Crypto thefts, fraud hit $1.2 billion in Q1 report - page 4.

XinXan

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Quote from: tomahawk9 on May 01, 2019, 09:17:59 PM

1.2 billion is nothing compared to other industries.

According to TransUnion, back in 2016 the E-commerce market lost 7 billion dollars because of fraud in the US, a figure that it's expected to reach over 30 billion dollars by next year[1]. But the mainstream media won't say anything about this, the guys pulling the strings behind the scenes in these news sites only want the general public to have a negative perception on cryptos...Bastards.

1. https://www.transunion.com/blog/trends-in-retail-fraud-what-you-need-to-know

Dude, Bernard Madoff alone stole $65 billion with his Ponzi scheme and that's just one single individual, fraud happens everywhere, it's not really easier to do it in crypto.

MMS2017

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Crypto theft and frauds become more familiar in the present time and due to digital world the online transfer become very risky for us. Hackers can easily hack accounts and with in a couple of minutes you can loss everything. Crypto is good to have but with it risk is also involved.

chaoscoinz

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☆Gaget-Pack☆

Quote from: akeegan on April 30, 2019, 04:38:38 PM

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

With new financial technological innovations there will always be those who are looking to exploit the usage rather than support the movement. It just comes with the territory. The more Blockchain finacial tech evolves, the more elaborate the schemes and scams will become.

jakezyrus

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Quote from: tomahawk9 on May 01, 2019, 09:17:59 PM

1.2 billion is nothing compared to other industries.
According to TransUnion, back in 2016 the E-commerce market lost 7 billion dollars because of fraud in the US, a figure that it's expected to reach over 30 billion dollars by next year.

Wow thats a huge amount of sums being stole by criminals but thats normal for other industries because they also have a huge market cap while here on cryptocurrencies , our market cap is only small and if billions are being stole , that is already bothering .

Quote from: tomahawk9 on May 01, 2019, 09:17:59 PM

But the mainstream media won't say anything about this, the guys pulling the strings behind the scenes in these news sites only want the general public to have a negative perception on cryptos...Bastards.

News or news sites or even any other people can give their own opinion . they create an article whether legit or hoax but thats normal. There are good news and there are bad news on crypto but we a real crypti user will understand that crypto is not a currency that being used by fraudsters . crypto is not a dangerous currency .

tomahawk9

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Cats on Mars

1.2 billion is nothing compared to other industries.

According to TransUnion, back in 2016 the E-commerce market lost 7 billion dollars because of fraud in the US, a figure that it's expected to reach over 30 billion dollars by next year[1]. But the mainstream media won't say anything about this, the guys pulling the strings behind the scenes in these news sites only want the general public to have a negative perception on cryptos...Bastards.

1. https://www.transunion.com/blog/trends-in-retail-fraud-what-you-need-to-know

jjbanks994

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I am curious to see what will happen compliance of privacy coins because isn't this report just public ledgers?

ccryptopark

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Quote from: Slow death on May 01, 2019, 03:09:18 PM

Quote from: akeegan on April 30, 2019, 04:38:38 PM

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

one of the things that makes me very angry and disappointed with this cases of hackers is that the thieves are never found and punished. different from real life where there are many chances of thieves being found and punished. We need laws, we need governments to inspect the exchanges. we need to have responsible exchanges and there is another question: how are the people who lost their funds in the exchanges will be compensated?

I agree with you. I think as the technology starts to improve it does so on both ends. Both crypto and cyber security. I think that teams like ciphertrace are on the right path to find these people and operations

Slow death

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Quote from: akeegan on April 30, 2019, 04:38:38 PM

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

one of the things that makes me very angry and disappointed with this cases of hackers is that the thieves are never found and punished. different from real life where there are many chances of thieves being found and punished. We need laws, we need governments to inspect the exchanges. we need to have responsible exchanges and there is another question: how are the people who lost their funds in the exchanges will be compensated?

vycl87

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Crypto assets have been stolen for years. But it seems to me that this year, there was less interference than in previous years.

I think exchanges have to be more careful because of the investment amount is getting bigger day by day.

okala

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They have been widespread of financial fraud all over the world economy and even the banking sector and all other financial institutions are all facing this same problem of fraud if it not hacking into exchange it will be laundering of money from one country to another. And how are we sure that kyc will solve the problem of insecurity of crypto assets because the hacker can still hack any exchange even with full kyc process in place, all that we should work towards is for exchanges to upgrade they security softwares in other to prevent hack. $1.2 billion is huge.

rmilly

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Quote from: Kakmakr on May 01, 2019, 01:59:24 AM

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> Roll Eyes

This is a US government and media concocted witch-hunt to scare people away from Crypto currencies. Tongue

