market bearish or bullish these hacking incident do happens.We just got surprised when the hack already happened and theres nothing we can do.

My question is why can't they do the same just like what those big and reputable exchanges do just like the Binance exchange?

I'm just guessing that maybe these new exchanges are lacking funds for improvement about of their security in various hack attacks.

Aren't these exchanges and the government concerned about the huge amount being lost in cryptocurrency?

Oilacris

hero member

Activity: 2996

Merit: 609

Quote from: Paulinerims on July 22, 2019, 05:39:46 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 don't stress out myself on how to make improvements when it comes to security because all things do depend into any service or platform itself.

Either the market bearish or bullish these hacking incident do happens.We just got surprised when the hack already happened and theres nothing we can do.

cosmofly

full member

Activity: 532

Merit: 100

PrimeDAO - An Adoption Engine for Open Finance

scam, hacked are the eternal problems in crypto market. We are known cryptocurrency is a decentralized market and they can wash money, fake ip, fake identify to cheat people.
This problem is not only in Korea, in Japan as well. many exchanges are now intentionally collapsing exchanges and taking all the investors' money, then they publish information and blame the hackers.

el kaka22

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

Crimes involving dollar stays still or goes down right? As long as there is a currency exchange the crime will continue. Criminals do not care if bitcoin exists or not, if it helps them sure they will use it but do you really think that many criminals are smart enough to use crypto to use to their advantage? Lets face it bitcoin was created around 2008-2009 times and before that crime was already a thing, not like money laundering or drug dealing started after bitcoin was created.

Hence, it means they will use crypto for crimes, they will use dollars, they will use euro, they will use whatever they can to do their crimes and we will fight against them. Crypto is not helpful to criminals, it is just another method for them to use while doing their crimes.

goaldigger

sr. member

Activity: 2422

Merit: 357

Seems like Korea has a major support in bitcoin too. That's a huge loss over there. Sadly we cant still sue those who do fraud things to us regarding cryptocurrency. Even we have already adopted crypto on the country, the law systems still doesnt have a strong fight against wrong doers.

microsurfer

member

Activity: 175

Merit: 11

A lof of exchanges has been hacked. Thats all due to poor security or low intellect lvl

bitcoinst

hero member

Activity: 1708

Merit: 651

SmartFi - EARN, LEND & TRADE

Most of this money was stolen during the period of the peak of the ICO popularity, precisely because of this amount of the stolen investors funds the ICO lost its relevance.
As we can see now, the IEO and the exchanges are the guarantors of the security of our investments.

The next collapse of the market, in my opinion, can occur in the event of a total hack of large exchanges, the probability of which is extremely small.

bitbunnny

legendary

Activity: 2912

Merit: 1068

WOLF.BET - Provably Fair Crypto Casino

For me it was expected. As cryptocurrencies are being more accepted, so more in.use and more popular, so the crime connected to them is also on the rise. Different kind of scams, hackers attacks, thefts and similar.
Users need to learn to be more careful and how to protect themselves but that kind of awareness is still very low.

bernardos

member

Activity: 686

Merit: 45

Quote from: BitHodler on July 22, 2019, 06:41:25 PM

IIRC, Japan has made a move to prohibit exchanges from listing these coins, and in case they are listed already, they will have to be delisted. This means less demand and less liquidity, so think it through before buying privacy coins.

Even privacy coins like Monero will in many instances be exchanged for fiat on exchanges. Exchanges who deal with fiat currencies require KYC so once they are exchanged their users are no longer anonymous. It is another question who is tracking the movement of these privacy coins and taking note of the users.

Moshaid

copper member

Activity: 546

Merit: 1

Crypto crimes is something that can't be totally rid off just like how our government are still fighting against crimes even though most of them still involves in it personally. One of the crimes I was a victim of was investing in a certain project which the whole team went off the grid after they have successfully hit their softcap and till now no news about them is found. I believe the regulatory bodies in the crypto world are working hard to reduce such crimes but still some are still evolving daily.

samputin

sr. member

Activity: 1036

Merit: 294

Quote from: The Sceptical Chymist on July 22, 2019, 01:46:42 PM

Bitcoin has been tied to all sorts of crime ever since its inception, and I highly doubt people are going to stop using it for illegal things anytime soon. The thing is, bitcoin isn’t the criminal—the criminals themselves are, and bitcoin itself is not illegal.

