Topic: Singapore Police Say Crypto-Related Crimes Keep Rising across the Country - page 3. (Read 612 times)

which is very common using paper money, but since crypto is new to them they are really chasing the activities of their people, it's sad that we've seen news like this where negative implication can damaged the usages of this system.

Only time can tell what fate Bitcoin have from that perspectives, if government like Singapore will see it that way, which is more on the negative than looking to the positive side.

Another test of time, crypto supporters are immune to this negative publicity.

It's almost inevitable as more inexperienced people get involved with cryptocurrency that it will be abused by scammers. I'm guessing there was also a bit of a stigma, which has since broken down, that Bitcoin only used to be used by criminals and people may not have wanted to "incriminate" or turn attention to themselves by reporting problems to the police. I saw the other day that there were a record number of wallet holders a couple weeks ago, identified by unique wallets having 2 or more transactions with no spends, signalling that people were actually rushing in to buy during the recent dip. Looking at it from the other side, it makes sense for criminals to attack cryptocurrency because it is like stealing cash - very hard to trace where it goes.

I remember one incident that happened in Singapore and was also reported to the authorities and that transaction was related to cryptocurrency. I think the government is taking this seriously and they should remind their people to remain lowkey and if they're doing crypto transactions, they must be vigilant and check every detail that they will do to avoid being a victim of fraudulent activities. I hope that these incidents won't make crypto look bad in their country and won't have that bad impression on other countries too. Because when there are incidents like this, they're only looking to crypto related as if it's the only thing that happens and neglects real world transactions through banks and cash transactions.

Mention "money laundering" one more time.
Authorities think that crimes like money laundering mostly happens using crypto just because it is behind their probation/observation, but they do not even realize how many of those happens using paper money.

crypto has started to rise in recent years and become one of the easy ways to earn money so many people are starting to look at it and not only in large countries, small countries have also started to see how crypto can change someone.
of course this also applies to people who want to do evil, such as swindlers and thieves.
they already know about the prosperity of crypto so they twist their brains to do things that are not justified.
in fact this is definitely happening because everyone is not all good of course there is evil one of them is the thief and the fraudster, in the world of crypto a lot of people and their minds are of course various not all good. all you have to do is always be vigilant and don't trust anyone too much here because when it comes to money everyone can be so greedy that they can commit crimes

I am not getting in to ostrich pose. I agree with many of your points and it is a concern that a number of criminals are using Bitcoin. However, my problem is that the cops, as well as the mainstream media want to target only Bitcoin and they don't react in a similar way against crimes involving fiat. Also, I have to disagree with you when you claim that the crimes will skyrocket as more and more people start to use Bitcoin. From what I have seen, it has actually gone down a lot. Back in the early days, there was Hidden Wiki, xDedic, Silk Road, Black Death, Armory and all sort of unwanted businesses, which accounted for a large share of the Bitcoin transactions. Their share have gone down by a lot now. And dark market volumes are declining, despite the expanding user base of Bitcoin.  

It's quite obvious because the fame of crypto has been increasing quite a lot lately. With the rise of crypto fame the number of scammers would increase as well.
Scammers are finding new ways to scam people and things will only turn out to be worse as crypto is adopted more.
More number of people will try to scam others and this is why it is better to develop the skill of research so that we know what we are doing.
Most of the times it's the lack of knowledge that scammers use as a vulnerability to scam their victims.
If people become more educated on crypto then the number of scams will decreased gradually.

They just want to counter attack cryptos due to sudden increase of demand among the masses and they need any agenda to spread FUD like cryptos promote crimes? The fiat has been there for years and government is unable to stop such crimes then and the number has been increasing from that time aslo but they never give a single statement against it.Why? Because it is centerlised currency? But still we don't need to worry about such things as crypto will progress even high in these times.

Let's start by counting cards and bank accounts first, 400k using bitcoin daily and 500 million using cards, let's compare the numbers of addresses with a balance with the numbers of people owning a card! Damn it's like comparing the murder numbers in Antarctica with Orlando!

Bitcoin-related crime will rise as usage will rise, when you will have a few hundred million people using bitcoins daily and for everything just like cards you will see this skyrocketing, and not proportional for the increase in numbers, even worse than that as the new ones that are getting into cryptos are less and less tech-savvy and far more gullible since 99% of them came for the money, not for the technology. People have to acknowledge that one can't have the advantages of Bitcoins, especially the security against confiscation, and not have criminals trying to profit from it, just as anything it will be exploited by somebody, from knives to cars to cough syrup it's the same.

