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Investment Fraud Involving Cryptocurrencies Cost US Investors $2.57B In 2022
Internet #fraud cost US citizens more over $10 billion in 2022, with $2.57 billion of that loss coming from #cryptocurrency investment schemes.
In 2021, fraudulent cryptocurrency investment losses will amount $907 million. The victims are mostly between the ages of 30 and 49. Getting consumers to connect their wallets to fraudulent liquidity mining software in order to steal their money or take over their social media accounts is the most common technique of fraud.
While more people are being convinced to part with their hard-earned money in these fraudulent scams, this unpleasant trend is on the rise. In order to avoid falling victim to such scams, it is essential to do sufficient research before making an investment. To further safeguard the security of your money, it is essential to only work with reputable and reliable brokers and exchangers.
Scams using bitcoin are becoming more and more of a concern for everyone, not just Americans. #Scams can take many different shapes, such as fake ICOs, Ponzi plans, and phishing. A recent Federal Trade Commission (FTC) survey found that men between the ages of 20 and 49 were the most affected demographic.
It is crucial to remember that fraudsters find cryptocurrencies and #blockchain technology to be enticing targets due to their nature. Because transactions are decentralized and participants are anonymous, it is challenging to track down and recover stolen assets. This underlines how crucial it is to use cautious while working with bitcoin.
The crypto sector is still in its infancy and has a dismal track record for its companies. Yet, this is a promising area that is anticipated to grow quickly in the future. In order to make the rules more restrictive for both enterprises and investors, government agencies are working on legal concerns.
It's crucial to use caution and awareness when investing in cryptocurrency. Do your research, work with reputable brokers, and always verify the legitimacy of investment opportunities before you deposit your money. You can prevent falling for #bitcoin investment scams by taking these precautions.
In 2021, fraudulent cryptocurrency investment losses will amount $907 million. The victims are mostly between the ages of 30 and 49. Getting consumers to connect their wallets to fraudulent liquidity mining software in order to steal their money or take over their social media accounts is the most common technique of fraud.
While more people are being convinced to part with their hard-earned money in these fraudulent scams, this unpleasant trend is on the rise. In order to avoid falling victim to such scams, it is essential to do sufficient research before making an investment. To further safeguard the security of your money, it is essential to only work with reputable and reliable brokers and exchangers.
Scams using bitcoin are becoming more and more of a concern for everyone, not just Americans. #Scams can take many different shapes, such as fake ICOs, Ponzi plans, and phishing. A recent Federal Trade Commission (FTC) survey found that men between the ages of 20 and 49 were the most affected demographic.
It is crucial to remember that fraudsters find cryptocurrencies and #blockchain technology to be enticing targets due to their nature. Because transactions are decentralized and participants are anonymous, it is challenging to track down and recover stolen assets. This underlines how crucial it is to use cautious while working with bitcoin.
The crypto sector is still in its infancy and has a dismal track record for its companies. Yet, this is a promising area that is anticipated to grow quickly in the future. In order to make the rules more restrictive for both enterprises and investors, government agencies are working on legal concerns.
It's crucial to use caution and awareness when investing in cryptocurrency. Do your research, work with reputable brokers, and always verify the legitimacy of investment opportunities before you deposit your money. You can prevent falling for #bitcoin investment scams by taking these precautions.
FTX Discloses Significant Asset Shortfall in Company's Presentation
After extensive efforts, the leader of FTX and FTX US has reported the discovery of billions of dollars in debt on both exchanges.
FTX US, a leading digital asset platform, has announced a total of $374 million in assets, with the majority of the sum held in associated accounts. This marks a significant increase in the platform's financial stability since its establishment. Additionally, FTX has reported positive results for its less liquid "Category B Assets", including its own FTX Token (FTT).
However, FTX wallets have a net borrowing of $9.3 billion from its sister trading firm, Alameda Research, with FTX US owing Alameda $107 million. This suggests an increasing financial connection between the two firms and may have important implications for the cryptocurrency industry.
Meanwhile, FTX Japan users have welcomed the news of the platform's ability to withdraw funds as an "escape" from the platform.
In terms of corporate leadership, John J. Ray III, the chief restructuring officer and CEO of FTX, has emphasized the company's commitment to transparency and public disclosure.
