Crypto Crime is getting Worse, what do we do? - page 13.

jazmuzika217

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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?

It's so hard do deal with it. There's a bunch of scams and thieves out there. I guess being decentralised comes with this problem. And I also think that it cause a lot to the price change of a currency. In the end, we are the ones who needs to be responsible for our own security. Being aware on everything before putting anything else. Maybe in the future we can have the righteous site and bring those scammers down. In order for us to help the others from being a victim, we have to share our experiences so that they can also be aware and prevent the worst case happening.

bonker

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Quote from: calandra78 on May 14, 2019, 02:18:56 AM

Quote from: Nasonn on May 13, 2019, 04:13:29 PM

Crimes has continue to increase in crypto, just last week Binance was hacked which has left a lot to worry about in the wake. If Binance could be hacked, it goes to show how vulnerable we can be and the amount of effort scammers put in to perpetuate their crime.

That's no problem for people when keep it balance on the right place. This news for warning us to be carefull with what you has invested only. still crime aren't affected for people to buy some crypto when they belived the future.

Right when we are in control of our funds we don't have to worry about exchange hacks so people have to learn from binance hacks and move their funds to wallet like trezor or atleast to electrum.

calandra78

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Quote from: Nasonn on May 13, 2019, 04:13:29 PM

Crimes has continue to increase in crypto, just last week Binance was hacked which has left a lot to worry about in the wake. If Binance could be hacked, it goes to show how vulnerable we can be and the amount of effort scammers put in to perpetuate their crime.

That's no problem for people when keep it balance on the right place. This news for warning us to be carefull with what you has invested only. still crime aren't affected for people to buy some crypto when they belived the future.

trauchot

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Activity: 1764

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Nothing depends from us, the most important thing for us is when we want to invest our money in some kind of new project, we have to completely study any company from scratch in order to protect ourselves and hope for the best, while the government will be engaged in fraudsters.

Ifemini

member

Activity: 690

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There are consequences for every action

With so many people in crypto currency; it’s hard to reduce crypto scam
Because there will always be eager newbies as well as eager scammer

Which is why it is repeated always that all should dyor

Fredomago

legendary

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Leading Crypto Sports Betting & Casino Platform

Quote from: BUK2016 on May 13, 2019, 04:21:39 PM

Well, crypto currency exchange company should try as much as possible to increase the security of their site in other in other to reduce attempt of been hack by hackers and by doing that the will protect the individuals who owns crypto currency on their site.

They needed to keep being updated from time to time as hackers are doing their best to go in and penetrate to get some funds inside any exchange, if they seen opportunities they will not let that to be missed, there's always chance for them and this should what the exchange or also every crypto holders
to take care, secure your assets away from the hackers.

rijaljun

sr. member

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A repetitive question deserve a repetitive answer...
What we need to prevent fraud is always a regulation. Bitcoin itself doesn't need a regulation because it's not used to build a business. Most frauds came from Ethereum as everyone can easily build a business on top of it. Regarding hack issue, I think we just need time.. give hackers time to move their funds then we can trace it from upstream to the downstream.

Mighty_crypt

member

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Nothing can be done friend ,even with full regulations there will always be hacks since hackers are always anonymous ,its left for exchanges to wisen up,they are the ones taking huge responsibility for traders funds and they should be the ones trying to bring better security to there platform

DarkIT

sr. member

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Quote from: jessyj48 on May 14, 2019, 12:55:56 AM

There is nothing anyone can do about these hacks ,I just hop that top exchanges will learn lessons and always not relying on there present security ,they should always upgrade their security to keep off hackers

well, we can't control the human heart, when they want to cheat others, it's hard to stop. the thing we need to do is be careful, and give the right information to people when we find one of them.

jessyj48

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There is nothing anyone can do about these hacks ,I just hop that top exchanges will learn lessons and always not relying on there present security ,they should always upgrade their security to keep off hackers

Ozero

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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?

