Topic: When will the government look at this area? (Read 814 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.

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.

In that case they are not only prone to crypto related scams but also for fiat.
I doubt, we have have a huge amount of people with mental limitations who are using bitcoin.
But even in that case, as you say, there should be someone whose help they can take to avoid such scams.
Besides that, they should have known what they are getting into while buying bitcoin and should have taken the necessary steps to inform their closed ones for their bitcoin custody.

I don't think that kind of news could impact the adoption of bitcoin.

I'm sure government is totally aware about the hacked case often happened in Crypto. However they're not often taking action to handle the small case. They only caring to the big case i.e MTgox or FTX. Don't put a lot of hope for them to fully take care of any hacked case happened in the crypto.

I think you're also aware about how US and many countries seized crypto from various hacked case even they did it to the silkroad as well. It proves they're aware of it.

I agree with this take.
The things that are not controlled by the government don't concern them that much - only when they bite them on their toes.

I don't know about you but personally, I don't expect the government to start teaching people on the importance of practicing good and proper security guidelines that will help them secure their crypto funds from being stolen by hackers, atleast, to be fair on the government, it's too early.

Too early in the sense that aside from El Salvador and one other African country I can no longer remember the name, no other country have adopted bitcoin to the level of making it a legal tender for the citizens of the same country. Maybe when governments have fully adopted bitcoin and have made it a part of the daily life of the people, then will there be need for the government (through various sources) teach people on how well to secure their bitcoins to not allow it be stolen from them by scammers and hackers.

All of the above bitcoin events are being driven by the market sentiments which is routed in the validation of Investors.
The approaches of investors are the techniques that performs the volatility rates of bitcoin that's why the highily institution Investors and the governments such as the US, El Salvador and some other countries that're investing on bitcoin contributes to the performances of bitcoin market values.

Most governments place a high value on their revenue. One of the ways to get revenue is through their central banks and currencies. Which are under their control. If the government cannot control it, it is natural that the government will not encourage the people to do so. On the other hand, the governments of some countries consider crypto to be too complex and risky and are not interested in it. Since the government does not pay attention to these issues, the government will not provide security to the cryptocurrency users in their country. Therefore, crypto holders need to be aware of themselves and take responsibility for their security. And for this security, they need to keep their own keys in their custody.

I do think, in any case, with gov involvement or not - crypto enthusiasts are their own bastions of security, first and foremost.
Because they have all the keys and possibilities not to share the info in the wrong hands. As well as to prevent others from being scammed from something fishy.

Most of the incidents that amount to this large figures have less to do with individuals, it mostly involves CEX platforms or companies. Although, some of the hack claims maybe genuine but in some cases, it is a cook up stories perpetrated by their own devs or in collaboration with the hackers. The storyline behind some hacks is too fishy.

Which government are we talking about here? The one that's looking for a legitimate reason to discredit crypto? In fact, this incident seems perfect to them to continue with their corrupt practices. Security is everyone's responsibility and each individual is responsible to protect their own assets with utmost security measures. Government can not even protect their own banks from robbery and expecting their protection from crypto hacks is like waiting for a lost sheep.

Government regulations towards crypto are more focused on fighting money laundering and tax evasion. I think that the crypto regulations have nothing to do with the level of security of centralized crypto platforms.
The news about more crypto platforms being hacked is yet another reason why you shouldn't use centralized crypto services. Just keep your crypto in your cold wallet and take care of your own online security. Never trust a centralized entity with your own crypto.
The government should raise awareness about those issues, but no government can protect all the naive and gullible people, who got scammed. No government can protect the people, who are too lazy to maintain decent online security.

There are many scammers on the cryptocurrency platform, they are constantly trying to trap users by adopting new strategies. There are such attempts and there will be more in the future. There is no alternative to increasing public awareness in reducing hacking-related crimes. Planning to increase proper knowledge about cryptocurrency is the best way to avoid such situations.

Crypto-related crimes are now a very common occurrence that can no longer affect investors in any way. In the meantime, investors have been able to understand the potential of Bitcoin well. Especially, major countries of the world are supporting Bitcoin and there are plans to make it a reserve currency. In the future, there may be a situation where the reserve currency will be created with Bitcoin rather than gold. That is why it is not possible to return investors by spreading such negative news in the market.