Despite that fact, most people still think that cryptocurrency is the one to blame for all the crypto scams arising when in reality, it's just being used as an instrument for such crimes.

We don't know where their judgement is coming but my wild guess is that because they were somehow a victim or they know someone who's a victim. But how about not dwelling on ignorance? I mean, gaining the right knowledge won't do one harm, right? Knowing what to do, knowing where to invest and where not to can make a difference. In our country, we have a saying that "you won't be scammed if you won't allow it." Might as well, everyone out there should be bearing that in mind so no one will be a victim again. And to stop the nonsense blame on crypto.

We already know that those crooks are smart. But let's not let them outsmart us. They may be smart but let's show them that we're wise.

And this should be noted by everyone:

Quote from: The Sceptical Chymist on July 22, 2019, 01:46:42 PM

So crime tied to crypto can grow as fast as it can, but it’s never going to be bitcoin’s fault and its reputation ought not be sullied because of reports like this.

mayureeana

newbie

Activity: 20

Merit: 0

Just like the technology, crimes and the crooks are evolving too

jossiel

hero member

Activity: 2842

Merit: 625

Crypto crime involvement? this is the reality about media, they are making stereotypes about things that they don't understand. How about those crimes where no crypto involvement? they should also look into that point.

Money in the banks through frauds, skimming and other scams are even larger than that. It's bias to say that it's just all about crypto. Well what we can expect from the industry that's against crypto? they can pay articles to damage the rep of their competitor.

Paulinerims

jr. member

Activity: 193

Merit: 7

Even the number is as high as it is. I think its a safer way to have your money stored. They are acting like crypto is the only thing being stoled in this world. No data about other criminal activities and there is a reason behind that.

crypmon259

jr. member

Activity: 40

Merit: 2

Quote from: Paulinerims on July 22, 2019, 05:39:46 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.

Governments are trying hard to discredit cryptos so that they will keep on controlling the masses with fiat. Fiat money is responsible for thrillions of bucks in crime around the world , but hey government does not want to ban that. They think they can control the crypto with over regulation , but again who gonna tell them that they cant even control those fiat even though they are the ones who prints them.

Crime will always be done by criminals , no matter if its involved with crypto or fiat.

bryant.coleman

legendary

Activity: 3724

Merit: 1217

The governments are responsible for most of this. Many of the nations refuse to legalize the trading and ownership of cryptocurrency, forcing the users to move underground. And the incidents of scamming increases by manifold once that happens, because the perpetrators know that the victims are unlikely to go to the cops.

And another thing is that KYC has been made mandatory by the authorities. So in case we want to register to a crypto-exchange or an online casino, we need to send the scanned copy of our IDs to the owners. And we don't know what sort of people we are dealing with. At least in some cases, the guys running these exchanges and casinos are not clean. It increases the chance of these documents getting misused for fraud. Also, the real life identity of the user is revealed, along with this net worth. This makes him vulnerable to extortion, theft, kidnapping and blackmail.

An example is here: https://www.newsbtc.com/2019/02/23/bitcoin-traders-beware-group-of-robbers-gruesomely-torture-netherlands-based-crypto-trader/

awik p

full member

Activity: 1526

Merit: 111

Pepemo.vip

this is because there is no regulation from the government that regulates it, so it becomes a potential land for fraudsters. this is certainly detrimental to the cryptocurrency market, because investors who have believed in crypto are traumatized, and lose their funds

btc_angela

hero member

Activity: 2660

Merit: 551

I won't deny that bitcoin or crypto in general has been taken advantage by the criminals. But we can't totally blame it on crypto though. And it's not that this market is the only ecosystem that criminals have used, even the banking system (money laundering, drugs, etc). So I don't understand why media is hyping crypto as tools for criminals.

TIDOVEE

sr. member

Activity: 1246

Merit: 255

seriously? i know there are a lot of criminals out there who will always like to outsmart on any slight advantage, asides hackers,scams- especially those who may claim to purchase goods online or trade and probably some team that quietly silent some project for funny excuses, i may not know which other criminal vices can be practiced here. anyway we have to all beware.

Topic: Crimes involving crypto have risen - page 23. (Read 7325 times)