When will the government look at this area?

BlackBoss_

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Quote from: el kaka22 on Today at 11:09:06 PM

Basically, it is already illegal to do this, not like they are using some loophole in the law or something, it's illegal. So if you can find who these people are, you can sue them and they will be jailed. The hard part is that in most cases these hackers are smart to cover their tracks, and our expectation from the governments around the world to figure out who did this because it is not local neither, so all governments have to do it.

Most of our concerns are not about criminals, what they do and kind of legal punishments they will face with eventually. Our main concern is that governments will try to take advantage of criminal activities for discussing, plotting and enforcing more and stricter regulations on Bitcoin and cryptocurrency market, blockchain industry.

Their policy changes this way will affect all of us, who are not criminals and don't actually care about criminals. If we can contribute to help reducing criminal activities, help governments to arrest criminals, that's good, but regulations with greater impact on all people are very bad.

el kaka22

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Basically, it is already illegal to do this, not like they are using some loophole in the law or something, it's illegal. So if you can find who these people are, you can sue them and they will be jailed. The hard part is that in most cases these hackers are smart to cover their tracks, and our expectation from the governments around the world to figure out who did this because it is not local neither, so all governments have to do it.

In the crypto world, someone from X nation could stela from people in 100 different nations, so even if your government chases to find who it is, it could be not in their nation. Trying to make the whole world look for the same person is a difficult task and requires much more than just some scammers and a hacker.

tabas

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Quote from: Sanitough on Today at 06:45:08 AM

Do you think this kind of news could impact Bitcoin adoption in the future? Because if you look at the trends, crypto related crimes has been steadily increasing year by year. Despite governments tightening regulations, it seems like those measures haven’t had much of a positive effect, at least not according to the numbers.

The market and the community have been immune to this kind of news.

Quote from: Sanitough on Today at 06:45:08 AM

So, the real question is, how can they educate people to minimize these crimes? Teaching users proper security measures could do more to protect the crypto ecosystem than simply imposing regulations.

They cannot teach them at all times. Awareness should be there but when people and educators are already and they can't help and complement each other, that's when they're hard to help. Even if you have the desire to teach them all, give the tips and ideas on how to avoid scams and hacks but if they are not applying what you teach, that's nothing still.

famososMuertos

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I like the idea of knowing this data regarding hacks, but to take it from there to a topic of discussion on the idea that governments or that they should educate about the measures that should be followed, I think it is redundant and taking the idea of discussion out of context, a hack does not necessarily have to do with the imprudence of a user, it has to do with the fact that systems are vulnerable and will always be due to human "error"... therefore, precautions will always have to be taken no matter how experienced you are in the field of security. So do not expect the government to take care of you or expect to do something for you in terms of the security of your assets.

Wakate

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Quote from: Sanitough on Today at 06:45:08 AM

https://www.reuters.com/technology/losses-crypto-hacks-jump-22-bln-2024-report-says-2024-12-19/

Quote

Dec 19 (Reuters) - Funds stolen by hacking cryptocurrency platforms surged 21% from a year ago to $2.2 billion in 2024, a report from blockchain analysis firm Chainalysis showed on Thursday.
The hacking amount exceeded $1 billion for the fourth straight year and the number of incidents rose to 303 from 282 in 2023, it said. Hackers had stolen $1.8 billion in 2023.
The rise in crypto heists comes as bitcoin BTC= jumped 140% this year to surpass $100,000 mark, drawing institutional participation and backing from U.S. President-elect Donald Trump.

Do you think this kind of news could impact Bitcoin adoption in the future? Because if you look at the trends, crypto related crimes has been steadily increasing year by year. Despite governments tightening regulations, it seems like those measures haven’t had much of a positive effect, at least not according to the numbers.

I’ve been in crypto for a while, and news about hacks is still pretty common. Most of the time, these incidents are the user’s fault, like poor security practices. It feels like this is an area governments haven’t fully explored yet.

So, the real question is, how can they educate people to minimize these crimes? Teaching users proper security measures could do more to protect the crypto ecosystem than simply imposing regulations.

You need to know that many of these hackers are not even interested in checking on you but always keeping there eyes on big exchange or crypto firms. Every investor need to be sensitize on how to make sure that there crypto portfolio is safe from possible hack or scam. We ought to take care of our crypto investors so we don't become ignorant of what's happening in the crypto space. More regulations do not mean that there is not be hacking or scams. The regulations is mostly towards Bitcoin operations by crypto firms. Does regulation has any influence on mere users? I don't think so!

AmoreJaz

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Quote from: Oluwa-btc on Today at 03:06:50 PM

More especially,this generation wouldn't want to have any clashes with Bitcoin because they're fully aware of the impact with financial technology and financial advancement.Generally,awareness is what Bitcoin needs most but there's a spark amongst incoming crypto enthusiasts that keeps them wanting to explore more of Bitcoin.