Governments are not too stupid to don't know what to do. They don't make innovations that usually come from public sectors but governments can react well to new technologies and trends in societies and their nations. They have abundant resources to develop and deploy new controlling tools and they can pass many new laws, regulations easily.

It's not big problem with governments to invest budget in improvements of cyber security for their systems, and cyber attacks are not reasons they did many more regulations on citizens. They only use that reason to control their citizens better.

What governments can do is to invest in cyber security. However, many governments have no clue about informatic matters, besides not having enough budget to do so. As consequence, it ends being really responsability of each crypto enthusiasts to take care the security of their funds when deposited in online platforms. They have to follow security measures, but that isn't all: they also have to keep their funds safely stored in hardware wallets.

People are used to say governments should do this and that, but in fact they aren't going to do anything, so if you wait for the government to act in order to see any improvements in services, you are going to wait a lifetime without seeing results.

I think educating users is one of the most effective ways to reduce crypto-related crimes. A lot of hacks happen because of simple mistakes, like weak passwords, clicking on phishing links, or not using secure storage for private keys. Teaching people about best practices, like enabling two factor authentication, using hardware wallets and being cautious with links, could make a big difference.

At the same time, platforms should step up their security with tools like multi signature wallets and real time fraud detection.

A combination of education, stronger platform security and adaptive regulations could do a lot of protect the crypto space.

No matter how much regulation is put in place or how much restrictions are created by the government, there will still be hacks , scams money laundering and fraud it's just a default of the practical system the best that could happen if for them to get reduced. In my opinion I think the government seems more inclined on trying to Centralise bitcoin than trying to fix vulnerabilities and that can be probably proven by their sudden interest in hodling more bitcoins.

Not just crypto currencies in general rather bitcoin. We have a couple of altcoins that are Centralised like Ethereum which is still the biggest altcoin. The fact is even decentralisation has its flaws and just like in a topic a raised some time ago, it can be taken advantage of in some ways

That’s a great suggestion. If the government can’t directly educate the older generation about crypto, then their guardians - the younger ones who are more tech-savvy could step in to guide them. Scammers prey on their lack of knowledge with enticing tricks, and sometimes even resort to threats to manipulate them.

Without proper guidance, they can easily fall into these traps. The worst part is when their life savings are stolen, leading to devastating consequences. Some even spiral into despair, blaming themselves to the point of considering extreme actions like suicide.

Since crypto currency is going to fully entering in our financial ecosystem in the future, I think even then there will be need governments should have a separate budget for raising awareness about crypto currency rather than investing on it. I am currently seeing governments of different countries buying Bitcoin but I think the more important thing is to make their people aware of its use and its security. Otherwise, such incidents will continue to increase day by day.

And remains is what kind of effect the negative news will have on our crypto industry. Before that, I want to say that this type of crime is  not new in the world which is only happening with the cryptospace. But if we explore a little, we will see that hackers have stolen billions of dollars from the reserve banks of different countries before, which many countries have not yet been able to recover. So I think there is no point in news media giving negative publicity about crypto.

i don't think if this kind of news will impact or increase bitcoin adoption rather reduces it. because negative news usually affect bitcoin growth thereby reducing the number of investors who could have invested in bitcoin. secondly i don't see any connection between government and exchange or cryptocurrency. if government decides to tighten their regulation it could only be in the fiat system but not applicable to blockchain technology or bitcoin.

the fact remains that government has limitation to security management. for example government works with there own security management but not to all. individual need to learn how to secure there asset not government doing it for them.


i think there is security training that government does like seminars. but apart from  that i think there is need for individual to learn by themselfs than hoping on government 

You cannot totally stop such hacks to occur but it can get reduced through putting some tight security measures in place ,even as of today there are several in fiat centralized system that has identify of their customers, yest hacks still occur, where in most cases they couldn't trace it

Do you know amount that are stolen by hackers within 2024 from one commercial banks to another, they wouldn't coverage this because they hide their dirty business, it's because crypto is open ledger where everyone can open and check transaction but you can't do the same in banks because they know that if you know the truth, you will all come to your respective banks to withdraw your money, for the fear to remain calm bank activities remain private to central banks.