It has taken a huge effort to get this far. The exchanges' assets were highly commingled, and their books and records are incomplete and , in many Cases, totally absent.
In contrast, Nishad Singh, a former engineering director at FTX, has pleaded guilty to multiple counts of fraud in a US district court and now faces potential prison time and fines.
Finally, the US Justice Department is facing increased pressure as billionaire trader Sam Singh has filed a plea to halt the investigation into the cryptocurrency industry led by rival billionaire Mike Bankman-Fried, following news of several close associates agreeing to cooperate with prosecutors.
Note: This article was written by an independent author and does not represent the publisher's views.
If you find my content useful, please consider liking and sharing it.
Additionally, I encourage you to follow me for future real-time updates on the cryptocurrency market.
Thank you for your support.
#crypto #Altcoins #Cryptonews #Bitcoin #Scams
FTX US, a leading digital asset platform, has announced a total of $374 million in assets, with the majority of the sum held in associated accounts. This marks a significant increase in the platform's financial stability since its establishment. Additionally, FTX has reported positive results for its less liquid "Category B Assets", including its own FTX Token (FTT).
However, FTX wallets have a net borrowing of $9.3 billion from its sister trading firm, Alameda Research, with FTX US owing Alameda $107 million. This suggests an increasing financial connection between the two firms and may have important implications for the cryptocurrency industry.
Meanwhile, FTX Japan users have welcomed the news of the platform's ability to withdraw funds as an "escape" from the platform.
In terms of corporate leadership, John J. Ray III, the chief restructuring officer and CEO of FTX, has emphasized the company's commitment to transparency and public disclosure.
It has taken a huge effort to get this far. The exchanges' assets were highly commingled, and their books and records are incomplete and , in many Cases, totally absent.
In contrast, Nishad Singh, a former engineering director at FTX, has pleaded guilty to multiple counts of fraud in a US district court and now faces potential prison time and fines.
Finally, the US Justice Department is facing increased pressure as billionaire trader Sam Singh has filed a plea to halt the investigation into the cryptocurrency industry led by rival billionaire Mike Bankman-Fried, following news of several close associates agreeing to cooperate with prosecutors.
Note: This article was written by an independent author and does not represent the publisher's views.
If you find my content useful, please consider liking and sharing it.
Additionally, I encourage you to follow me for future real-time updates on the cryptocurrency market.
Thank you for your support.
#crypto #Altcoins #Cryptonews #Bitcoin #Scams
Senior citizens in Hong Kong lose over $1.3M to cryptocurrency and investment scams, as fraudsters prey on vulnerable individuals with promises of high returns.
#Scams #crypto2023
https://blockchainreporter.net/senior-citizens-fall-victim-to-cryptocurrency-scams-in-hong-kong/
#Scams #crypto2023
https://blockchainreporter.net/senior-citizens-fall-victim-to-cryptocurrency-scams-in-hong-kong/
Safeguarding Your Crypto Assets: Differentiating Hack, Scam, Attack, and Exploit in the Crypto Space
The world of cryptocurrencies offers immense opportunities for financial growth and innovation. However, it also presents risks that crypto enthusiasts must be aware of and actively protect themselves against. Understanding the distinctions between hacks, scams, attacks, and exploits is crucial for safeguarding your crypto assets and personal information.
Hacks
Hacks refer to unauthorized access or breach of #security in crypto exchanges, wallets, or other platforms, resulting in the theft of funds or sensitive user information. Hackers exploit vulnerabilities in systems, such as weak passwords, phishing attacks, or exploiting bugs in smart contracts, to gain unauthorized access.
To protect yourself against hacks:
Use strong, unique passwords and enable two-factor authentication (2FA) wherever possible.
Regularly update and secure your devices and software.
Be cautious of phishing attempts and only interact with trusted sources.
Store the majority of your funds in offline wallets (cold storage) rather than online wallets (hot storage) connected to the internet.
Scams
#Scams involve fraudulent activities that deceive individuals into parting with their crypto assets or personal information. Scammers may create fake websites, ICOs (Initial Coin Offerings), or investment schemes that promise high returns or exclusive opportunities. They often employ social engineering tactics to manipulate victims into transferring funds or sharing sensitive information.
To avoid falling victim to scams:
Conduct thorough research before investing in any project or participating in an ICO.
Be skeptical of offers that seem too good to be true and exercise caution when sharing personal information.
