Buyer Beware: Crypto Scammers Raked In $14 Billion In 2021
2022年1月7日 - 07:15PM
NEWSBTC
According to blockchain research firm Chainalysis, scam involving
crypto reached an all-time high of $14 billion last year, a record
that comes as regulators demand for more power over the
fast-growing sector. Growing Interest In Crypto Fueled Most Scams
Cryptocurrency crime set a new high in 2021, according to a recent
analysis, with scammers stealing $14 billion worth of
cryptocurrency. According to the “2022 Crypto Crime Report”
released by blockchain data firm Chainalysis on Thursday, Jan. 6,
that’s nearly double the $7.8 billion stolen by fraudsters in 2020.
The findings come amid heated debates over how to regulate
cryptocurrency, with regulators keen to protect the growing class
of small investors who are flocking to digital currencies. With the
recent surge in cryptocurrency interest, it’s no surprise that
“Olympic-level scammers” have seen new chances for illegal conduct,
according to William E. Quigley, a notable investor and co-founder
of the WAX blockchain. Quigley stated during a panel discussion
held by blockchain firm Light Node Media last month that the
high-tech aspect of crypto will continue to attract clever crooks.
Consider the recent “Squid Game” scam, in which investors claim
that a new SQUID cryptocurrency token and associated immersive
online game were nothing more than a con. According to investors,
the creators vanished when the currency’s value soared and they
seemed to pay out with more than $3 million. “By absolute numbers,
crime is still growing but the ecosystem is becoming safer. Of
course, there [are] a lot of caveats to that,” said Kim Grauer,
Chainalysis’ director of research. Related article | Knowledge is
Power: How To Stay Protected From Crypto Scams Newcomers have been
lured in by the promise of quick returns claimed by crypto
proponents, as well as the notion that bitcoin may be used to hedge
against rising inflation. Despite this, cryptocurrencies are still
subject to inconsistent regulation, leaving investors vulnerable to
fraud. The majority of criminal earnings has always come from
financial scams, according to the firm’s findings during the last
five years. However, as bitcoin has grown at a breakneck pace,
overall economic activity across all blockchains has increased from
$2.3 trillion to $15.8 trillion, diminishing the importance of
criminal activities. BTC/USD continues to nosedive. Source:
TradingView DeFi Transactions Had A Lot Of Scam According to
Chainalysis data, DeFi transactions increased by 912% in 2021.
Decentralized tokens like shiba inu have had impressive gains,
which has fueled a feeding frenzy among DeFi tokens. When it comes
to dealing in this immature crypto economy, however, there are a
number of red signs. According to Kim Grauer, Chainalysis’ head of
research, one issue with DeFi is that many of the new protocols
being introduced have coding weaknesses that hackers can exploit.
In 2021, these code exploits were used in 21% of all hacking
attempts. Related Article | Dangers of DeFi Hype Surface Following
One-Hour Crypto Scam In 2021, criminals stole $3.2 billion in
cryptocurrencies, with DeFi protocol hacks or exploits accounting
for 72%. SEC Chair Gary Gensler told Yahoo Finance in October that
DeFi “will end badly” unless investor protections are strengthened.
The Commodities and Futures Trading Commission fined DeFi protocol
Poly Market $1.4 million earlier this week for operating a
“unregistered binary options market,” and ordered the protocol to
“wind down” its operations. Featured image from Unsplash, Charts
from TradingView.com
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