Whether they put regulations in place or not, crypto hack will continue to exit. It's not regulations that we need right now, it's education. Crypto is complex for many people, they want to buy and be involved in everything but don't want to read and understand. This is the reason why we do have huge amount of Bitcoin stone from wallets to wallets and from users custodial wallets, the regulations that we have by now is enough to identify frauds in crypto.

The government believe that if crypto remain banned, then there won't be any need to educate the people about the security measures of how to keep their crypto safe.  Although the government can do more to sensitise it's citizens about crypto related scams and how to avoid them if they have legalized crypto currencies in their country. You don't go about spending money to educate people on something you haven't acknowledged it's existence. Waiting for the government to educate people about crypto scams won't really be possible in a country where crypto remains illegal. But I think in countries where crypto are legalized, their government are already doing so.

The government of countries where bitcoin are not legalized, will even be happy to see that their citizens are getting scammed in crypto. Because they believe that if the scam rate gets higher, their citizens will be forced to stay away from crypto on their own. They will even use the scam reports as evidence to encourage their citizens to stay away from crypto related activities.

Yes that is right governments are more interested in controlling cryptocurrencies other than teaching people about it. Governments do not like cryptocurrencies like Bitcoin because they can not fully control them. So in my point of view it is very important for people who want to invest in cryptocurrencies so they should learn about them and keep their money safe. Investors can protect themselves from scams hacking and other dangers with learning. People who invest in cryptocurrencies must be careful and find trustworthy information to keep their money safe.

First and foremost, we are responsible of our own crypto investment so we must not rely all its safety and security to the centralized exchanges alone. In fact, putting our crypto to centralized exchanges is kind of threat, at least it should be discouraged rather than convincing people to trust centralized exchanges more.

However, in these highly increasing crypto fraud cases which targeted the less informed crypto owners, I think the government should also have to do something to reduce these scamming incidents. Either they’ll go for public awareness campaigns or engage with social media platforms to control the crypto fraud cases, that will really do some positive changes in order to lessen this fraudulence, otherwise the people might no longer see the government itself as something useful and helpful.

even if the elderly wanted to keep updated some of them are really just incapable of learning especially those with mental limitations already they might not be able to understand the new technology anymore and some of them can’t really hold information that well either so it’s not like we can completely blame those who are really old already it is their kids that should protect them from such frauds and keep them safe

That’s true - it’s our responsibility. But you can’t ignore the fact that they are the top targets for scammers. This shows they don’t easily understand why they’re being targeted, so in that sense, they definitely need some help.

look at the amount scammed.
Bitcoin ATM fraudsters scam seniors out of $110M: report

If crypto exchanges cannot safely store their customer's funds, i don't know how that is the fault of the government, many of these custodial services are regulated and licensed, but it is them that have to do better in terms of security.

However, people should not store their funds in a centralized exchanges to begin with, and then for self custodial hacks, of course that has nothing to do with the government, because you are your own bank in such situations.

This is true, but there are vulnerable people who need help because they don’t know how to protect their property. And this isn’t just about owning crypto and being hacked; sometimes, it’s about scammers using crypto to facilitate hacking or scams.

its something out of the context already, not relevant to the topic.

So what if they are elder people. Learning has no age and when it comes to money, we need to learn it to earn it.
I think the elderly can learn too and if they can then everyone else can too and if they cannot then it's their risk.
By holding bitcoin, we become our own bank and having a bank without proper security will surely invite thieves to steal our money.

They are actually discussing this issue, but it seems the actions taken so far aren’t enough to significantly reduce the number of scams, or maybe scammers are just increasing and coming up with new types of scams. In fact, there’s some recent news about actions being taken, like this one from the Australian government. It’s a step in the right direction, but it might still take more effort to see a real impact.

https://www.reuters.com/technology/australian-regulator-moves-curtail-criminal-use-cryptocurrency-2024-12-05/


They’re implementing stricter measures and controls on ATMs because there have been reports in the past of Bitcoin ATMs being used for scams.

https://nypost.com/2024/11/13/us-news/oklahoma-woman-with-parkinsons-disease-duped-out-of-20000-in-bitcoin-scam/

I don't know if you are noticing, but the government system does not talk about these billion-dollar scams that are happening nowadays. However, if someone from another sector seems calm, they work on it but do not pay attention to these billion $ scams that are becoming like this. Are they not paying attention, or are they keeping quiet even after seeing the situation of this scam?