#Verify the authenticity of websites, projects, and individuals through trusted sources.
Educate yourself about common scam techniques to recognize warning signs.
Attacks
In the crypto space, attacks typically refer to network-based assaults targeting blockchain protocols or consensus mechanisms. Examples include 51% attacks, where a malicious entity gains majority control over a blockchain's mining power, or Distributed Denial of Service (DDoS) attacks that overload network resources.
While individuals are not directly responsible for preventing attacks on blockchains, they can mitigate risks by:
Diversifying their crypto holdings across different blockchain networks.
Staying informed about potential vulnerabilities or weaknesses in specific blockchains.
Following best security practices to protect their personal wallets and accounts.
Exploits
Exploits are instances where individuals or hackers identify vulnerabilities in smart contracts, decentralized applications (dApps), or other crypto platforms to exploit them for their advantage. These vulnerabilities could lead to unintended consequences, such as funds being drained or unauthorized access to user data.
To minimize exposure to exploits:
Only interact with audited and reputable smart contracts and dApps.
Stay updated with security announcements and patches from project developers.
Be cautious when approving transactions or providing permissions to smart contracts.
Participate in bug bounty programs and responsible disclosure initiatives to contribute to a safer crypto ecosystem.
Conclusion
As the crypto space continues to evolve, it is crucial to be aware of the risks associated with hacks, scams, attacks, and exploits. By understanding the differences between these terms and implementing best security practices, you can better protect your crypto assets and personal information. Stay vigilant, exercise caution, and prioritize security to navigate the crypto landscape safely and confidently.
Hacks
Hacks refer to unauthorized access or breach of #security in crypto exchanges, wallets, or other platforms, resulting in the theft of funds or sensitive user information. Hackers exploit vulnerabilities in systems, such as weak passwords, phishing attacks, or exploiting bugs in smart contracts, to gain unauthorized access.
To protect yourself against hacks:
Use strong, unique passwords and enable two-factor authentication (2FA) wherever possible.
Regularly update and secure your devices and software.
Be cautious of phishing attempts and only interact with trusted sources.
Store the majority of your funds in offline wallets (cold storage) rather than online wallets (hot storage) connected to the internet.
Scams
#Scams involve fraudulent activities that deceive individuals into parting with their crypto assets or personal information. Scammers may create fake websites, ICOs (Initial Coin Offerings), or investment schemes that promise high returns or exclusive opportunities. They often employ social engineering tactics to manipulate victims into transferring funds or sharing sensitive information.
To avoid falling victim to scams:
Conduct thorough research before investing in any project or participating in an ICO.
Be skeptical of offers that seem too good to be true and exercise caution when sharing personal information.
#Verify the authenticity of websites, projects, and individuals through trusted sources.
Educate yourself about common scam techniques to recognize warning signs.
Attacks
In the crypto space, attacks typically refer to network-based assaults targeting blockchain protocols or consensus mechanisms. Examples include 51% attacks, where a malicious entity gains majority control over a blockchain's mining power, or Distributed Denial of Service (DDoS) attacks that overload network resources.
While individuals are not directly responsible for preventing attacks on blockchains, they can mitigate risks by:
Diversifying their crypto holdings across different blockchain networks.
Staying informed about potential vulnerabilities or weaknesses in specific blockchains.
Following best security practices to protect their personal wallets and accounts.
Exploits
Exploits are instances where individuals or hackers identify vulnerabilities in smart contracts, decentralized applications (dApps), or other crypto platforms to exploit them for their advantage. These vulnerabilities could lead to unintended consequences, such as funds being drained or unauthorized access to user data.
To minimize exposure to exploits:
Only interact with audited and reputable smart contracts and dApps.
Stay updated with security announcements and patches from project developers.
Be cautious when approving transactions or providing permissions to smart contracts.
Participate in bug bounty programs and responsible disclosure initiatives to contribute to a safer crypto ecosystem.
Conclusion
As the crypto space continues to evolve, it is crucial to be aware of the risks associated with hacks, scams, attacks, and exploits. By understanding the differences between these terms and implementing best security practices, you can better protect your crypto assets and personal information. Stay vigilant, exercise caution, and prioritize security to navigate the crypto landscape safely and confidently.
