Crypto thefts, fraud hit $1.2 billion in Q1 report - page 5.

Erickan

member

Activity: 266

Merit: 18

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.

pooya87

legendary

Activity: 3472

Merit: 10611

that is what happens when you combine decentralization with centralization while having no regulations in the centralized field! most of these cases are the exchanges scamming their users that easily and a lot of it is not even recorded.
what we need to do is to stick to decentralization and try to develop better decentralized exchanges, decentralized market place,... and eliminate the centralized point of failure that currently is causing all these thefts.

Leonardo7

member

Activity: 686

Merit: 15

What we need is actually a high-class cryptocurrency exchange with the best possible security measures in place. Tokenpay team is said to be building an unhackable dex with their Efin coin. I hope to see truely unhackage exchnage, users too need to be careful with their details and not cheaply fall for a scam as we had with the scamming ethereum classic Vision that stole people private keys out of ignorance and lack of research.

figmentofmyass

legendary

Activity: 1652

Merit: 1483

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

let's give this some context. chargebacks and chargeback fraud alone costs e-commerce merchants $40 billion per year now.

so a rate of $5 billion/year doesn't seem that crazy for crypto theft and fraud. bitcoins cost more than $5k a pop---we're in the big leagues now. Wink

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

I think it's way more than that to be honest, as there had been some thefts that are not publicized or are not being made public e.g. personal wallets, unknown exchanges/services etc. One cannot easily contain thefts as long as there are insecure platforms and personal vaults, so I don't think it's that surprising to know that such things exist in the cryptosphere, though somewhat more prevalent and frequent compared to banks, I should say (or perhaps 'more publicized' is more fitting?) Anyway, expect that number to rise as long as there are exploits to capitalize on. Sure enough, there'd be loads of thefts to follow as bitcoin and crypto is also considered money and it's gaining traction again after a few years.

XinXan

hero member

Activity: 1064

Merit: 505

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.

akeegan

jr. member

Activity: 236

Merit: 4

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

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