The crimes of scams, fraud and cryptocurrency hacks have generated losses in the order of $573 million dollars in the first quarter of 2024.

The data published by the Web3 Immunefi security platform indicates that the increase in these crimes is considerable compared to 2023, due to more than 70 incidents with computer attacks.

“These losses represent an increase of 70.3 % compared to the 336.3 million dollars that were recorded in the first quarter, and 112 % compared to the second quarter of 2023, when hackers and scammers stole 265.5 million dollars,” indicates the platform.

They add that during 2024 thefts amount to more than 900 million dollars through computer attacks and fraud, which represents 24 % more than in the same period in 2023.

“With nearly $100 billion in total value locked in Web3 protocols, according to DeFiLlama data, decentralized finance remains the top target for hackers,” accounting for 100 % of the exploits identified by Immunefi in the first quarter of the year.

For the April-June period, the main target was centralized finance, representing 70 % ($401.4 million) of the quarter’s losses, compared to 30 % ($171.3 million) for DeFi.

Most of the losses came from “two exploits that totaled $360 million, 62.8% of the total. A $305 million attack on Japanese cryptocurrency exchange DMM Bitcoin represented the largest attack, while another $55 million was stolen from Turkish exchange BtcTurk on June 23.

The networks with the most attacks were Ethereum and BNB Chain; while Arbitrum, Blast, Optimism, Solana, Polygon, Fantom, Linea, Mantle and TON made up the rest of the incidents.

M.Pino

Source: cripto247

(Reference image source: Unsplash+, in collaboration with Getty Images)

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La entrada Cryptocurrency scams generated losses of $573 million dollars apareció primero en Bitfinance.

A recent report from Chainalysis revealed that cryptocurrency-related scams saw a significant decline compared to the same period last year. However, malicious actors continue to pose a threat.

According to Chainalysis’ semi-annual report, cryptocurrency scam cases have decreased by 77 % in the first half of 2023 compared to the previous year. Despite this drop, ransomware attacks have shown an increase in the amount of money stolen.

In general, cybercrime decreased compared to last year. Although cryptocurrency scams have attracted fewer funds this year, researchers warn users to remain vigilant and not let their guard down against potential scams and attacks.

The Chainalysis report highlights that revenue generated by cryptocurrency scams between January and June 2023 decreased by 77 % compared to the same period last year, from approximately $3.3 billion to just $1 billion.

This significant drop is largely attributed to the demise of two major scams: VidiLook and Chia Tai Tianquing Pharmaceutical Financial Management. Both scams followed the model of offering disproportionate returns to users investing in their cryptocurrencies, but VidiLook had a unique quirk: it rewarded users with its native VDL token in exchange for viewing digital ads, which it then claimed users could use as a guarantee to access great rewards.

The decline in revenue from scams also coincides with the recovery of Bitcoin and other major cryptocurrencies, following losses in 2022. A previous report by Chainalysis noted that the market downturn reduced interest in seemingly lucrative deals, which in turn time reduced the potential liquidity that the scams could have captured.

In addition, people now have a greater knowledge about cryptocurrencies, how they work and how they behave in the market, which makes them less likely to fall into the hands of scammers who take advantage of the lack of knowledge and the complexity of these topics, such as Chainalysis concluded in an earlier report.

K. Tovar

Source: Diariobitcoin

(Reference image source: Unsplash, in collaboration with Getty Images)

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La entrada Cryptocurrency scams fell 77 % apareció primero en Bitfinance.

Cases of cryptocurrency scams have increased by 35 % according to the results of a recent survey conducted by Toronto Metropolitan University.

Among the reasons that have promoted this increase are factors such as the distrust that citizens still feel regarding cryptocurrency portals, the lack of knowledge about it, the sociocultural level of the client and the trust that people have in traditional banks.

The UMT survey found that most Canadians are wary of cryptocurrency exchanges. Almost 50 % have “little confidence” in this type of company, 25 % are “neutral”, while only 9 % have “high confidence”.

In most crypto frauds, large sums of money are involved, the product of user savings, which lead to the loss of assets, as well as personal and financial information.

The less information and the lower the educational level, the greater the risk of being a victim of a cryptocurrency scam in Canada, where the average age of investors in bitcoin, ether and other assets is between 25 and 35 years.

Another factor that possibly increases the risk of falling for a cryptocurrency scam is a low salary. The survey made it clear that people with salaries of less than $50,000 tend to “invest” their savings in crypto platforms to obtain juicy profits. This leads them, on many occasions, to lose everything.

M.Pino

Source: cripto247

(Reference image source: Unsplash, in collaboration with con Getty Images)

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La entrada Canada among the countries with the highest cryptocurrency scams apareció primero en Bitfinance.

The Federal Bureau of Investigation (FBI) sent a warning related to the spread of fraudulent applications related to the world of cryptocurrencies.

As detailed by the FBI, this type of application created by cybercrime has stolen up to 42.7 million dollars, through imitating logos and identification information of certain companies.

Earlier this year, cybersecurity firm ESET uncovered a “sophisticated scheme” that distributed Trojan applications disguised as popular cryptocurrency wallets. These applications tried to steal crypto assets from their victims.

On the other hand, in June of this year a report from the United States Federal Trade Commission (FTC) that some $1 billion in cryptocurrencies have been lost due to scams since 2021.

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Source: Cointelegraph

La entrada FBI issues warning about cryptocurrency apps apareció primero en Bitfinance.

The use of cryptocurrencies as a method of virtual exchange continues to grow, with cybercriminals increasingly turning to avenues like YouTube to perpetrate phishing scams.

According to the latest records of the cybersecurity “software” developer company Kaspersky, while in 2021 its products detected and prevented a total of 460,000 attacks of this type related to cryptocurrencies, in the first two and a half months of this year they counted 100,000 scams.

The researchers warned of a rise in this type of fraud on the video playback platform, where hackers created a very particular ‘modus operandi’, the company said in a statement.

Specifically, they choose videos that are trending on YouTube and leave comments, claiming that there is a false “gap” in the cryptocurrency market. These encourage viewers to visit the author’s own YouTube channel and watch a video that offers instructions on how to profit from an alleged exchange rate error.

In addition, a fraudulent link is included in the content description space through which users can presumably make a beneficial bitcoin exchange when, in reality, they will never get that money back.

In order to stop this type of threat on YouTube, the company recommended choosing first a secure wallet, as well as a program that protects private and public passwords to access it.

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Source: dpa

La entrada Cryptocurrency scams on YouTube are on the rise apareció primero en Bitfinance.

The founder of the antivirus company McAfee, Jhon McAfee was indicted by the American justice for crimes related to fraud and money laundering in cryptocurrencies.

According to the South New York Prosecutor’s Office, between 2017 and 2018 McAfee would have used the promotion of digital assets to investors to commit his crimes.

Currently, the 75-year-old businessman is detained in preventive prison in Spain, waiting for his extradition process to begin to the United States, for another case about an alleged fraud.

The case establishes that together with his executive adviser, Jimmy Gale Watson Jr, McAfee pocketed more than 13 million dollars through “fraudulent schemes.”

Specifically, McAfee and his bodyguard promoted cryptocurrencies to McAfee’s large Twitter following to inflate prices “through false and misleading statements to hide their true selfish motives.” They sold the coins, earning a lot of money, prosecutors said.

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Source: La Vanguardia

La entrada Jhon McAfee charged with cryptocurrency fraud apareció primero en Bitfinance.