AVOID LOSING YOUR MONEY: Learn about Copy and Paste Crypto Scam (Over $20 Million lost)
Losses in crypto are irrevocable, and as such, you need to be careful in this space. I bet many of you don't know about cryptoshuffler.
In 2017, Russian-based cybersecurity firm Kaspersky Labs warned crypto users about a new trojan called Cryptoshuffler that steals your coins by replacing your copied wallet address in your clipboard.
This happens in such an unsuspecting manner; fast forward to 2023, and this same Trojan is becoming rampant once again.
To avoid losing your coins to Scammers, please follow these safety simple measures:
1. After copying and pasting, ensure you cross-check the two wallet addresses carefully.
2. Stop clicking unknown links.
3. Have a separate phone or PC for crypto related.
#Scams
Losses in crypto are irrevocable, and as such, you need to be careful in this space. I bet many of you don't know about cryptoshuffler.
In 2017, Russian-based cybersecurity firm Kaspersky Labs warned crypto users about a new trojan called Cryptoshuffler that steals your coins by replacing your copied wallet address in your clipboard.
This happens in such an unsuspecting manner; fast forward to 2023, and this same Trojan is becoming rampant once again.
To avoid losing your coins to Scammers, please follow these safety simple measures:
1. After copying and pasting, ensure you cross-check the two wallet addresses carefully.
2. Stop clicking unknown links.
3. Have a separate phone or PC for crypto related.
#Scams
Don't want to be scammed? These 10 tools are essential for your safety in the Crypto World
Cryptocurrencies offer immense investment potential, but finding legitimate projects with high returns can be challenging. Many investors fall victim to scams and rug pulls, resulting in significant financial losses. Here's a list of 10 essential tools that can help you identify legitimate projects, stay safe, find legit projects and make informed decisions.
1) PeckShield Alert
Peckshield’s “AegisWeb3” Chrome extension is a user-friendly tool that searches for phishing scams, rug pulls, and blacklisted addresses. It provides real-time notifications to keep users updated on potential risks.
2) RugDoc IO
RugDoc IO conducts comprehensive checks on smart contracts, projects, liquidity farms, and NFTs. Their audits are ranked by risk level, offering a breakdown of vulnerabilities and security issues discovered.
3) Pocket Universe
Pocket Universe is a Web3 browser extension that detects malicious transactions, fake websites, phishing scams, and honeypots. It provides users with detailed information on each transaction or contract, enabling better understanding and safer decision-making.
4) Scam Sniffer
Scam Sniffer is a Web3 monitoring tool that scans for malicious links, verifies the source of funds, and provides a firewall for added protection. It offers both an API and a browser extension for comprehensive security measures.
5) Dex Screener
Dex Screener is a powerful tool that provides real-time charts for various tokens in the crypto market. Its contract scanner feature offers a comprehensive overview of key data, allowing users to make informed decisions before investing. Paste contract address of any crypto you want to track and you will get more information about those coins or tokens.
6) Dex Tools
Similar to Dex Screener, Dex Tools is a real-time chart provider for multiple token chains, including Ethereum, Arbitrum, Polygon, and BNB Chain. In addition to real-time charts, Dex Tools offers essential information about tokens, such as Project Reliability Score, Community Votes, Contract Details, and integration with third-party scanners. I personally like Dex Tools more than Dex Screener
7) Arkham Intel
Arkham Intel facilitates in-depth analysis of token distribution, sales, and balance history. By detecting wallet concentration in a token, investors can anticipate potential dumps that may impact retail investors. Once you start learning to use Arkham Intelligence tool, you will be addicted!
8) Chain Abuse
Chain Abuse provides up-to-date reports on scams occurring in the Web3 space. This tool aids in due diligence for potential projects, allowing users to learn from the experiences of others who may have encountered similar issues.
9) Revoke Cash
Revoke Cash offers a solution for managing permissions on most Web3 wallets. This is essential for maintaining proper “wallet hygiene” and safeguarding funds in the event of a hack. By revoking permissions, users can ensure that hackers do not gain access to their funds.
10) DeDotFi
DeDotFi offers web3 security software, functioning as an antivirus program for the cryptosphere. It identifies and alerts users about honeypots, vulnerabilities, and potential risks associated with tokens. Their tool is good, but recently they are being accused of extending their token launch several times. Their action was fishy! So, don't fall into their token sale. Just use the tool, if you like it, then continue.
