CoinzPress
  • Credit Cards
    • Best Credit Cards 2023
    • Best Rewards Credit Cards
    • Best Cash Back Credit Cards
  • Banking
    How to Save Discord Servers from Hackers

    Ways You Can Save Your Discord Servers from Hackers

    Ethereum Mining Rig

    Ethereum Mining Rig: The Best Ethereum Mining Hardware

    Google in Web3 and Blockchain Technology

    Google is Taking An Interest in Web3 and Blockchain Technology

    Binance

    Binance to Launch Santos FC Fan Token on Its Launchpool

    New Solutions for Cross-Chain Problems

    New Solutions for Cross-Chain Problems

    Blockchain Gaming

    Will The Blockchain Gaming Revolutionise The Future of Video Games?

    Trending Tags

    • Loans
      Tesla sell their bitcoin

      Tesla Took The Internet By Storm for Selling Its Bitcoin in Panic

      Bitcoin-Faucets

      Highest Paying Bitcoin Faucets: How to Choose the Right One?

      lightning-network

      Lightning Network: Everything You Need To Know

      What Can You Buy with Bitcoins

      What Can You Buy with Bitcoins?

      Nasdaq’s Record Breaking

      Witness Nasdaq’s Record-Breaking Performance Across Stock Markets

      Voyager Digital USDC Linked Debit Card

      Voyager Digital Launches USDC Linked Debit Card Linked

      Trending Tags

      • Investing
      • Insurance
      • Stock Market
        • US Markets
        • ASX shares
        • Indian Markets
      • Cryptocurrency
        • Price Prediction
        • DeFi
        • NFT
        • Metaverse
        • Trading
        • Crypto Exchanges
        • Crypto Wallet
        • Brokers
        • Gaming
        • Earning Sites
      • Sections
        • Reviews
        • Beginner Guide
        • How To
      No Result
      View All Result
      • Credit Cards
        • Best Credit Cards 2023
        • Best Rewards Credit Cards
        • Best Cash Back Credit Cards
      • Banking
        How to Save Discord Servers from Hackers

        Ways You Can Save Your Discord Servers from Hackers

        Ethereum Mining Rig

        Ethereum Mining Rig: The Best Ethereum Mining Hardware

        Google in Web3 and Blockchain Technology

        Google is Taking An Interest in Web3 and Blockchain Technology

        Binance

        Binance to Launch Santos FC Fan Token on Its Launchpool

        New Solutions for Cross-Chain Problems

        New Solutions for Cross-Chain Problems

        Blockchain Gaming

        Will The Blockchain Gaming Revolutionise The Future of Video Games?

        Trending Tags

        • Loans
          Tesla sell their bitcoin

          Tesla Took The Internet By Storm for Selling Its Bitcoin in Panic

          Bitcoin-Faucets

          Highest Paying Bitcoin Faucets: How to Choose the Right One?

          lightning-network

          Lightning Network: Everything You Need To Know

          What Can You Buy with Bitcoins

          What Can You Buy with Bitcoins?

          Nasdaq’s Record Breaking

          Witness Nasdaq’s Record-Breaking Performance Across Stock Markets

          Voyager Digital USDC Linked Debit Card

          Voyager Digital Launches USDC Linked Debit Card Linked

          Trending Tags

          • Investing
          • Insurance
          • Stock Market
            • US Markets
            • ASX shares
            • Indian Markets
          • Cryptocurrency
            • Price Prediction
            • DeFi
            • NFT
            • Metaverse
            • Trading
            • Crypto Exchanges
            • Crypto Wallet
            • Brokers
            • Gaming
            • Earning Sites
          • Sections
            • Reviews
            • Beginner Guide
            • How To
          No Result
          View All Result
          CoinzPress
          No Result
          View All Result
          Home Updates

          Buyer Beware: In 2021, Cryptocurrency Scammers Made $14 billion

          Aman Chaudhary by Aman Chaudhary
          March 4, 2022
          in Updates
          Cryptocurrency Scammers

          According to estimates, bitcoin crime will reach a new high in 2021, with fraudsters stealing $14 billion in cryptocurrencies. According to the “2022 Crypto Crime Report,” by blockchain data firm Chainalysis on January 6, this is nearly double the 2020 figure of $7.8 billion.

          Most scams have been fuelled by the growing interest in cryptocurrency

          The findings come at a time when policymakers are debating how to regulate cryptocurrencies. Officials are eager to safeguard the increasing class of small investors who are flocking to digital currencies.

          According to William Quigley, a significant investor and co-founder of the WAX blockchain, with the recent boom in cryptocurrency interest, “Olympic-level fraudsters” have discovered new opportunities for illicit behaviour. Quigley claimed last month at a panel discussion hosted by blockchain startup Light Node Media that the high-tech side of cryptocurrency will continue to attract intelligent fraudsters.