Educating yourself will indeed give people empowerment on how to do things. With how we learn tpday is quite easier than older days. The internet alone will be your bff when it comes to your source of information. But should know how to filter and go to valid sites in order not to deviate from facts.

Oluwa-btc

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More especially,this generation wouldn't want to have any clashes with Bitcoin because they're fully aware of the impact with financial technology and financial advancement.Generally,awareness is what Bitcoin needs most but there's a spark amongst incoming crypto enthusiasts that keeps them wanting to explore more of Bitcoin.

serjent05

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Quote from: Sanitough on Today at 06:45:08 AM

Do you think this kind of news could impact Bitcoin adoption in the future? Because if you look at the trends, crypto related crimes has been steadily increasing year by year. Despite governments tightening regulations, it seems like those measures haven’t had much of a positive effect, at least not according to the numbers.

If that kind of news can negatively impact Bitcoin adoption, then look again. Where is Bitcoin now despite the many hacks of both popular and unpopular Bitcoin exchanges, Bitcoin continue to cater attention and the market of Bitcoin is still growing. So regardless of these hacks, Bitcoin will surge when its due, meaning adoption won't be affected by such news.

Quote from: Sanitough on Today at 06:45:08 AM

So, the real question is, how can they educate people to minimize these crimes? Teaching users proper security measures could do more to protect the crypto ecosystem than simply imposing regulations.

It is quite hard to minimize this kind of crime unless there is really a pursuit of the criminals. If the government wanted to educate its citizen then they can use the Tri-Media in propagating information. This even those who do not have internet can also be informed about this perpetrators.

moneystery

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the government will not step in to solve various problems in the cryptocurrency world, at most they will only issue regulations that will regulate crypto companies operating in their country, the rest the government will leave to the private sector.

and indeed education about cryptocurrency security is needed to minimize the potential for crypto losses, but again the government has warned people about cryptocurrency investment, meaning they will not get involved further in it and will only step in when conditions are needed, and there is also no responsibility for them to educate people about cryptocurrency security.

so it comes back to each individual how they should be smarter and more vigilant about their activities in the cryptocurrency world.

Rruchi man

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Quote from: Sanitough on Today at 06:45:08 AM

So, the real question is, how can they educate people to minimize these crimes? Teaching users proper security measures could do more to protect the crypto ecosystem than simply imposing regulations.

If anyone is going to be educated on proper security, it should be the younger ones who should first be targeted so that as they grow older, they can carry along the knowledge and the consciousness of security that they have with them.

There are still a lot of online security issues considering that for every one person that knows about online security, there are two other persons who are completely ignorant to it, so as the years pass, they are easy targets for these scammers and cyber criminals. Educating the young, who are very excited by technology, about security online will go a long way.

m2017

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Quote from: Sanitough on Today at 06:45:08 AM

https://www.reuters.com/technology/losses-crypto-hacks-jump-22-bln-2024-report-says-2024-12-19/

Quote

Dec 19 (Reuters) - Funds stolen by hacking cryptocurrency platforms surged 21% from a year ago to $2.2 billion in 2024, a report from blockchain analysis firm Chainalysis showed on Thursday.
The hacking amount exceeded $1 billion for the fourth straight year and the number of incidents rose to 303 from 282 in 2023, it said. Hackers had stolen $1.8 billion in 2023.
The rise in crypto heists comes as bitcoin BTC= jumped 140% this year to surpass $100,000 mark, drawing institutional participation and backing from U.S. President-elect Donald Trump.

The regulator intimidates the ordinary citizen from using crypto under the pretext that cryptocurrencies are used in crimes, but at the same time it cannot do anything and doesn't do anything when crimes are committed against the cryptocurrencies of its citizens. And this, btw, is already considered property in some countries.

Quote from: Sanitough on Today at 06:45:08 AM

Do you think this kind of news could impact Bitcoin adoption in the future? Because if you look at the trends, crypto related crimes has been steadily increasing year by year. Despite governments tightening regulations, it seems like those measures haven’t had much of a positive effect, at least not according to the numbers.

All tightening of laws related to cryptocurrencies is primarily aimed at ordinary users of cryptocurrencies, and not at hackers or criminals using crypto.

Quote from: Sanitough on Today at 06:45:08 AM

I’ve been in crypto for a while, and news about hacks is still pretty common. Most of the time, these incidents are the user’s fault, like poor security practices. It feels like this is an area governments haven’t fully explored yet.

Governments are more busy exploring the area of taxation of cryptocurrencies.

Quote from: Sanitough on Today at 06:45:08 AM

So, the real question is, how can they educate people to minimize these crimes? Teaching users proper security measures could do more to protect the crypto ecosystem than simply imposing regulations.

