Topic: When will the government look at this area? (Read 864 times)

Yeah, that is what exactly is happening. They go after these exchanges that are doing business if ever they list some problematic projects but never run after the actual project for which they should do. They have probably ran with some of them but the majority, not.

They for sure could track them if they want to. But sometimes, we don't know why even if they have the budget to do it, they just can't do everything that we can think of.

There is an idiom, a chain is as strong as its weakest link and in cyber security the weakest link is human error. No matter how much effort government puts in or how many expensive devices you place, as long as humans are doing mistakes the hackers will continue to earn.
If we talk about Bitcoin then it's a decentralised platform with no central owner that's why there is not much help from government coming in since they don't link the decentralised platforms much because they knock them out. But the positive side is that with proper awareness and little precautions one can easily protect his Bitcoins.

Wow, that's a really interesting and important point about the increasing crypto heists.  It's definitely a concern for future adoption, and you're right, the numbers don't paint a rosy picture.  While the price jump and institutional interest are positive signs, the consistent rise in hacking incidents casts a shadow over the whole space.
I hear your frustration with the apparent ineffectiveness of regulations so far.  It feels like there's a gap between what governments are doing and the reality on the ground.  You're also spot on that user education is crucial.  Simple, clear security practices are absolutely vital to minimizing these crimes, way beyond just imposing regulations.
A lot of these hacks are indeed due to poor security practices by individual users.  Think phishing scams, weak passwords, or not backing up their wallets properly.  The sheer scale of these incidents highlights a massive educational opportunity.  It's not just about what regulations are in place, but how they're communicated and who is actually receiving the message.

For some reasons I think the Government can help with this but they've choosed to be reluctant and difficult towards engaging in Bitcoin awareness and regulations activities.We all know the capability and working force of the government in the society/country,and Having the government support and contributions will reduce adoption struggle and reluctancy to a large extent.

I think independent efforts are the main thing first and not expecting from the government because it's the same if there is a problem later the authorities will easily say that you did it consciously and without coercion.

So, in my opinion, the contribution from the government is indeed felt necessary, but the most important thing is that there must be at least from ourselves first, both in learning the technicalities and performance so that we don't get caught out in investing and are safe.

Who is they? Are you talking about the government? When does the government teach people something? I mean, we are talking about adults, not kids with public schools. of course stealing is wrong but I don't see how the government could teach someone how to use cryptocurrencies and protect them, it's like asking the government to protect you from phishing, etc, they can make some public warnings on the news/television but what else? Or investing, they can tell you be careful, you can lose your money, but they can't teach you how to invest.

What the government is doing is trying to prevent fraud and scams by going after legit exchanges which only ruin the image of crypto to the general public furthermore. Instead of trying to spread correct information and make the crypto space safer, they contribute to making crypto appear unsafe
Authorities have resources we do not know about. The newest advancements are given to them or made for them so I am sure that if they wanted to they could track these scammers.

Basing up into my awareness about on whats happening in the market then i didnt expect that hacking incident for this year 2024 is much more higher than it was on 2023 on which considering that there are no big news about exchange hacks that do happen on which this is usually having that bigger chunks when it comes into the amount get involved because these places are that look like honeypots for these hackers. So far we havent seen  that much of these kind of news and turned out to be that look like just fine or simply i had just missed something?

We dont know on where their numbers do came from whether on personal wallet hacks, project wallet hacks or incidents or any other aspect. I had just that missed out all of them if there are tons of them on which this causes up for this year to have that bigger amount in terms of being hacked. Although there's no way that we can be able to stop this out because there's no such thing about perfect security on which there's always that tendency that people or platforms can be hacked out. Same goes with having that lesser knowledge about it on which it will be causing out that unawareness.

Will government be looking at this area? No i dont think so. Even if they do wanted but there's no way that they could be able to trace it out and thats why it is really that a huge problem for them to trace it up and turned out that they do just let things happen on that way because its pointless on trying out to resolved and track it out.

I agree, they should runafter all of these scams. Even if the money that has been swindled is in crypto, their public domains and other registrations might be tracked through the providers that was used for it. If they're going to use all of their resources, there's a way but knowing who are they might be hard for them to prove but as long as they've got resources and way to prove the guilt that these scammers have been doing, they can do it. FBI can and interpol too.