When scammers see that no action is being taken against them even after committing scams, they get more opportunities, and they adopt new methods to commit scams and continue to commit scams. Do you think the government system will do anything about this today? They are unwilling to open their mouths about this scam, so how will they act on it? If they do not take action, the rate of scams will continue to increase.

I don't think the government will take this seriously and will take action because I believe most governments have already warned people not to get involved or not to rush into investing in cryptocurrencies because of the potential risks it brings. But most people ignore and do not pay attention to warnings from the government, many even evade taxes. Most people look down on and ignore the government, people only seek help from the government when they lose money, if you were the government, would you help them?

So I think that protecting property is a personal responsibility and each of us should learn how to protect our property instead of relying on the government.

If we want to be protected by the government, we need to obey their regulations, pay our taxes properly...how many of us will do that?

A government will first of all be crypto friendly before we will talk about them looking into the areas of crypto education for their citizens. What I know for sure is that they're more focused on the regulation aspect because that is where they generate income from. I believe that most governments don't feel comfortable with a decentralized digital cash like Bitcoin, which they can not fully control, so sensitizing their citizens about the dangers of crypto scams and hacks might not be a priority to them. The way I see it it's in the hands of crypto holders and intending crypto holders to research and equip themselves with the knowledge of cryptocurrency, 570626 how to protect their coins from hacks.

What do you want the government to do about the cryptocurrency hacking? Hope you know that some government are not happy the way cryptocurrency is spreading on over the world, because people are now prefer to store their funds on cryptocurrency to hope for a brighter future. We know that if you display your personal details to your family members or your love ones in the environment, they will take advantage of that relationship to hack your wallet to steal your funds in the future, because he or she have the details to have access to your coins in your wallet. If you are waiting for government to find solution to this area of hacking people cryptocurrency in their wallets, I don't think government will do something positive in that aspect, because they pay more attention to centralized currency issues they are controlling in the country than decentralized currency they don't have the power to control.

government will probably tighten the rule more and impose mechanism to rever loses for these hacking incident such as making things difficult for withdrawal and so on, defi might be loosely regulated still but exchange will definitely put more measure.
it's been a problem but good thing is, crypto developers finally realized of such threat and right now there has been rarely case of such hackings, the one that's still running rampant is phishing and scam, but I don't expect this one problem to be solved very soon, it's akin to scam phone call, hard to get rid of.

I fully agree with you that security is our own responsibility particularly when we invest in cryptocurrencies. Governments can give us warnings and rules but it is up to each of us to take action to protect our money. If we have not having good security can stop people from using cryptocurrencies like Bitcoin. If people do not feel safe investing in Bitcoin they would not use it. So it is very important for investors to make security priority first. So best thing is to use hardware wallet and always use a trusted and up to date device. By doing these things investors can help people trust cryptocurrencies more and use them more widely.

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. Governments, unfortunately, will not care about that, if they can have more power and more control against citizens, they will do it.

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.

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

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.

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.

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!

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.

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.

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.



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.

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.

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.

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.

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

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

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.

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.

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.

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...

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.

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.

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.

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.

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.

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.

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.

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. 

No, I would not worry about it. A lot of these hacks are caused by the individual himself due to not being careful or whatnot. Many people have been in crypto for a long time and have never experienced such crimes so we can see that it really depends on the person and how he is able to protect himself and his coins.
Awareness is key but also the more government makes a clearer description of what crypto is the less people will be fooled by misinformation. If they are to just embrace crypto instead of making people hide it then people won't have to deal with sketchy platforms and suspicious projects.

Yeah its the sad part in decentralization. These hackers are likely to continue doing this as Government isnt that focus on capturing these exploits or if it is, kinda hard to find those culprit due to a very sophisticated approach of them lkie its hard to pinpoints easily those. I assume the Government doesnt have a specify teams focuses on these matters. Maybe they got but not those expert in really looking into them.

