Billions are getting ripped off every year through different crypto scams. The way things are going gives us an idea that it will only get worse.
Only recently, The biggest crypto heist on record appeared that seems like an old-fashioned scheme. At the beginning of this year, two brothers in South Africa announced that their crypto investment platform experienced a hack attack. After that, they disappeared with an estimated $3.7 billion of Bitcoin. According to Ameer and Raees Cajee’s lawyers, they are no longer serving them and have no idea where they were. The previous fact of money heist involved exchange PlusToken and the Chinese crypto wallet. According to Chinese authorities, PlusToken clients lost more than $2 billion in another Ponzi scheme.
Who Struggles the Most in The Crypto Industry?
Mostly, authorities worldwide are struggling to keep speed. Some regulators are still fighting after a decade of Bitcoin’s creation to police cryptocurrencies while operating without central banks or governments. As more ordinary investors and institutions slip their toes into Cryptocurrency, more new scams will emerge.
Head of research at Chainalysis, Kim Grauer, says that Cryptocurrency is about to enter a new phase while Technology is improving and Trading gets easier. Ordinary investors and some other institutions once away from crypto should give it a try.
The Bank for International Settlements just presented demanding capital standards for banks wanting to deal in Bitcoin.
During the coronavirus pandemic in the U.S., social media and old-fashioned habits pushed people to buy and sell meme stocks and crypto. There were Elon Musk’s tweets affecting crypto prices.
A cybersecurity professor at the University of Tulsa, Tyler Moore, said that people don’t seem to ask many questions once the price goes up. Later, when things go down, people see the flip side. Tyler is currently working on cryptocurrency scams.