Just had a look into the entire report released by ciphertrace. Do you still think that this is to scare people from crypto or just a means to better help compliance? https://ciphertrace.com/wp-content/uploads/2019/05/ciphertrace-q1-2019-cryptocurrency-anti-money-laundering-report.pdf

nauane

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Quote from: XinXan on May 01, 2019, 11:19:16 AM

Quote from: Erickan on April 30, 2019, 09:46:57 PM

Quote from: XinXan on April 30, 2019, 04:47:22 PM

Don't think that normal businesses have no fraud, they also steal hundreds of millions, banks do it, businesses of all types do it, investment businesses do it. Just because the headlines are like that for crypto it doesn't mean it only happens here. There is MASSIVE fraud out there not involving crypto, billions and billions of dollars, if we knew the real figure it would make the 1.2b seem like dust.

There are no professions and fields that do not exist fraud and scam. In comparison, traditional economic sectors such as finance, industry and services have a huge percentage of frauds compared to crypto. You think which currency is used to make the world's most money-laundering, inflation, and fraud tool. Yes it is fiat, namely USD, not something else. They are just exaggerating the news about crypto and turning it into a kind of money for criminals.

There are individuals out there that have stolen more money alone than in the whole crypto space. Obviously criminals have existed and done this since forever, long before bitcoin existed, just like terrorists had enough funding long before any kind of cryptocurrency existed, these headlines are just clickbait, exaggeration to attract viewers.

Are the banks not robbed every day ? Do the thief not stole people belongings on the daily basis ? Sometimes i feel that the crypto fraud news are sent with the intention of bring the bitcoin price down, maybe for the benefit of the whale and for the panic seller of the retail investors Huh

fndsr

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I am also concerned about the current situation, something that has value is definitely an easy target for thieves to seize other people's assets, let's all save our assets properly to be safer from theft

XinXan

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Quote from: Erickan on April 30, 2019, 09:46:57 PM

Quote from: XinXan on April 30, 2019, 04:47:22 PM

Don't think that normal businesses have no fraud, they also steal hundreds of millions, banks do it, businesses of all types do it, investment businesses do it. Just because the headlines are like that for crypto it doesn't mean it only happens here. There is MASSIVE fraud out there not involving crypto, billions and billions of dollars, if we knew the real figure it would make the 1.2b seem like dust.

There are no professions and fields that do not exist fraud and scam. In comparison, traditional economic sectors such as finance, industry and services have a huge percentage of frauds compared to crypto. You think which currency is used to make the world's most money-laundering, inflation, and fraud tool. Yes it is fiat, namely USD, not something else. They are just exaggerating the news about crypto and turning it into a kind of money for criminals.

There are individuals out there that have stolen more money alone than in the whole crypto space. Obviously criminals have existed and done this since forever, long before bitcoin existed, just like terrorists had enough funding long before any kind of cryptocurrency existed, these headlines are just clickbait, exaggeration to attract viewers.

carter34

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Not suppressing at the figure because I have witnessed some experience where I have recorded lost tokens and couldn't know what went wrong. I only let go because you can't get justice to that as far as I know.

Beerwizzard

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It seems like a couple points are still a bit questionable:
1. Almost all major exchanges are requiring to set any kind of 2fa as a part of their verification process. So how could someone steal their money?
2. If this $1.2B were stolen from unpopular exchanges then how we can be sure that this data they provided is legit? Maybe exchange administration stole user's money and claim that was a hack.

Haunebu

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www.Crypto.Games: Multiple coins, multiple games

Quote from: Kakmakr on May 01, 2019, 01:59:24 AM

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> Roll Eyes

This is a US government and media concocted witch-hunt to scare people away from Crypto currencies. Tongue

Damn. This makes complete sense. The extent to which the media goes to grab attention by demeaning BTC is astounding. These guys continue to scare away more and more investors which is why the adoption rate is slowing down.

The good thing is that more and more people are realizing that majority of the stuff that media churns out are rumors and gossip and nothing more.

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

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> Roll Eyes

This is a US government and media concocted witch-hunt to scare people away from Crypto currencies. Tongue

Genemind

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I guess it's the right time for every exchange to add more restrictions and security. We can't question is there are lots of exchanges who are requiring Kyc. Everything online is hackable so we must submit and comply with the requirements to at least lessen the crime rate.

Anonylz

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To be honest, am not surprise at this number because the rate at which you hear different tales of exchanges been hacked is quite alarming, i wonder why it's so - should i say easy to breach the securities of this exchanges, not to mention the countless scam project we have this days that have walked away with millions of investors funds,
Can't say regulations would be the ultimate solution because some of the more regulated sectors do faces such as well, but it will give a bit of control in the crypto space.

Topic: Crypto thefts, fraud hit $1.2 billion in Q1 report - page 4. (Read 841 times)