It wouldn't work that much, I imagine   However, the more crypto is on the ears of the people and more funds flow to it - of course, the products and other things related to it would become bigger targets for the hackers to work with, due to the reward for it in the end.

I can not say about what governments will do with Bitcoin and cryptocurrency in future but let's discuss about increasing crypto-related crimes.

It's natural, when cryptocurrency market becomes bigger, there will be bigger adoption and values of crimes in this market increase naturally. Imagine this like crimes in a small nation with a big nation like the USA, I am sure you can see value of criminal activities in the USA are bigger than a very small nation, here only talks about value comparison.

Governments basically will not want to give citizens freedom and they will use these reasons to enforce more regulation in future.

I disagree with you because most of the hacks were smart and the hackers were technical. They hacked all those big wallets of exchanges, liquidity pools, etc., till now, very smartly, although I agree if the developers of these products were smarter than these hackers, then there might be no hacks. Speaking of small fishy scams done by spammers is different from hacking. I think it is a good news that government has involved in crypto before they were not that much (means it was not regulated).

Now it is so they will definitely set departments for these types of cases (where it's legal) before hackers and spammers knew the government did not give a damn about it so they did all these openly but now with time and scrunities I hope this will also get sorted like other crimes.

Golden words.
Sums up the question, in reality - but I do think it will happen eventually, the government will be interested in teaching people their way of viewing things. It's what they are good at, after all.

most "hacks" of bitcoin history have actually been the app developers or the CEX website owners deciding to retire to paradise and claim 'we been haxxed', then running off to a non extradition country

the result of such is regulators then implement barriers of entry for CEX sites where they need to audit themselves and show a certain level of competence running an exchange ethically
as for the dodgy wallet apps, well thats more of the arena of google play and applestore to moderate and ban any apps that cause user grievance

only a few contenders actually had governments step in (btc-e, mtgox, ftx)

Crypto Crimes have been increasing steadily year by year. Government regulation does not stop crimes and they are infact sometimes perpetrated by government agencies. The internet is a crime haven with scammers looking to rip you off at any turn, this has no correlation with Bitcoin.

Education goes on everyday and you don't need the government to do that. Using this forum as a microcosm, we have regular updates on latest firmware to avoid and habits to adopt. Government regulation is aimed at gaining control, not protecting you.

The space is all about learning things yourself and being in control of most things by yourself.
And it should stay that way, in my opinion.

If the government want to run a campaign or event to teach people how to safely hold their coins, I'm sure they will do it along promoting their centralized exchange and claim it to the safest place to hold your coins.

So, I don't think people should wait from the movement by government because they're mostly too late and sometime they do it for their own gains.

It's more like a problem of not using the devices properly since they use it to watch short videos.

I do think the case is how they view Bitcoin and crypto, it's mainly used by them currently for investments by the big guys, and why do they need to teach people something in that case?
They've got the machine going already, why bother with small nitpicks like security and awareness for the common folk?

Bitcoin is inevitable at the moment; adoption will happen no matter what. What the government failed to do is create awareness about security measures. What they have concentrated on until now is trying to collect taxes, discourage people from using it with heavy taxes, and strike regulations for crypto service providers such as exchanges.

I believe the main reason for this is people at the place of policy making are not capable of understanding the technology so they think it's gonna fade, maybe it need a generation to make changes at that level.

You know, it's already like that.
Scammers are going to scam, and we are going to hate them, but they will always be in the space - it's just a new era people need to adapt in.
And once this threshold is in the past, there will be fewer of them, and the scams will adapt too - becoming more coggy and hard to notice at first.

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.

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.

Maybe you are right, and I think there are already not-profit / non-gov organizations or groups that are trying to do what you describe there, which is great, don't get me wrong - but the day the government would hop on on this track - lots of time would pass already. And I don't see it happening in the near future, simply because the government views the usage of crypto / Bitcoin as an investment tool currently, not something that would be an alternative for the common people.

At the very least, they should focus on educating people. It doesn’t have to be manual teaching, they can create programs or campaigns to help these common groups of victims avoid falling for scams. The growing number of scams resulting in billions of dollars lost, it’s clear something needs to be done. Even simple awareness programs can make a big difference, because ignoring this issue only allows it to get worse.

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.

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


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.