While selecting the right tokens is crucial for wealth generation in the crypto market, preserving capital is equally important. The 10 tools mentioned above are essential for identifying legitimate projects, avoiding scams, and protecting your investments. It is crucial to utilize these tools effectively and conduct thorough research before making any investment decisions.
By staying informed and employing these tools, you can become a smarter investor in the cryptocurrency space. Do you have any tools that is worth mentioning in this list?
#Scam #Scams #Tools&Analysis
1) PeckShield Alert
Peckshield’s “AegisWeb3” Chrome extension is a user-friendly tool that searches for phishing scams, rug pulls, and blacklisted addresses. It provides real-time notifications to keep users updated on potential risks.
2) RugDoc IO
RugDoc IO conducts comprehensive checks on smart contracts, projects, liquidity farms, and NFTs. Their audits are ranked by risk level, offering a breakdown of vulnerabilities and security issues discovered.
3) Pocket Universe
Pocket Universe is a Web3 browser extension that detects malicious transactions, fake websites, phishing scams, and honeypots. It provides users with detailed information on each transaction or contract, enabling better understanding and safer decision-making.
4) Scam Sniffer
Scam Sniffer is a Web3 monitoring tool that scans for malicious links, verifies the source of funds, and provides a firewall for added protection. It offers both an API and a browser extension for comprehensive security measures.
5) Dex Screener
Dex Screener is a powerful tool that provides real-time charts for various tokens in the crypto market. Its contract scanner feature offers a comprehensive overview of key data, allowing users to make informed decisions before investing. Paste contract address of any crypto you want to track and you will get more information about those coins or tokens.
6) Dex Tools
Similar to Dex Screener, Dex Tools is a real-time chart provider for multiple token chains, including Ethereum, Arbitrum, Polygon, and BNB Chain. In addition to real-time charts, Dex Tools offers essential information about tokens, such as Project Reliability Score, Community Votes, Contract Details, and integration with third-party scanners. I personally like Dex Tools more than Dex Screener
7) Arkham Intel
Arkham Intel facilitates in-depth analysis of token distribution, sales, and balance history. By detecting wallet concentration in a token, investors can anticipate potential dumps that may impact retail investors. Once you start learning to use Arkham Intelligence tool, you will be addicted!
8) Chain Abuse
Chain Abuse provides up-to-date reports on scams occurring in the Web3 space. This tool aids in due diligence for potential projects, allowing users to learn from the experiences of others who may have encountered similar issues.
9) Revoke Cash
Revoke Cash offers a solution for managing permissions on most Web3 wallets. This is essential for maintaining proper “wallet hygiene” and safeguarding funds in the event of a hack. By revoking permissions, users can ensure that hackers do not gain access to their funds.
10) DeDotFi
DeDotFi offers web3 security software, functioning as an antivirus program for the cryptosphere. It identifies and alerts users about honeypots, vulnerabilities, and potential risks associated with tokens. Their tool is good, but recently they are being accused of extending their token launch several times. Their action was fishy! So, don't fall into their token sale. Just use the tool, if you like it, then continue.
While selecting the right tokens is crucial for wealth generation in the crypto market, preserving capital is equally important. The 10 tools mentioned above are essential for identifying legitimate projects, avoiding scams, and protecting your investments. It is crucial to utilize these tools effectively and conduct thorough research before making any investment decisions.
By staying informed and employing these tools, you can become a smarter investor in the cryptocurrency space. Do you have any tools that is worth mentioning in this list?
#Scam #Scams #Tools&Analysis
🚨 Multichain Crisis Update 🚨
⚠️ Transaction delays and team arrest rumors rock Multichain! 📉
🔄 Stuck transactions and temporary suspensions leave users frustrated. Meanwhile, unconfirmed reports swirl around the team's arrest in China with $1B in funds.
💔 MULTI token plummets 45% in 4 Days, trading at $4.50
#Multichain #Crypto #Multi #Binance #Scams
⚠️ Transaction delays and team arrest rumors rock Multichain! 📉
🔄 Stuck transactions and temporary suspensions leave users frustrated. Meanwhile, unconfirmed reports swirl around the team's arrest in China with $1B in funds.
