The progress in cryptocurrency has been evident for everybody to see. Even the people who wrote it off are now super into it. It’s only going to get better as time goes on. The technology has proved to be highly useful, and that is why it’s growing at that fast a rate. And the Crypto Crime rate also growing.
This is mainly because people are using it as a digital investment and also some may use it as a medium of exchange. I could go on and on about why crypto is a success, but today we’ll focus on the other side. The dark side of crypto .
Even a well-meaning technology can still be used for bad. 2019 saw a rise in Crypto Crime. It was always going to be so, new tech new problems I’m afraid. But people who crusade against crypto will use this to spread a bad name and portray a message that isn’t necessarily true.
It’s very hard to track transactions not only because they’re so many of them, but also that would mean looking up an entire network. This means crime can exploit this flaw because the technology is new and we don’t really know exactly what we have on our hands here.
Hackers who commit Crypto Crime
This word scares a lot of people. But not all work to expose your show, your private life. But now we’ll focus on the crypto hackers who work to help illegal activity and also rob people who have saved their coin with not so great care. Most are lost in exchanges.
This is where many people take advantage and loot what doesn’t belong to them. My advice would be to do due diligence and be properly educated with all ways to safely secure our belongings online.
Crypto Scams and Crypto Crime
This has been a very common way of stealing from people. They pretend to be legitimate companies and give people a deal too good to pass off. This is how they hook you. They try and exploit those of us who want to get rich quickly. An estimated 12.5 billion has been lost due to such scams.
Due to the nature of block chain, it’s hard to track where the money goes and they get away with it. I know it’s terrible, but, I feel as time goes by a better and more trusted block chain will come to be that’s will help. For now, I’ll advise you to take absolute care of where you decide to buy your coin.
“One Coin” Crypto Crime
One Coin scam is probably the most famous scam yet. It left a lot without their assets. It’s responsible for the disappearance of about 4 billion was lost. The woman responsible started out a fund claiming to help people invest and navigate the crypto world, only for the company to disappear with all the money.
There’s probably no hope for compensation. This happened due to the fact that it’s a new industry and people don’t really do their homework. It may be to your advantage to really do your homework.
Where To Go From Here?
These Crypto Crime can be prevented and their many ways now to do it. It’s just a matter of time till it’s completely impossible to do it. But this will be down to the regulators and developers to show goodwill and actually reign in on these people putting a bad name on crypto.
The future has already been written blockchain will play a huge part in the financial sector. It will need to be more convincing that it can prevent and protect from such terrible behavior. Time will tell how and what those in charge will do, but it needs to be now.