Crypto Crime is getting Worse, what do we do?

Botnake

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Quote from: desticy on March 02, 2020, 05:42:09 PM

The fight against scam has been going on for many years, but nevertheless people continue and continue to fall into traps which, in fact, are not even improved.

Without guidance people would continue to fall for scam as these scammers are master of scamming, the guidance that I am referring should be coming from a strict regulation and since this crypto market is looking for investors, it's just right that we need some protection from the government.

Though some may say that crypto should be decentralized, it doesn't need government intervention but its not gonna help and we've seen in the past results that scams have increase, therefore there is no other solution but regulation.

desticy

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The forum is full of information about the scam and that investing in ICO and IEO can be associated with extremely high risks.
However, at the same time, more and more new topics constantly appear related to the fact that someone was deceived, someone invested their savings in scam, s
omeone just sent money to a scammers wallet in the hope of getting more money.

The fight against scam has been going on for many years, but nevertheless people continue and continue to fall into traps which, in fact, are not even improved.

totoy4741

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Quote from: tippytoes on April 30, 2019, 06:44:16 PM

Quote from: mensahkkofie on April 30, 2019, 06:40:01 PM

Thanks to the technology in place you can easily keep your funds safely in your private wallets. The exchanges are becoming unsafe as the day goes by. It is really disturbing to hear the huge number of attacks on the exchanges. You must always remember that in crypto, the best security lies in your own hands.

As everyone is already saying, we don't need to trust the exchanges nowadays, even the reputable ones. Who knows, they might be the next victim? And inside job is very much plausible to happen as the human nature of greed for money is always in play.

I agree, As long as there are investors and traders that are willing to put there money in any projects and platforms scams are always there to happen and it is inevitable. I think only think we can do is always back up, don't put all your assets in one place, put some or more likely most of your assets to where you know no one take it away from you(nano ledger wallet for example).

Psalms23

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Quote from: jdarren on April 30, 2019, 05:05:08 PM

https://news.yahoo.com/cryptocurrency-thefts-fraud-hit-1-211446327.html

In Q1 alone of 2019 there was $356m in theft of digital currencies from exchanges and scams while losses from fraud hit 851m. This number includes the QuadrigaX scam which accounts to about $134m in total losses.

What can we do to help stop these from happening and getting worse?

Well what are we really expecting. This is the digital world of crypto and an anonymous one, so there will always be someone expert in hacking and at the same time anonymous. The scammers here are more intelligent than normal, so I dont think there will be any solution for that anytime soon.

Kiefner

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This is the age of technology, people have become much smarter and fraudsters unfortunately too. There is impunity on the Internet and this provokes many people to commit criminal acts. We only need to be even smarter than these criminals to be able to save our money.

spike420211

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Perhaps the worst thing that is happening on the market right now is a hacker and hacking exchanges.
Indeed, against them there is no special protection for ordinary users who store their assets on centralized exchanges.

The exchange can be hacked in one way or another, depending on what kind of security the exchange has and on how skillful hackers take up its hacking.
The main problem is that the exchange does not guarantee any return of funds to its users, moreover, some exchanges may fictitiously report a hack by appropriating the funds to themselves.
What will the crypto community do if all the major exchanges hack at one point and get everything out there. The extreme option is unlikely however in this life everything can be.

Wintersoldier

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Quote from: buleidada on February 13, 2020, 05:41:01 AM

every thing or something related to the digital world is endless in cases of theft, for example Facebook theft that takes people's data. The key to keeping a little security is to check security periodically and make backups quickly when hacked

Knowing how to protect your own security should be your first thing to do while working around digital market. There is no assurance that you'll not be victimized by hackers and scammers, crimes are all over the place and if you are not going to be careful lots of losses in terms of time and money will harm you.