Why would they do that? When citizens have problems, it's their problem. Governments don't exist to solve the problems of citizens, they exist to solve the problems of officials and elites in power.

And in the end, if somehow the government manages to catch the hackers who stole cryptocurrencies from their citizens, all that money will be confiscated by the government and not a single penny will be returned to the victims. Profit.

GeorgeJohn

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Actually, it's obvious that this kind of information will make people to lose interest in cryptocurrency and mostly in Bitcoin, the formation is discouraging and the funny aspect of it, is that every year we are recording new one, and that is show that theirs no impact create to eradicate such, why in normal circumstances a big step have made to reduce the ratios of hacking in blockchain technology.

Quote from: fikrett on Today at 06:47:50 AM

Do you think governments would try to teach the people about what could be done to avoid such cases?
They would probably try to regulate / ban things outright first (what they already do, in my opinion), and only when this option would expire for good or be resolved for them in their minds (I do think it would happen in the years to come), they would MAYBE try to make things differently and cooperate with the crypto space and teaching about it more.

in normal circumstances government supposed to create am impact that supposed boasts the security level such that such cases will not manifest itself again, but government will do that because they don't welcome existence of bitcoin and it technology, because base on what I read through op link, you can see that the numbers of bitcoin hacks do increases every year,so theirs no year we can't experienced bitcoin hack...so government supposed render help by providing security, so that such hàck will not take place again.

Quote from: avikz on Today at 07:36:37 AM

Why are you expecting government to step in? They will probably mess up more by bringing in some unrealistic regulations which will affect every type of users more than a hacking incident! To be honest, government won't be bothered about such hacking incidents unless some big corporates are affected by it. They simply don't have any such infrastructure to pinpoint and identify a crypto hacker. They will need help from outside agencies like Chainanalysis etc.

The education here is more important on how to keep our cryptos safe and secure. Again government is not much worried about it because the Banks will not allow them to do it. That's a huge lobby going on in the background.

Do we know that if this kind of hacking persist and theirs no government intervention, probably one day they will extend it to Bank were it will affect government personnel...actually government will not like to assist to stop the mess, but if it continues it really caused a disaster...

Maslate

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Quote from: pawanjain on Today at 09:12:54 AM

Frequent hacks is surely a serious issue happening in the crypto industry and the fact that these hacks are increasing every year shows how bad people are at securing their coins.
The only way they can avoid being hacked is by keeping their security at peak and this can only be done if they are tech savvy enough to have a good protection.

As mentioned in the OP, most of the victims are elderly. Even if you provide them with resources, they tend to prefer simplicity and may remain old school, making it harder for them to adapt and learn. This is one reason some argue that crypto has contributed to an increase in hacking and scams. However, we can’t stop crypto just because of this, as its positive impact far outweighs the negatives.

I’m not sure how the government plans to address this issue, but they need to act, especially since these scams target the hard-earned money of the elderly. Many of these victims lose their life savings, which are often meant for essentials like medicine, rent, and other retirement expenses. With just one wrong move, scammers can take everything from them, leaving them in a vulnerable position. It’s a serious issue that needs attention.

Spaceman1000$

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Quote from: Sanitough on Today at 06:45:08 AM

https://www.reuters.com/technology/losses-crypto-hacks-jump-22-bln-2024-report-says-2024-12-19/

Quote

Dec 19 (Reuters) - Funds stolen by hacking cryptocurrency platforms surged 21% from a year ago to $2.2 billion in 2024, a report from blockchain analysis firm Chainalysis showed on Thursday.
The hacking amount exceeded $1 billion for the fourth straight year and the number of incidents rose to 303 from 282 in 2023, it said. Hackers had stolen $1.8 billion in 2023.
The rise in crypto heists comes as bitcoin BTC= jumped 140% this year to surpass $100,000 mark, drawing institutional participation and backing from U.S. President-elect Donald Trump.

Do you think this kind of news could impact Bitcoin adoption in the future? Because if you look at the trends, crypto related crimes has been steadily increasing year by year. Despite governments tightening regulations, it seems like those measures haven’t had much of a positive effect, at least not according to the numbers.

I’ve been in crypto for a while, and news about hacks is still pretty common. Most of the time, these incidents are the user’s fault, like poor security practices. It feels like this is an area governments haven’t fully explored yet.

So, the real question is, how can they educate people to minimize these crimes? Teaching users proper security measures could do more to protect the crypto ecosystem than simply imposing regulations.

As an interested crypto investor what you should prioritize is the security of your coin, hackers are always on the web looking for easy prey. People cannot be taught on how to minimize crime, what can easily be taught is on how to be careful with your seed-phrase and who they share information on their gadget with, because in most cases people that steals other people's coins are mostly close persons around you. But in all honesty, i don't think this news will affect Bitcoin in any form, I think it will only help to create awareness that people need to be extremely careful with their Bitcoin.

