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The crypto community is growing at an exponential rate, with the number of users now totaling over 100 million. It’s reported that at least 14 million users are new market participants as of 2021, drawn in by the latest bull cycle excitement and eager to invest in their futures. These first-time crypto users can be easy targets for cybercriminals and scammers if they don’t follow basic online security protocols and crypto best practices.
According to recent findings from the Ciphertrace “2020 Cryptocurrency Crime and Anti-Money Laundering Report,” over $1.9 billion worth of crypto assets were stolen via hacks, scams and fraud last year. This figure is down from $4.5 billion the year before.
Among these, exit scams and decentralized finance (DeFi) hacks were highlighted as the leading causes of crypto theft. “Massive exit scams have dominated cryptocurrency crimes in the last two years. In 2019, the Ponzi scheme PlusToken netted $2.9 billion with its exit scam – 64% of the year’s major crime volume,” the report said. In 2020 was “WoToken, a similar scheme operated by some of the same people as PlusToken” that defrauded investors “out of $1.1 billion in its exit scam – 58% of 2020’s major crime volume. While major fraud volume saw a significant decrease, it still made up 73% of 2020’s crime total.”
Last year also saw a rise in sophisticated phishing attacks – fake emails used to deliver malware or dupe victims into handing over their crypto, passwords and personal information. In July 2020, Twitter was the target of such an attack, leading to a group of hackers gaining access to more than 130 high-profile accounts and using them to promote a bitcoin (BTC, +1.44%) giveaway scam. Apple, Uber, Ripple, Binance, Elon Musk, Barack Obama, Bill Gates, Kim Kardashian and even CoinDesk were among those affected.
Be aware of the most common crypto scams
Trading bot scams
Phishing emailsNever make a digital copy of your personal crypto details
Always enable 2-factor authentication when possible
Use a different password for every crypto platform you use
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