Topic: Crimes involving crypto have risen - page 24. (Read 7325 times)
Crime can be done anywhere and happens at any time. but it is unfair if this news is disseminated to drop the popularity of bitcoin or spread fud.
Yeah, recently there are lot of crypto exchange hacks, money steal by using phishing and etc which in overall results in increased crypto crimes but also at the same time there are lot of crypto criminals punished. Some people were got in jail for money laundering, also lately bittrex or bitfinex (can't remember) refunded some stolen money which was found lately.
Seems it's not so hard to detect criminals despite the fact that cryptocurrencies offer better anonimity, so in overall it's good because such things negatively affect the image of bitcoin and other cryptocurrencies.
Seems it's not so hard to detect criminals despite the fact that cryptocurrencies offer better anonimity, so in overall it's good because such things negatively affect the image of bitcoin and other cryptocurrencies.
It depends on what side of crypto you are referring to. I'm quite sure that the criminal activities involving Bitcoin are trending down with how people start to understand that it doesn't offer them any anonymity at all.
With that said, Monero and other coins focusing on privacy have seen a major increase in criminal activity. Does this mean it will affect people's investments? Maybe. Exchanges could decide to delist them to please regulators.
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.
With that said, Monero and other coins focusing on privacy have seen a major increase in criminal activity. Does this mean it will affect people's investments? Maybe. Exchanges could decide to delist them to please regulators.
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.
...to giving out information which should be private...
Most times all in the name of KYC, most of this ICO projects make it mandatory for one to submit KYC before payment, most of the team behind all this projects are fraudulent, and they use those information for ill purposes.The system is decentralized and it is anonymous, there is bound to be high rate of crime, what we can only do is to protect ourselves by "ourselves"
Crime, generally, have risen. And the digital world is not left out. As far as digital world or the cryptocurrency is concerned, the first step to curbing the criminal activities will be awareness. Most of those criminal activities are possible because users have allowed it unknowingly; From clicking of untrusted links (phishing) to giving out information which should be private. Public awareness of how to not to fall victim of the criminals is very important.
Regulation of exchanges will also help curb those criminal activities.
Regulation of exchanges will also help curb those criminal activities.
They are exaggerating to make the crypto industry the boogeyman, so the mass population will accept to be controlled easier via legislations, taxes, etc... It would have been interesting to give the figures for the fiats currencies.
I agree. A large portion of this is just an estimate and with law enforcement, the rule is to always err (estimate) on the high end.
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.
All cryptocurrencies get a bad rap because of crap like this, and it’s spoonfed to the uncritical masses who now think of crime when they hear the word “bitcoin”. It’s been said over and over on this forum that good ol’ fiat cash has been used to facilitate illegal transactions for centuries and yet no one has a problem with the dollar bills in their wallet, do they? Nope.
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.
All cryptocurrencies get a bad rap because of crap like this, and it’s spoonfed to the uncritical masses who now think of crime when they hear the word “bitcoin”. It’s been said over and over on this forum that good ol’ fiat cash has been used to facilitate illegal transactions for centuries and yet no one has a problem with the dollar bills in their wallet, do they? Nope.
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.
Criminals are using bitcoin basically for one reason: it works.
Of course "bad agents" use bitcoin, but this is not bitcoin fault, and this shouldn't be banned for this. If ever bitcoin would be banned because of illicit activity from "bad actors (sorry if I keep calling them like this I am only using Steven Mnuchin terminology here) so all the other means used by them should be banned too: mobile phones, internet, fast cars, and.. fiat currency.
Please remember that the main vector of illicit transactions are still the dear, old fiat currencies: maybe the small online drug seller wants to be paid in crypto, but the Colombian Cartel still wants USD.
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.
All cryptocurrencies get a bad rap because of crap like this, and it’s spoonfed to the uncritical masses who now think of crime when they hear the word “bitcoin”. It’s been said over and over on this forum that good ol’ fiat cash has been used to facilitate illegal transactions for centuries and yet no one has a problem with the dollar bills in their wallet, do they? Nope.
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.
All cryptocurrencies get a bad rap because of crap like this, and it’s spoonfed to the uncritical masses who now think of crime when they hear the word “bitcoin”. It’s been said over and over on this forum that good ol’ fiat cash has been used to facilitate illegal transactions for centuries and yet no one has a problem with the dollar bills in their wallet, do they? Nope.
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.
Some citizens of certain economies would even say the way some of their banks and governments worked together to bring their country's economy and currency to ruin were criminal beyond comprehension. After seeing myself the levels of corruption, experiencing first hand hyperinflation, and talking to people whose government's wiped out their life savings? I'd be inclined to agree.
But oh, let's focus on the involvement of crypto, instead of the complicity, yeah?
But oh, let's focus on the involvement of crypto, instead of the complicity, yeah?
The number involving crypto crimes will grow time to time as the mass adoption is goin global. But the government and law enforcement are taking measures to combat these situations. Also as a user we should take responsibility of our own actions and stay vigilant, small move but big impact.
"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.
