Topic: Crypto thefts, fraud hit $1.2 billion in Q1 report - page 2. (Read 841 times)
I doubt the news. because the hottest issue lately is the binance hack, after that there is no news or info about other frauds especially with a great number. this community should know better know than Reuters news agency if there is a sensitive issue. everyone is very careful in storing their digital assets and the exchange places double the security, even if there a frud the value not big as that. so I really doubt it.
A whooping $1.2B this is indeed massive and portrays the image of cryptos in a bad light despite all regulations, KYCs, AMLs etc I wonder how those stealings aka hacking was successfully carried out without any trace and arrest. I think its high time this problem is nip in the bud else cryptos investors, adopters, hodlers and traders will lose confidence in it. More so cryptos stakeholders should devise a better way or method of securing cryptos permanently to avoid all these embarrassing stories of hackings and theft.
I think that is my biggest fear is that this issue is going to excede beyond the random hacks. I really do not want to see people losing hope in a technology that has been so good to the world. We are all in this together, learning together losing together and ultimately building together. If we have the proper security teams working on this then both front and back end to protect the overarching community then I think we are on the right track .
I still can't wrap my mind around why people wouldn't want to have compliance with AML and KYC to better help that this doesn't happen
The first part of your post was OK. But the second part shows your complete ignorance towards the basics of cryptocurrency. How KYC is going to prevent the exchange hacks? Most of the exchanges which were targeted by the hackers were KYC compliant. Cryptopia is a perfect example. On the other hand, BTC-e / Wex.nz which went without any mandatory KYC requirement survived for more than 7 years, before closing down due to unknown reasons.
What are your thoughts on having both KYC and AML complinace for exchanges?
the part of what are you saying is true i give you my vote 
Let's expose this bullshit! - "In the first quarter of 2019, theft of digital currencies from exchanges and scams totaled $356 million, while losses from fraud or misappropriated funds amounted to $851 million, the respected U.S.-based CipherTrace said in a quarterly report.
So what Reuters have done, is to add the supposed Bitfinex amount as misappropriated funds, which has not been proven and created a clickbait article with massive amounts of fraud and theft to put Bitcoin in a bad light.witch-hunt is $850 Million> 
This is a US government and media concocted witch-hunt to scare people away from Crypto currencies.
So what Reuters have done, is to add the supposed Bitfinex amount as misappropriated funds, which has not been proven and created a clickbait article with massive amounts of fraud and theft to put Bitcoin in a bad light.
This is a US government and media concocted witch-hunt to scare people away from Crypto currencies.
I still can't wrap my mind around why people wouldn't want to have compliance with AML and KYC to better help that this doesn't happen
The first part of your post was OK. But the second part shows your complete ignorance towards the basics of cryptocurrency. How KYC is going to prevent the exchange hacks? Most of the exchanges which were targeted by the hackers were KYC compliant. Cryptopia is a perfect example. On the other hand, BTC-e / Wex.nz which went without any mandatory KYC requirement survived for more than 7 years, before closing down due to unknown reasons.
A whooping $1.2B this is indeed massive and portrays the image of cryptos in a bad light despite all regulations, KYCs, AMLs etc I wonder how those stealings aka hacking was successfully carried out without any trace and arrest. I think its high time this problem is nip in the bud else cryptos investors, adopters, hodlers and traders will lose confidence in it. More so cryptos stakeholders should devise a better way or method of securing cryptos permanently to avoid all these embarrassing stories of hackings and theft.
Security is one of the real obstacles blocking the way for bitcoin to do its full capabilities. The bitcoin technology itself is great. But, the supporting platforms are the ones that having problems. The technology is too young. Developments and improvements are on-going. Though, it's sad to hear those news.