Fraud and theft in cryptocurrency have become one of the biggest problems and threats to the existence of cryptocurrency. And this is largely due to the fact that the cryptocurrency is still very weakly regulated by the states. Scammers and hackers use this. In addition, the relative anonymity of the cryptocurrency, its use through the Internet, which allows criminals to be anywhere in the world and be elusive, as well as large sums of money that pass through the cryptocurrency contribute to this situation.
In any case, the legalization of cryptocurrency by states and its regulation by authorized state bodies can significantly improve the situation.

coin-investor

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Leading Crypto Sports Betting & Casino Platform

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?

I hate regulation but it seems for us to move forward there should be some sector in the cryptocurrency that needs regulation, there is already regulation in exchanges, those that are in a centralized exchange, but I think ICO mess is something that should be addressed to stop this pain in the ass that hurts us all.

And people should understand that its part of their assignment to look for more secure exchange and only trade there and not use it as a wallet for storing their coins.

jdarren

member

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I think this is a lesson to be learned by everyone. Exchanges need to implement better compliance through third party companies to help with tracking like they did with Ciphertrace. Companies need to be more aware of their flaws and just general UX. We need to have a better way to teach people how to transact, store and educate others.

Just like crypto doesn't work without community we need to learn together as a community.

Huntler1993

member

Activity: 462

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So bad to hear, but sincerely hacking will continue to exist. All we need to do is to be extra careful with how we manage and store our funds on these exchange wallets. Don't keep all your fortunes in one wallet, try as much to spread them to save you from such misfortunes.

BUK2016

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Well, crypto currency exchange company should try as much as possible to increase the security of their site in other in other to reduce attempt of been hack by hackers and by doing that the will protect the individuals who owns crypto currency on their site.

Nasonn

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Crimes has continue to increase in crypto, just last week Binance was hacked which has left a lot to worry about in the wake. If Binance could be hacked, it goes to show how vulnerable we can be and the amount of effort scammers put in to perpetuate their crime.

South Park

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I am terrible at Fantasy Football!!!

Quote from: steveabrahams on May 10, 2019, 01:03:23 AM

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?

I'm not surprised. After the booming of ICO in 2018, so many scam happened because of it and today, 2019, it's still the same. So many scams and even more. What we need to do is spread the news to other people to not easily invest or buy some tokens randomly. Talk to them there are many scams out there.

Many are never going to listen because they are blinded by greed, when they see the profits the early adopters of bitcoin got they imagine that if they can find the next bitcoin they can get the same riches they got, people like us know that it is impossible and while a few selected alts can give great profits identifying which one will do it among the thousands of coins created every year depends on an incredible amount of knowledge or luck, something that most people do not have.

steveabrahams

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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?

I'm not surprised. After the booming of ICO in 2018, so many scam happened because of it and today, 2019, it's still the same. So many scams and even more. What we need to do is spread the news to other people to not easily invest or buy some tokens randomly. Talk to them there are many scams out there.

Flyingduck2K

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Activity: 51

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Quote from: mindrust on April 30, 2019, 11:55:46 PM

Keep your PC secure, don't keep money on the exchanges, own your own private keys, do not participate in shitcoin ICO's and you'll be fine. Most of those crimes happened because the victims were dumb or uninformed.

"With great power, comes great responsibility." -Uncle Ben.

Making money from bitcoin was easy for many of us. All you had to do was hodl. Keeping it safe and secure however, takes responsibility. You need to educate yourself about what is good for you. If you get greedy and spend too much in newly created shitcoins,, you are just inviting scammers in.

You can't do anything for the others. There will always be retards around.

I couldn't have said it better.

Crime will always be there, no matter how hard the regulations are. Unfortunately, it affects mostly the average joes.

levvv

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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?

Not mention that Binance just been hacked about 7000 btc !
Hackers and scammers are keep searching their prey in cryptocurrency whales.
Scam ICO's were many back then, and IEO is created to be a solution to avoid the fraud projects.
I think we should keep using our crypto wallet with caution, so we don't take a wrong action.

Topic: Crypto Crime is getting Worse, what do we do? - page 13. (Read 13842 times)