💔 MULTI token plummets 45% in 4 Days, trading at $4.50
#Multichain #Crypto #Multi #Binance #Scams
Zero transfer scammer steals $20M USDT, gets blacklisted by Tether
Zero transfer scams are becoming prominent in the crypto ecosystem, with over $40 million stolen in 2023.
A scammer using zero transfer phishing attack managed to steal $20 million worth of Tether USDT on Aug. 1 before getting blacklisted by the stablecoin’s issuer Tether.
According to an update from on-chain analytic firm PeckShield, A zero transfer scammer grabbed 20 million USDT from the victim address 0x4071...9Cbc. The intended address that the victim planned to send money to was 0xa7B4BAC8f0f9692e56750aEFB5f6cB5516E90570; however, it was sent to a phishing address instead: 0xa7Bf48749D2E4aA29e3209879956b9bAa9E90570.
The zero transfer phishing scam. Source: Etherscan
The victim’s wallet address first received $10 million from a Binance account. The victim then sent it to another address before the scammer jumped in. The scammer then sent a fake Zero USDT token transfer from the victim’s account to the phishing address. A few hours later, the victim sent 20 million USDT to the scammer, thinking they were transferring it to their desired address.
The wallet was immediately frozen by USDT issuer Tether, which raised eyebrows at the speedy nature of the action.
Users generally check the first or last five digits of a wallet address, not the whole address, leading them to send the assets to a phishing address. The victim is tricked into sending a transaction for zero tokens from their wallet to an address that resembles one to which they have already sent tokens before.
For instance, if the victim sent 100 coins to an address for an exchange deposit, the attacker might send 0 coins from the victim’s wallet to an address that appears similar but is controlled by the attacker. Upon viewing this transaction in their transaction history, the victim might assume that the address displayed is the proper deposit address and send their coins to the phishing address.
Zero transfer phishing scams have become quite prominent in the crypto ecosystem over the past year, with multiple instances coming to light. One of the first instances of a zero transfer scam occurred in December 2022, with over $40 million in losses to such attacks since.
#blockchain
#Cryptocurrencies
#Phishing
#Ethereum
#Scams
A scammer using zero transfer phishing attack managed to steal $20 million worth of Tether USDT on Aug. 1 before getting blacklisted by the stablecoin’s issuer Tether.
According to an update from on-chain analytic firm PeckShield, A zero transfer scammer grabbed 20 million USDT from the victim address 0x4071...9Cbc. The intended address that the victim planned to send money to was 0xa7B4BAC8f0f9692e56750aEFB5f6cB5516E90570; however, it was sent to a phishing address instead: 0xa7Bf48749D2E4aA29e3209879956b9bAa9E90570.
The zero transfer phishing scam. Source: Etherscan
The victim’s wallet address first received $10 million from a Binance account. The victim then sent it to another address before the scammer jumped in. The scammer then sent a fake Zero USDT token transfer from the victim’s account to the phishing address. A few hours later, the victim sent 20 million USDT to the scammer, thinking they were transferring it to their desired address.
The wallet was immediately frozen by USDT issuer Tether, which raised eyebrows at the speedy nature of the action.
Users generally check the first or last five digits of a wallet address, not the whole address, leading them to send the assets to a phishing address. The victim is tricked into sending a transaction for zero tokens from their wallet to an address that resembles one to which they have already sent tokens before.
For instance, if the victim sent 100 coins to an address for an exchange deposit, the attacker might send 0 coins from the victim’s wallet to an address that appears similar but is controlled by the attacker. Upon viewing this transaction in their transaction history, the victim might assume that the address displayed is the proper deposit address and send their coins to the phishing address.
Zero transfer phishing scams have become quite prominent in the crypto ecosystem over the past year, with multiple instances coming to light. One of the first instances of a zero transfer scam occurred in December 2022, with over $40 million in losses to such attacks since.
#blockchain
#Cryptocurrencies
#Phishing
#Ethereum
#Scams
Crypto users lost $1.8 billion in 2023 hacks and scams
Over the course of 2023, crypto users lost $1.8 billion in various hacks, exploits, scams and rug pulls, bug bounty platform Immunefi said in a report published on Thursday. While that's a 54% decrease from the $3.9 billion the industry lost in 2022, the number of single incidents increased 90% from 168 in 2022 to 319 in 2023.
