Bitcoin's cruel world: scams, thefts and the FBI's influence
While the cops are away, the liars and thieves come out to play. Bitcoin's world is a cruel one - making it a fascinating technology to keep tabs on. Yet at the same time, its risks are immense to investors and businesses working inside the bitcoin economy. Can bitcoin ever reach a stage of legitimacy? It's obvious that an unregulated, decentralized currency is a needed instrument in today's constantly changing global financial markets. The fact that bitcoin has worth, that it keeps being a topic of financial discussion, is proof of concept. But bitcoin, as well as other distributed....
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We have collected four typical scams to remind you that Bitcoin is just cash, and you should take care to use it as real money: Carefully. Most frauds and scams don’t happen because of the technology involved but rather due to the underlying greed and callousness on the part of the users. Secret Service accounts theft. There is something about Bitcoin that attracts all kinds of scam artists and frauds. It even has the potential to turn secret service agents into thieves. In December 2015 ex-Secret Service agent Shaun Bridges was sentenced to nearly six years in prison after pleading guilty....
The growth of NFTs have been a joy to watch. The willingness of many to pay millions of dollars for digital arts is a testament of what a world that continues to go digital could look like. Reports shows that NFT marketplaces and collections grew from $106 million in 2020 to $44.2 billion in 2021. […]
The list of bitcoin thefts is far too long. Over the past, almost, eight years, we can roughly estimate $1 billion or more have been stolen. Each time, there is devastation for the individuals involved and the wider community as bitcoin’s security is brought to the forefront. This is followed by a backlash from the wider media and public who have been keen to disparage bitcoin ever since the first major hack in 2011 when many dismissed it as insecure. But, is there a solution or are we forever to live with these far too frequent theft stories? For bitcoin to function and have any value it....
The Department of the Interior of Uruguay is taking steps to warn users about the danger they face when investing in certain crypto projects that could be scams. The campaign is called “Fake Coins: Cryptocurrency Scams” and seeks to educate the population about the most common kinds of crypto scams.
Uruguay Educates on Crypto-Related Scams
More and more government bodies are becoming aware of how some parties are using crypto to execute different kinds of scams, and also more of these institutions are working to educate citizens on this fact. The Ministry of the....
Crypto scams are a pervasive problem that the industry has had a hard time shaking off. Even when the scams get popular enough that investors no longer fall for them, the scammers come out with even more sophisticated versions of their scams to lure unsuspecting investors. The use of prominent figures such as Elon Musk […]