Indeed. Since cryptocurrency became more popular and a lot of people know that they could money from it, there are a lot of people who do illegal things just to earn huge amount of profit easily. No one really knows when will hackers and scammers will attack you and victimized you just to steal momey from you, that is why you need to be alert everytime whenever you are visiting in a unusual websites and investing in unusual projects that is too good to be true.

gensol

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Cryptocurrency crime will keep going high as long as the space stays anonymous. It's difficult to track who made any transactions, and also because of the volatile nature and security base of cryptocurrency storage, hackers will always have an eye on the space. Also cryptocurrency has money which everyone wants a share of.

coinfinger

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As long as governments do not care about whats going on in crypto world, the crime rate will continue to go up. If we want to stay a bit out of governments reach because we do not want to get it regulated highly like fiat and suddenly lose all the originality of bitcoin that doesn't create problems like the fiat one has created so far, that kind of means you have to agree that governments should stay away from bitcoin to let it breath and be what it can be without stopping or slowing it down.

However, if you think crime is a bigger issue, that means governments could regulate it like crazy but also they can help you with the scams and crimes so that you won't get tricked, if people steal bitcoins from you, they will have to pay you back in fiat or go to jail.

buleidada

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every thing or something related to the digital world is endless in cases of theft, for example Facebook theft that takes people's data. The key to keeping a little security is to check security periodically and make backups quickly when hacked

BlackFor3st

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Quote from: jdarren on April 30, 2019, 05:05:08 PM

https://news.yahoo.com/cryptocurrency-thefts-fraud-hit-1-211446327.html

In Q1 alone of 2019 there was $356m in theft of digital currencies from exchanges and scams while losses from fraud hit 851m. This number includes the QuadrigaX scam which accounts to about $134m in total losses.

What can we do to help stop these from happening and getting worse?

There are even theft in fiat so this kind of scenario is only part on how the society works and the only thing that we can do is to protect our selves from those hacker.

We can strengthen our security and make sure that our personal computers have the latest antivirus or we should use the top wallets out there that was not being bypassed by the hackers. The hackers will not be able to easily hack their target especially if their security is up to date using the advance knowledge of white hat hackers.

Thomas-s

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Quote from: joseyphil82 on February 13, 2020, 04:41:49 AM

With time I believe a solution will come up because people needs to be assured that their funds are safe one way or the other, trust is still a big issue in crypto space today and since DEX exchanges lacks good volume and better experience they can't help, if not every single person will be using DEX by now

you must understand that with the creating of new methods of protection, hackers also continue to develop and improve their skills. I believe that we will never see complete safety. only the permanent storage of your assets in cold wallets can guarantee you maximum security. But if you hope that your money will be safe on some exchanges or online wallets, then you can forget about it

joseyphil82

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With time I believe a solution will come up because people needs to be assured that their funds are safe one way or the other, trust is still a big issue in crypto space today and since DEX exchanges lacks good volume and better experience they can't help, if not every single person will be using DEX by now

Mulann2

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Quote from: pixie85 on February 08, 2020, 04:41:43 PM

Quote from: thesmallgod on February 08, 2020, 03:09:02 PM

In my country, kidnappers and armed bandit have gone from demanding for fiat to demand bitcoin as a means of paying the ransom. It is sad to see that people are making the anonymity feature of crypto as a means of getting away with the crime. Not only do they make this, they also won't trade on a centralized platform that requires KYC in order to hide their identity. I do not think there is any big way of combating crypto-related crime other than giving a very tough punishment for a few that are caught.

There's no anonymity with Bitcoin. They're doing it because they're stupid. It's far easier to demand cash and then spend it!

Bitcoins leave a trace and cannot be spent without going through an exchange. Exchanges now require KYC and ATMs have cameras. You can get spotted taking out cash with ease.

It's not the fault of Bitcoin that they demand it. It only shows how valuable it became. In the old times they would steal your gold and jewelry.

