By Hassan Mehmood (Saudi Arabia)
Since the start of the year, scammers have been responsible for Bitcoin theft worth $24 million, the crypto tracking startup Whale Alert claims in its report. In these theft attacks, names of various prominent personalities are used to attract viewers.
The report titled “Chasing Crypto Criminals” reveals that internet-based thieves manipulate people easily with the help of crypto assets, including Bitcoin.
The scams are in different types such as fake exchanges, bitcoin recovery, Ponzi Schemes, malware, giveaways, video scams, fake tumblers, sextortions, and fake ICO’s.
Whale Alert reported:
So far we have been able to confirm 38 million US dollar in bitcoin alone stolen by scammers over the past 4 years (excluding Ponzi schemes, which are a billion dollar industry on their own), 24 million of which during the first 6 months of 2020. Some of the most successful scams made over $130,000 in a single day with nothing more than a one page website, a bitcoin address and a decent amount of YouTube advertising.
Maturity in Cyber Crime Community
The cyber-thief community has now become more mature and professional as they are using advanced tactics. There are now hundreds of fake enterprises that provide 24-hours customers support, and there are thousands of fake social media accounts for fake promotion.
Also read:Currently, the most common type of scam is giveaways that present famous personalities such as Elon Musk and can rob money between “a few thousand and 300,000 US dollars depending on the skill and effort put in by the scammers.”
People Need Proper Education
Whale Alert says that regulatory forces can’t do more about these scam attacks. Therefore, it must be the responsibility of the community to educate the users. The blockchain companies and cryptocurrency exchanges should equip newcomers with proper knowledge and make them aware of possible suspected activities.
The report reads:
As the gateway between fiat and cryptocurrencies, exchanges especially should be actively educating newcomers on the dangers in blockchain and prevent them from sending anything to known or suspected scam addresses.
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