          Consider the recent “Squid Game” hoax. In this scam, investors allege that there is a new SQUID cryptocurrency token. SQUID is related to immersive online games that were fake. According to investors, the inventors fled after the currency’s value skyrocketed. According to estimates, investors seemed to have paid out more than $3 million. “Crime is still increasing in absolute terms, but the environment is becoming safer. Of course, there are many limitations, “said Kim Grauer, Chainalysis’s head of research.

          Newcomers are coming in by the promise of rapid profits made by crypto supporters. Additionally, they like the idea that they can use bitcoin to hedge against growing inflation. Despite this, cryptocurrencies continue to be prone to inconsistencies in regulation, leaving investors exposed to fraud.

          According to the firm’s data over the previous five years, the majority of criminal revenues have always come from financial schemes. However, as bitcoin has developed at a fast speed, total economic activity across all blockchains has surged from $2.3 trillion to $15.8 trillion, reducing the relevance of illegal activity.

          There was a lot of fraud in DeFi transactions

          According to Chainalysis data, DeFi transactions will increase by 912 percent in 2021. Decentralized tokens such as Shiba Inu have seen tremendous growth, fueling a feeding frenzy among DeFi tokens. However, there are a lot of warning flags when it comes to trading in this nascent crypto economy.

          One concern with DeFi, according to Kim Grauer, Chainalysis’ head of research, is that many of the new protocols have code flaws that hackers can exploit easily. Hackers used these code vulnerabilities in 21% of all hacking attempts in 2021.

          In 2021, thieves stole $3.2 billion in cryptocurrencies, with DeFi protocol hacks or vulnerabilities accounting for 72% of the total. In October, SEC Chair Gary Gensler warned Yahoo Finance that DeFi would “end poorly” unless investor safeguards were tightened. Earlier this week, the Commodities and Futures Trading Commission fined DeFi protocol Poly Market $1.4 million for operating an “unregistered binary options market,” and ordered the protocol to “wind down” its activities.

          Also read: UAE Authorities vs. Cryptocurrency Scammers: Hefty Fines for Scammers

          Share76Tweet47

          Related Posts

          Passive Income Ideas: Best Ways To Make Money Online

          Passive Income Ideas: Best Ways To Make Money Online

          November 8, 2022
          KuCoin Trading Password: How to Reset It?

          KuCoin Trading Password: How to Reset It?

          November 8, 2022
          Preference Shares vs Ordinary Shares: Types Of Shares

          Preference Shares vs Ordinary Shares: Types Of Shares

          November 8, 2022
          Flight Centre Shares: Should You Invest In 2022?

          Flight Centre Shares: Should You Invest In 2022?

          November 8, 2022
          Aldi Share – How To Invest In Aldi?

          Aldi Share – How To Invest In Aldi?

          November 8, 2022
          Ford Stock Forecast

          Ford Stock Forecast 2022, 2023, 2025, 2030, 2040, 2050

          November 7, 2022

          CoinzPress is one of the leading cryptocurrency news services that cover the latest crypto-related news. The news includes a technical analysis of a wide range of digital currencies as well as forecasts for those electronic currencies. Here at CoinzPress , we aim to enlighten anyone having an interest in the world of cryptocurrency with significant information that could keep them informed.

          So, in short, we cover a range of announcements related to a variety of Alt-coins, digital coins, and any significant news that could create an impact on the trading world and economy.

          • News & Updates
            • Cryptocurrency
            • DeFi
            • NFT
            • Metaverse
            • Press Releases
            • Sponsored
          • Sections
            • How To
            • Technology
            • Investing
            • Stock Market
            • Loans
            • Credit Cards
            • US Markets
            • Brokers
            • Gaming Sites
            • Indian Markets
          • Company
            • About Us
            • Advertising
            • Press Release
            • Contact Us
            • Terms of Uses
            • Privacy Policy
            • Sitemap
          • About
          • Contact Us

          © 2022 Coinz Press

          No Result
          View All Result
          • Credit Cards
            • Best Credit Cards 2023
            • Best Rewards Credit Cards
            • Best Cash Back Credit Cards
          • Banking
          • Loans
          • Investing
          • Insurance
          • Stock Market
            • US Markets
            • ASX shares
            • Indian Markets
          • Cryptocurrency
            • Price Prediction
            • DeFi
            • NFT
            • Metaverse
            • Trading
            • Crypto Exchanges
            • Crypto Wallet
            • Brokers
            • Gaming
            • Earning Sites
          • Sections
            • Reviews
            • Beginner Guide
            • How To

          © 2022 Coinz Press