Needed: A massive education project to fight hacks and scams
Scams are shattering mainstream confidence in crypto, perhaps irreparably. A large-scale, coordinated education initiative can help ensure that they don’t. The common narrative around the prevailing threats to mainstream adoption of cryptocurrencies is that regulators will put the kibosh on their legality, it has to get much easier for “ordinary” people to use, and the magnitude of its volatility has to be tempered.All of these are true. But there’s something perhaps just as consequential: scams, hacks, fraudulent exchanges, dumps and the like. Why? Every attack leaves a scar. And the....
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Over the years, crypto hacks have become more elaborate and common. In 2024, the community has seen hundreds of millions swept away from exploits and scams, leaving investors empty-handed. Sometimes, the exploiters return the funds and point out a project’s vulnerabilities, helping prevent future incidents. However, it’s more common to see hackers take the stolen […]
Ciphertrace, a blockchain analytics company, has announced that crypto-related crimes have moved to the realm of decentralized finance (defi) apps and protocols. Now, the impact these hacks and exploits represent is way bigger than the one classic hacks to centralized exchanges and other scams do, according to their latest “Cryptocurrency Crime and Anti-Money Laundering Report.” Ciphertrace: Crime Moves to Defi Ciphertrace, one of the biggest cryptocurrency crime and blockchain analytics companies, has found that most of the crypto-related crimes have now moved to decentralized....
The crypto space still presents risks like scams, hacks, rug pulls, etc. In another troubling event, a crypto whale lost over $24 million worth of assets in a massive phishing scam. In this case, the victim address is regarded as a major liquidity provider on the Uniswap Decentralized Exchange (DEX), supplying over $1.6 million worth […]
Italian police accused a man who ran a cryptocurrency exchange of being responsible for a series of hacks that caused millions in losses as part of an alleged massive fraud scheme. Italian Authorities Accuse Bitgrail Owner of Faking Hacks That Led Exchange’s Bankruptcy According to Reuters, the 34-year-old from Florence known by his initials F.F. and owner of Bitgrail, a crypto company that was declared bankrupt in 2019, is suspected of having faked a cyberattack that defrauded over 230,000 people which held nano coin, a crypto launched in 2015. The series of alleged fake hacks....
The U.S. Federal Trade Commission (FTC) has warned about social media being used in cryptocurrency investment scams. “Social media is a tool for scammers in investment scams, particularly those involving bogus cryptocurrency investments — an area that has seen a massive surge in reports,” said the FTC.
Federal Trade Commission Warns of Crypto Scams Utilizing Social Media
The U.S. Federal Trade Commission (FTC) published a “Consumer Protection Data Spotlight” last week, warning the public about scams, including crypto investment scams,....