Getting into the ostrich pose and shouting "what about fiat" won't make it go away!



I will not be that harsh to say for greed or that greed is a wrong reason.
People will look for profit, everyone does, some indeed fall for Ponzi schemes but there are a lot who get scammed in other ways, there are hundreds of people getting scammed with fake warnings from the IRS, they rush to pay fines to ATMs, people that get tricked by phishing links and many many more.
Probably yeah, the ones tricked by ICOs are the biggest chunk but there are a few who are quite innocent, that buy some coins and then end up downloading the wrong wallet...

Either way, as you say, things will, unfortunately, get only worse!

Singapore is a country that allows startups to raise ICOs. Startup projects are high risk so it is normal for complaints to take place. Even countries in Southeast Asia have experienced crypto-related scams.
The tricks of criminals are to take advantage of people's greed and ignorance to entice investments into cryptocurrency projects. The money raised is usually crypto so it is not possible to recover the money the crimin
have scammed.

This statement is true in the global context as well. Crypto related cyber crimes are at all time high. Many corporates were affected by the ransomware attack since last year. There was a recent attack on an American pipeline where again bitcoin was paid to the scammers. It seems majority of the cyber crimes are happening and bitcoin is inevitably involved in that. These incidents are earning a bad name for bitcoin for sure. The pseudo anonymity has indeed granted a power to the scammers!

This is just one in the list. We have to understand that crimes are increasing no doubt but we have to understand that it's not just crimes and frauds related to Cryptos! The government is just trying to highlight this so that in the future they can dominate the market indirectly. This is kind of like a "silent war".

- These kinds of news 🗞️ is for sure manipulative, as long as you do not give the percentage of crimes related to the fiat etc, you should not put all the blame on cryptocurrencies.

- Crimes are untraceable, easier, more common in fiat. Everyone is well aware of that but unfortunately they get ignored since government brain washes people and lead them to believe that what they are doing or holding torch for is right.

Think for yourself.
-You can track all the crypto transactions
-Its harder to buy crypto as compared to money
-A full on investigation can be carried out much easily
Etc..

And how much is fiat related crime which is more complicated?. In my opinion inflation itself is a crime because it steal value from people. I think one of factors that caused it is because many people are live in poor or didn't have good job with good salary. It is not because of the cryptocurrency but it is because of the human.

That may be true. But there are limitations in using cryptocurrency for these fraudulent activities. First issue is the limited liquidity for various cryptocurrencies. It is not very easy to convert cryptocurrencies to fiat cash, and that too anonymously. And this is one of the primary reasons why criminals prefer various fiat options instead of cryptocurrency for their activities. But the mainstream media would like to concentrate on the few instances where cryptocurrencies are used for scams.

When the popularity of cryptocurrency rises naturally the crime rate also increases along with it. You need to be careful which sites you visit when you are storing your coins in a wallet which is always connected to the internet and it is not clear how they fell to the scams. It is either they have invested in scam sites and doubling scams, other than that it is not clear about how $29 millions are lost to criminals.

well singapore being one of the toughest in terms of Public order and governance ? I'm sure they are just trying to imply everything before putting those behind bars.

sure that they will take them down in time and if their government made this? then the whole world will follow and will have idea how to track them down easily .

This is highly expected. Not just in Singapore, but I expect that it will do the same in other countries. As cryptocurrencies are already trending right now, it is also an opportunity for criminals to use this path rather than the traditional way in committing online crime.

yes you are absolutely right. increasing crime is one of the impacts of adoption. So everyone should be basic on this. When compared to the problems with FIAT, the level of crime (crypto fraud) is quite low. but this problem seems exaggerated, but they don't seem to care if it's related to FIAT.

I think it's safe to say that all sorts of crimes ^{[not just crypto-related]} have been on the rise in the past year or two ^{[due to the overall increase in costs, caused by this ongoing pandemic]} and prior to that, the increase in crimes was mainly due to the fact that a lot of newcomers try to use it for the wrong reason ^[greed] and that always ends in a disaster ^{[their fault]}; Add the adoption rate as well and that number will continue to rise ^{[unfortunately, it's inevitable]}.

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With the emergence of any new form of cryptocurrency,Few people with ulterior motives will  use it to obtain ill-gotten gains. But we cannot deny the development of cryptocurrency because of these few things.