Can you believe that losses from the theft of crypto from exchanges due to fraud hit $1.2B?
https://www.reuters.com/article/us-crypto-currency-fraud/cryptocurrency-thefts-fraud-hit-1-2-billion-in-first-quarter-report-idUSKCN1S62P3
I still can't wrap my mind around why people wouldn't want to have compliance with AML and KYC to better help that this doesn't happen
If bittrex or binance got hacked that's not my problem, this statistics also 100% shows how garbage their security system is (behind this security system there are IT personals which seems can't do their job properly). People usually use bitcoin for two reason: 1. Privacy 2. Profit, so when privacy is my choice, I think KYC documents must be far away from it. And if fraud happens because of stupid user, that's another task. https://www.reuters.com/article/us-crypto-currency-fraud/cryptocurrency-thefts-fraud-hit-1-2-billion-in-first-quarter-report-idUSKCN1S62P3
I still can't wrap my mind around why people wouldn't want to have compliance with AML and KYC to better help that this doesn't happen
Aww i can't believe on this big fraud..but may be it is truth.. but now we should take steps to prevent this fraud.. we must do some precaution for bitcoin scam and for frauds..
Aww i can't believe on this big fraud..but may be it is truth.. but now we should take steps to prevent this fraud.. we must do some precaution for bitcoin scam and for frauds..
I totally agree. Granted Ciphertrace who generated the report is taking the right steps for helping prevent fraud with their technology
I believe that 1.2 billion comes from 356 million stolen from crimals plus the 851 stolen from Bitfinex exchange
I think that these larger exchanges that adhere to compliance aren't the ones to blame which is what it sounds like from everyone in the threads. Instead we should be putting blame on bad actors who are moving large amounts of money for illegal purposes either to steal or for illicit drugs
Yes this happen and is not good, i think people should always try to secure better their coins and hold on a hardware wallet, and if possible always not hold so much coins on an exchange or to an online site.
I still can't wrap my mind around why people wouldn't want to have compliance with AML and KYC to better help that this doesn't happen
You really think that the fraud is happening because of lack of AML and KYC, if that is the case you are mistaken, these compliance is for legit businesses and the fraud ICO and the hacks that happened in multiple exchanges are the root cause for these losses and it has nothing to do with other factors regarding strict compliance of KYC, so do not mix these things up. It is really a pity this fraud thing is yet to come to an end. So much has been lost in recent times by investors and traders. Some are even lost through exchanges and others got their wallets hacked. We all really need to be very careful with our private keys and watch out carefully before investing in any project of our choice. Crypto theft will continue but sure we can protect ourselves from becoming a victim
I agree. I think these are the times that we need to innovate and think of how we can prevent these sorts of fraud before they even happen. Yes decentralized is our goal but that doesn't mean we need to continue old bad habits of how fraud plays out that's why cyber security companies that are crypto specific are necessary
It is really a pity this fraud thing is yet to come to an end. So much has been lost in recent times by investors and traders. Some are even lost through exchanges and others got their wallets hacked. We all really need to be very careful with our private keys and watch out carefully before investing in any project of our choice. Crypto theft will continue but sure we can protect ourselves from becoming a victim
I think we are talking about pennies here compared with fraud that other big companies do working with fiat. This is just a small piece of the puzzle and people focus on this because they want to destroy the reputation of cryptocurrencies and also because it's easier to blame something that's relatively new and still unknown by most people. There is crime, fraud and illegal activity everywhere not only in crypto area.
As in any new venture, easy money lovers and various kinds of criminal elements were the first to rush in Bitcoin. It is not surprising that such large sums as more than 1,2 billion dollars are stolen by fraudsters. All the same, the blockchain technology, including bitcoin, despite all the attractiveness, remains not completely refined from a security point of view. This is due to the fact that the requirements for freedom of BTC movement intersect here and the need to track Bitcoin transactions to counter fraud.
I am interested in how governments will react to these cyber security firms to help with tracking rather than getting involved themselves. I would imagine they probably hire these guys to do the search work for them
As in any new venture, easy money lovers and various kinds of criminal elements were the first to rush in Bitcoin. It is not surprising that such large sums as more than 1,2 billion dollars are stolen by fraudsters. All the same, the blockchain technology, including bitcoin, despite all the attractiveness, remains not completely refined from a security point of view. This is due to the fact that the requirements for freedom of BTC movement intersect here and the need to track Bitcoin transactions to counter fraud.
Crypto is too juicy a target for hackers to ignore.
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