2 things: demand better security from exchanges, or stop using centralized exchanges that control your coins and lose them.
a big percentage of these "frauds" are from exchange hacks (or so called hacks where the exchange fakes it). so people have to start demanding the exchange to give them some sort of guarantee that can be pursued legally if they lost their coins. so that this can force them into coming up with stronger security instead of their silly methods that can be hacked this easily.
additionally we all have to eventually move on to decentralized exchanges. we are in a decentralized system after all and we have to have everything decentralized specially altcoin exchanges that don't require fiat nonsense and enforced centralization. it will also provide us with a much better privacy.
Topic: Crypto Crime is getting Worse, what do we do? - page 18. (Read 13842 times)
Well there is nothing much that we can do because sometimes i smell something fishy especially when it comes to exchange hackings. Just becareful on the sites that you visit and also never store your funds on exchanges.
It's seems that it's really getting worse, maybe if we should take a more steps of security we can prevent it. One thing to do is don't store any funds to exchange since it's the most vulnerable target of the hackers even though they have a security we can't say that their security is unbreakable.
Second is to carefully study all things just keep in mind that you're always a target by anyone so you'll come to your mind that you should prioritize your security and think always ways to be secured either an escrow or the likes.
Second is to carefully study all things just keep in mind that you're always a target by anyone so you'll come to your mind that you should prioritize your security and think always ways to be secured either an escrow or the likes.
I think every day or every monent there are always crypto crime that happens in cryptocurrency world. Even in trading and other crypto related business, there are always fraud activity and scam that happens, even thieves are always finding way to hack someones account just to make money out of it.
People need to stop holding their funds into exchanges for long time and also they need to check the reviews about exchanges if you don't have experience with that exchange before.Maybe regulations from government can stop these fake exchanges but it has many disadvantages for the legit traders so better correct our mistakes by ourselves
There is nothing we can do than wait for proper time that regulation will get approved ,this is the only way to safe innocent victims from scammers but all the same before that time comes newbies should be very careful where they put there money,either exchanges or on projects
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?
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?
However secure crypto may be there will always be scammers. The best we can do is improving awareness so people can get informed and be cautious. A friend of mine was a victime recently. Sadly, victims are either unaware of their scammers tactics or even careless. Having so much worth on any exchange is risky. Store much of your worth in your wallet instead. Also attempting to make free and cheap money from cheap sites is blameable. Let's all be cautious and up to date with information because most times scammers are well advanced than their prey.
To minimize this bad event, don't be easily tempted to offer crypto instantly and always remind others. Always be aware and recognize reputation before making a transaction.
Such a huge amount of total for theft and fraudulent and scam activities in cryptocurrency. $1.2 billion worth of illegal or crime thing is not a joke, i hope theres a solution to this major problem or else there would be a bad side to happen in cryptocurrency or it would collapse in the time that it is a full of scam thingy and theft crimes.
What can we do to help stop these from happening and getting worse?
Secure your wallet, buy hardware wallet if possible, don't click any suspicious link, used 2FA. There's a lot of you can do on your end. If your coins is in the exchange then don't let it sit there specially huge amount. Just withdraw some and left enough funds for your trading activity only.
Also don't forget to update your OS as well, as hackers are known to exploit it. Don't trust anyone online specially asking you for weird stuff specially your private keys.
There is not much that we can do since this is decentralised world, the best thing we could do is increasing other people awareness and how to detect scam, we can decrease the crime by implementing some rules, but when rules and regulation implemented then it will become centralised, but people loves crypto because its decentralised
Conflict of interest but it can work together if there's specific rules where government interventions can comes up and help to decrease crimes while it will remain as a decentralized projects, third party rules that can implement the rulings which can help and protects investors and traders to possible threat of scumbags and those who's taking opportunities in such an illegal manners.There's should be something that comes up, an idea on how to maintained the anonymity and being decentralized which been love by many.
In Q1 alone of 2019 there was $356m in theft of digital currencies from exchanges and scams while losses from fraud hit 851m.
Cryptocurrencies have become much more expensive over the years. Imho there are no bigger thefts than before, the number of coins stolen is probably much less than in the past, just it means more USD.
So it's not really a "getting worse" imho.
However, since the value is rising, thieves will invest much more effort and resources in preparing thefts, meaning that everybody should be much more prepared.
What can we do to help stop these from happening and getting worse?
The security measures are clear, for both individuals and companies:
* Hot wallets should contain as possible a small(er) value, the big bucks and whatever is not needed for current use should stay in cold storage, paper wallets, whatever
* Nowadays hardware wallets are not so expensive anymore. If one has usually at least 100s of USD on the hot wallet, receiving and spending 1000s of USD a year from the wallet, should be able to afford 70 USD for a hardware wallet, really.
* Computer / phone holding the wallet should be as safe as possible.
* People should understand that keeping big funds at online services is an invitation to steal from you.
* People should understand that investing in shady businesses just because they can make a colored website is silly.
We are failing to learn from the mistake. Even if we are using blockchain, we are giving more control to humans and centralized softwares which can make mistakes. We have seen dozens of exchange hacked yet we flock to similar exchange. We see a hundred of fake ICO run away with investors money yet we invest without any research just because you saw that on news. This would change but it's taking too much time and it's hurting the future of crypto.
If there is a way to stop these hackings then the banks already figured out on how they would stop those hackers and fraudsters. The very solution for this is to start with ourselves through securing our own wallets.
How? use a wallet that keeps your private keys and sto practicing the behavior of putting all of your assets on exchanges.
How? use a wallet that keeps your private keys and sto practicing the behavior of putting all of your assets on exchanges.
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.
"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.
There is not much that we can do since this is decentralised world, the best thing we could do is increasing other people awareness and how to detect scam, we can decrease the crime by implementing some rules, but when rules and regulation implemented then it will become centralised, but people loves crypto because its decentralised
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 rely to the centralized exchange site and DYOR. A lot of the funds have come from the centralized exchange site that getting hacked or something like that and basically that's bullshit. We should move to the decentralized exchange site and that should be the best thing that we can do now 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?
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.
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.
In order not to be a victim of the crypto crimes happening in the crypto ecosystem, never keep or save your crypto coins or tokens on any exchange platforms, withdraw everything into your personal crypto wallet. Also, people should avoid joining or visiting sites that seems to promote some kinda free money in the form of crypto airdrops. The crypto space currently is made up people are just concern about cheating others and robbing off their little money.To add to this, keep your wallets protected and do not share your private keys with anybody..
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