Fiasem20

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Quote from: freedomgo on Today at 07:11:51 AM

The fact that scams are still growing shows that the government hasn’t implemented effective measures to minimize them.
I’ve even shared news about this before, probably involving one of the victims from the $2 billion total scammed this year.

=== $20,000 in Bitcoin stolen from a woman with Parkinson’s disease

If the government doesn’t take it seriously, this will become an endless cycle because scammers are constantly innovating their methods, and they often target vulnerable groups like the elderly.

Exactly the vulnerable groups are the elderly and newbies, most probably those ones suffering from neurodegenerative disorder, just like the lady that's suffering from parkinson's disease that was duped.I term the crypto space as a space that isn't scam free,the rate of scam in the crypto ecosystem keep increasing yearly.As long as the crypto space is in existence,scam is inevitable, it's left for everyone to be guided.
I don't think the government has a role to play in the respect to the crypto ecosystem security measures because they don't work hand in hand with cryptocurrency.But if they can implement VAT tax and regulations they partially do have a role to play by educating and creating awareness to crypto users.If the government work on that aspect it would indeed reduce the rate of scam in the crypto space.The growth of scam has become a threat to the industry and it may affect the adoption in the future.

Apocollapse

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I actually hope government not intervening or regulating Bitcoin because I prefer to see Bitcoin is more decentralized instead of government trying to control Bitcoin. If you expect them to tightening the regulation to reduce scam, don't be surprised if they ask you to report all of your Bitcoin holdings, your capital gains and they might ask your Bitcoin address too.

Although the risk is the government will not do anything to people who loss their coins, but we have many ways to prevent from it.

Wexnident

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Quote from: Sanitough on Today at 06:45:08 AM

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In your quote it says "cryptocurrency platforms" so I'm assuming this is limited to exchanges. In those cases as I've said, it's either people need to learn how to store their assets on their own wallets and only use exchanges as needed, or for platforms to buckle up and properly secure the platforms they provide. In these two cases, you can directly intervene with one, but not so much with the other. Highly doubt the government would intervene since they don't even recommend using crypto in the first place majority of the time.

As for the assumption that these platforms mean just users being dumb with their keys and getting scammed, again, personal issue. Highly doubt the government involving themselves would help. The internet is there, there's a bunch of resources that can help educate them, people just can't be bothered to do so for the most part. If they wanted security to be done for them, might as well buy through ETFs instead.

pawanjain

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Quote from: Sanitough on Today at 06:45:08 AM

Do you think this kind of news could impact Bitcoin adoption in the future? Because if you look at the trends, crypto related crimes has been steadily increasing year by year. Despite governments tightening regulations, it seems like those measures haven’t had much of a positive effect, at least not according to the numbers.

I’ve been in crypto for a while, and news about hacks is still pretty common. Most of the time, these incidents are the user’s fault, like poor security practices. It feels like this is an area governments haven’t fully explored yet.

So, the real question is, how can they educate people to minimize these crimes? Teaching users proper security measures could do more to protect the crypto ecosystem than simply imposing regulations.

Frequent hacks is surely a serious issue happening in the crypto industry and the fact that these hacks are increasing every year shows how bad people are at securing their coins.
The only way they can avoid being hacked is by keeping their security at peak and this can only be done if they are tech savvy enough to have a good protection.
The only way this is possible is by learning about crypto and the basic guidelines they need to follow while making crypto related transactions.
I have introduced few people to crypto but made sure that they get to know about the security part prior to making any investments in crypto.
I think everyone should follow the same approach and try to raise as much awareness about securing coins the right way to decrease the amount of hacks happening every year.

Russlenat

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If the government steps in, they’re unlikely to invest significant resources as they’ll probably just make it look like they’re addressing the problem.

When it comes to exchange hacks, there’s not much more the government can do. They’ve already set compliance standards for exchanges, but hackers are clever enough to bypass them.

However, for individuals, especially older, non-tech-savvy people, the government should focus on awareness programs. Maybe TV advertisements or online campaigns could help. Still, we shouldn’t rely entirely on them. If NGOs or private groups are willing to step up and spread awareness, that would be even better since it benefits the whole community in the end.

mirakal

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When you say that most of this happens due to poor security, I then think that it is personal and the government will never step in and solve the issue because, in the first place, they had already given us a warning. That is the very least they can do. It all lies in our hands as holders and investors on how to protect and improve the security of our funds.

It really has a huge negative impact on adaptation. That is why we can't urge people to invest and adopt bitcoin when they never feel safe and comfortable.

Topic: When will the government look at this area? (Read 228 times)