Most higher level criminals don't need bank transfer to do there dirty deeds, and also i know that crime has exist since many years and criminal has been using another means other than crypto to carry out their activities, crypto just came in 10 years ago, so i don't understand what they keep tagging crypto to crimes only like crypto is the originator of crime.

thottum

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Quote from: pixie85 on February 08, 2020, 04:41:43 PM

There's no anonymity with Bitcoin. They're doing it because they're stupid. It's far easier to demand cash and then spend it!

Bitcoins leave a trace and cannot be spent without going through an exchange. Exchanges now require KYC and ATMs have cameras. You can get spotted taking out cash with ease.

It's not the fault of Bitcoin that they demand it. It only shows how valuable it became. In the old times they would steal your gold and jewelry.

You are right BTC will not provide complete anonymity or they need to use some mixer for destroying its traces. We could see many of the cybercriminals demanding Monero for anonymity. We could see many scam activities if the BTC increases in price. So whenever there is a bull run people should be even more cautious with such activities

pixie85

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Quote from: thesmallgod on February 08, 2020, 03:09:02 PM

In my country, kidnappers and armed bandit have gone from demanding for fiat to demand bitcoin as a means of paying the ransom. It is sad to see that people are making the anonymity feature of crypto as a means of getting away with the crime. Not only do they make this, they also won't trade on a centralized platform that requires KYC in order to hide their identity. I do not think there is any big way of combating crypto-related crime other than giving a very tough punishment for a few that are caught.

There's no anonymity with Bitcoin. They're doing it because they're stupid. It's far easier to demand cash and then spend it!

Bitcoins leave a trace and cannot be spent without going through an exchange. Exchanges now require KYC and ATMs have cameras. You can get spotted taking out cash with ease.

It's not the fault of Bitcoin that they demand it. It only shows how valuable it became. In the old times they would steal your gold and jewelry.

thesmallgod

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In my country, kidnappers and armed bandit have gone from demanding for fiat to demand bitcoin as a means of paying the ransom. It is sad to see that people are making the anonymity feature of crypto as a means of getting away with the crime. Not only do they make this, they also won't trade on a centralized platform that requires KYC in order to hide their identity. I do not think there is any big way of combating crypto-related crime other than giving a very tough punishment for a few that are caught.

TIDOVEE

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We all have a lot to do in curtailing crypto crime, those thieves are restless about our account and we can't afford to take it for granted, to ensure this, we need to keep our token in our personal wallet and keep the password away from any reach.most hackers are experts, at this time they are still even hunting because the know that by the end of the year the price value will increase and they can have their targets, every body sit up.

Sendi blackspade team

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Quote from: #Darren on February 05, 2020, 05:19:59 PM

I do not know if there a way to do something against this. I mean exchanges are actively investing into crypto security and doing hackatons, but in a few months, there is another new method to hack them, so this cycle never ends.

Cycles like this will continue to appear in my opinion until now and you are absolutely right until when will end up seeing this. Just hope something new will happen

each market period shows a different trend. many do an analysis based on previous or past market conditions. but reality like that always results in different markets. because the market forms their trends every time and don't expect conditions to happen again but hope something new happens.

Meowth05

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Quote from: jdarren on April 30, 2019, 05:05:08 PM

https://news.yahoo.com/cryptocurrency-thefts-fraud-hit-1-211446327.html

In Q1 alone of 2019 there was $356m in theft of digital currencies from exchanges and scams while losses from fraud hit 851m. This number includes the QuadrigaX scam which accounts to about $134m in total losses.

What can we do to help stop these from happening and getting worse?

Just like what you have said there's a big portion of disposses has been happened in exchanges therefore, I think the best solution is to never leave your funds in the platform but rather take it our ands save it on your own personal wallet. And to reduce the risk exposure of your funds, make sure that you keys, passphrase and password keep in the safe place, diversify your bankroll would be a better option as well.

Topic: Crypto Crime is getting Worse, what do we do? (Read 13842 times)