Big cases will cause big news in the financial market. Hence, they will surely investigate cases like FTX or MtGox. However, they have their limitations on how they are resolving this kind of case because some of them have limited data or information that is disclosed to the public or even to the government. Especially if they have no license because we are talking about blockchain related platforms. They are only disclosing certain information when they are applying for government's license. So what the government can do is extract those information as much as they can and trace financial transactions. Now, if the owners or people involved knew what they are doing, they can really hide some financial transactions anonymously and not provide the overall picture to the authorities. This is why, the government has blindspots when it comes to crypto-related cases.

Before working for the government, it is most important to be careful about yourself, because you should keep your investment for a long time with responsibility and duty on yourself.
 This should never be revealed to others, but it will definitely find out your weaknesses, so by trusting yourself, you will keep your investment for a long time. You should never expect help from the government or any legal group or ruler, as long as you can trust yourself, your conscience is safe.
But whenever you rely on legal rulers, you can immediately become vulnerable to hacking. So if you are careful about yourself, I think there is no reason for the government or any ruling group to work.

As far as this report are been reported on the news, you should know that the government is doing something about it, they are probably no media follow up because they are been local case that are treated locally, if media doesn't follow up, there is no way we can know tbe updates. Law enforcement are watching everything that is happening in crypto and when stealing is report, they can follow up the case for years just to get the culprit.

Haven't you see case file of 2017 case are been sentenced to prison this year, that's because the need for serious in investigation needs to be done before it can be concluded. In addition so you know, these stolen funds and hack happen everywhere but because Bitcoin is open and everyone can see it that's why we don't see traditional banks been reported of missing funds. Do well to check the bad things banks do before you think this will stop Bitcoin adoption.

Speaking of what I want to know is, when is the government gonna go after known scams, scams that have been brought to their attention that say who committed the scam how much they stole and have laid out the entire groundwork for whatever agency to make a case of it. This is something that we struggle with in the collectible section. It’s insanity!

This only proves that, before the government will act upon, do it with yourself first. Be a responsible investor and keep the safety of your coins at always. With that being said, avoid trusting any centralized group or entity that will take control of your investment and let you become prone of hacking. If you can do that, there's no reason to require the government to act upon it.

The Government will not involved in crypto hacking because they don't have anything concerning crypto, if you are in a country that doesn't accept crypto you can't even think of getting the government involved in such a matter, although the government is supposed to get involved in criminal activities like hacking a huge amount of cryptocurrency when it comes to crypto government don't care because as far it doesn't affect the banks they will not take it seriously, the only thing that they will do is to spread the news around to inform people to be careful with their investment.

The only thing the government can do about hackers is to inform people who are holding Bitcoin to be careful with their investments because they don't have anything to do about it, no one should think the government or the force can save you when something happens to your investment, they will still collect money with you for investigation and nothing positive will come out from the investigation.

Agreed.
They would probably think more about the centralized entities that you mentioned than about somebody who has his custody upon himself.

So people can yearn for the government's help in areas like this? Are we now letting go of the core mantra of cryptocurrency, which are decentralization, anonymity and privacy?

Those 3 factors are even holding the hands of the government, thereby making the tracing and regulations difficult. The most unfortunate part is that the developers, owners and operators of the hacked wallets and businesses are privy to the evil. They often get away easily since legality and government oversights are weak in the crypto space.

This is why the US and a few top-world countries with better technology are the only ones able to make a tiny difference.

If the governments could be against the adoption of bitcoin from it origin which also drew significant lines to the public not to had earlier taking part to the bitcoin adoption and later on had the reverse thought of view on it to embrace the bitcoin market, then absolutely non of this seem to be threats in the future adoptions of bitcoin.
Moreover, as stated, bitcoin is doing such well that even hugh institutions are Investing on it just as noted that they contributes to the drive of the high increase of bitcoin price.
Obviously bitcoin isn't a scam to be scared about. So if in anyway scammers has been able to steal investors or users funds on the blockchain, it's basically a result of individual holding of their coins giving privileges to scammers to steal from them. That doesn't really mean tag the bitcoin blockchain is corrupted not to be trusted.

Believe! The adoption of bitcoin in the future will be unresist able by implying its potentials to the climates of the global economy challenges and that's obviously why the governments are now begining to invest on it

As much as I want to expect something positive the government should do, but I know crypto hacks will never be their priority. They are too much focused on some other monetary issues that they forget that crypto fraudulence is now rising significantly. So I think the best thing we can do is be responsible on our own crypto. Protect the private keys as they hold our asset, and never trust centralized exchanges as they are in the hope of owning our own coins and become their property. Invest with caution always.

I do think that it would be great if people did start to think about their own security more - and the government can do so little currently as to bring a bit of more awareness to that in the space.
They mostly don't believe in much going on there anyways.