Most of the hacks are from scam crypto projects and the exchange hacks it cn be completely stopped only if the investors of new projects knows how to find out the worth project rather than just going beyond someone as sheep and also never keep the funds on exchanges if you are not going to trade them very often. 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.
Cryptocurrency at the international level is still almost not regulated and its holders are not protected. Therefore, hackers, scammers and other criminals feel themselves unpunished in this area. In addition, crimes related to cryptocurrency, as a rule, are international, that is, they are committed on the territory of several states at once, or criminals and victims are in different states. Therefore, to successfully combat crime in the field of cryptocurrency, you need to quickly and efficiently interact with law enforcement agencies of various states. Once this is achieved, the number of cryptocurrency-related crimes will plummet.
Its expected to happen. When adoption is increasing more and more technologically inclined individuals will keep finding ways to get money out of it. Only here in the forum there are thousands of scams already happened in the last 10 years of BTC. You'll be counting more of it as soon as libra is up and running. Korean government wouldn't bother counting them.
I do not think that regulation is a solution to financial crimes involving cryptocurrency. Fiat currencies are regulated but has been a tool for crime long before Bitcoin was invented.
I also do not share the notion that it is easier to engage in crimes using cryptocurrency, that's the idea most governments are selling to deter their citizens from getting involved in it.
Now, there needs to be some form of regulation so the cryptocurrency space does not become a sea of scammers. Exchanges and up starts should be audited for credibility. And investors and traders should be sensitized on proper ways to safeguard their wallets.
I also do not share the notion that it is easier to engage in crimes using cryptocurrency, that's the idea most governments are selling to deter their citizens from getting involved in it.
Now, there needs to be some form of regulation so the cryptocurrency space does not become a sea of scammers. Exchanges and up starts should be audited for credibility. And investors and traders should be sensitized on proper ways to safeguard their wallets.
A lot of scams happen because users lack the knowledge and ways to secure their assets. They get hacked or phished because they believe everything they hear and trust promises of big profits.
Bitcoin is still complicated for those who are not technologically gifted so they take the easy route. Instead of investing in a hardware wallet that costs money they will keep their assets on an exchange. When the exchange gets hacked they leave the crypto industry and will never return.
People need to learn the right ways to be part of this industry to minimize the risks.
Bitcoin is still complicated for those who are not technologically gifted so they take the easy route. Instead of investing in a hardware wallet that costs money they will keep their assets on an exchange. When the exchange gets hacked they leave the crypto industry and will never return.
People need to learn the right ways to be part of this industry to minimize the risks.
"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.
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 financial crime rate is steadily increasing worldwide, cryptos are just adding to the value because it is somewhat easier for the hackers and criminals to handle due to the anonymous nature of the cryptos. It is also becoming a preferable currency to a lot of criminals because of the same reason. I strongly believe individual can't solve this problem. It needs the leaders to come under a common platform and fight against such crimes, just the ways G20 leaders are gearing up for the same.
I am shocked to see a lot of people in the forum prefers to stay anonymous and ditch the banking system because they believe banks are evil and governments are cash-sucker morons! But they don't always understand the counter risk of the anonymity factor of the cryptos! Cryptos are already involved with the terrorism activity in NZ where the accused bought deadly weapons using cryptocurrency!
Crypto regulation at a global level is the need of the hour! Without regulation, neither the crypto adoption will increase nor it will help build the reputation!
These numbers are exaggerated and it is for "Media amplification (Propaganda)" only.
If the analyzes are honest they must display it either by their actual value or by converting to the US dollar on the day of the hack.
I can scam you for 1000BTC in the past and this value is worth less than $10,000 in the past and 10 million now.
If the analyzes are honest they must display it either by their actual value or by converting to the US dollar on the day of the hack.
I can scam you for 1000BTC in the past and this value is worth less than $10,000 in the past and 10 million now.
Oh, shocking. 
Of course they would try to take advantage of vulnerabilities, especially with exchanges. Why rob a bank when you can hack an exchange? It's just that crypto is becoming more mainstream, meaning more users, meaning more weak points and more money to steal.
Note that I mentioned mostly exchanges. These are the larger targets. Of course single holders can be hacked into but as long as you took precautions and don't actually brag around, you're probability of being target is smaller than that of an exchange.
Of course they would try to take advantage of vulnerabilities, especially with exchanges. Why rob a bank when you can hack an exchange? It's just that crypto is becoming more mainstream, meaning more users, meaning more weak points and more money to steal.Note that I mentioned mostly exchanges. These are the larger targets. Of course single holders can be hacked into but as long as you took precautions and don't actually brag around, you're probability of being target is smaller than that of an exchange.
There is no big number of crimes have taken place in comparison to the number of crimes that has taken place associated with the fiat. From my view scams in the name of bitcoin have increased much more than the past as people find it more valued. Crimes involving bitcoin happened earlier when its usage on darkweb was found high.
As long as there was no regulations those scammers are free on what they are doing regulations will really help the scam projects to be exposed easily and for the investors to avoid it.
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