The third quarter of the year proved to be the most disastrous, accounting for a third of all losses registered during the year. In terms of monthly numbers, the highest losses were seen in November ($343 million), September ($340 million) and July ($320 million).
A total of $1.6 billion was lost as a result of hacks in 247 incidents mostly connected to decentralized finance platforms, while fraud accounted for $103 million lost in 110 incidents, according to the report.
Immunefi said that 13.5% of the stolen funds, or around $231.7 million, had been recovered in 19 cases.
Most attacked blockchains
BNB Chain and Ethereum are consistently the most attacked blockchains, accounting for more than half of the total losses. According to Immunefi, 131 incidents involved BNB Chain-based projects, and 91 incidents were seen on Ethereum. They were followed by Polygon with ten incidents, and Avalanche with six.
North Korea's Lazarus Group got away with $308.6 million of funds stolen from various projects in 2023, which is 17.4% of the total losses seen during the year. The group is believed to be behind the attacks on Atomic Wallet, CoinEx, Alphapo, Stake and CoinsPaid.
Other notable incidents in 2023 included attacks on Mixin Network ($200 million), Euler Finance ($197 million), Multichain ($126 million), Poloniex ($126 million), and BonqDAO ($120 million), Immunefi said.
#Scams #hacks
The third quarter of the year proved to be the most disastrous, accounting for a third of all losses registered during the year. In terms of monthly numbers, the highest losses were seen in November ($343 million), September ($340 million) and July ($320 million).
A total of $1.6 billion was lost as a result of hacks in 247 incidents mostly connected to decentralized finance platforms, while fraud accounted for $103 million lost in 110 incidents, according to the report.
Immunefi said that 13.5% of the stolen funds, or around $231.7 million, had been recovered in 19 cases.
Most attacked blockchains
BNB Chain and Ethereum are consistently the most attacked blockchains, accounting for more than half of the total losses. According to Immunefi, 131 incidents involved BNB Chain-based projects, and 91 incidents were seen on Ethereum. They were followed by Polygon with ten incidents, and Avalanche with six.
North Korea's Lazarus Group got away with $308.6 million of funds stolen from various projects in 2023, which is 17.4% of the total losses seen during the year. The group is believed to be behind the attacks on Atomic Wallet, CoinEx, Alphapo, Stake and CoinsPaid.
Other notable incidents in 2023 included attacks on Mixin Network ($200 million), Euler Finance ($197 million), Multichain ($126 million), Poloniex ($126 million), and BonqDAO ($120 million), Immunefi said.
#Scams #hacks
Beware of Crypto Giveaway Scam: $5M Stolen from Thousands of Victims
Beware of Crypto Giveaway Scam: $5M Stolen from Thousands of Victims
A recently uncovered crypto giveaway scam, orchestrated by the Russian-speaking group Impulse Team, has defrauded unsuspecting victims of more than $5 million since 2021. This elaborate operation involves a network of over 1,000 fraudulent websites and has successfully scammed individuals worldwide through social media platforms like Twitter, TikTok, and Mastodon. Trend Micro, a leading IT security expert, published research shedding light on this widespread scam, which has left thousands of people deceived.
Headings:
The Scam Unveiled: How Impulse Team Operates
The Illusion of Winning: Luring Victims on Social Media
Activation and Identity Verification: A Costly Requirement
Impulse Team's Profits: Exaggerated Claims and Affiliate Networks
Expanding Their Reach: Promoting the Scam on Cybercrime Forums
Russian Detective Bribed: Revealing Illegal Assets
Authorities Close In: Unearthing the Detective's Involvement
The Scam Unveiled: How Impulse Team Operates: The crypto giveaway scam operated by Impulse Team spans several years, with some associated websites dating back to 2016. Trend Micro's recent research has shed light on the extent of the scam, indicating that thousands of people worldwide have fallen victim to this fraudulent scheme. The scammers employ a network of over 1,000 deceptive websites to carry out their operations, targeting unsuspecting individuals seeking to participate in crypto giveaways.
The Illusion of Winning: Luring Victims on Social Media: Impulse Team preys on social media users, leveraging platforms such as Twitter, TikTok, and Mastodon to create an illusion of winning a valuable crypto giveaway. By presenting themselves as legitimate entities, the scammers entice victims into visiting their fraudulent websites, offering them a chance to claim a substantial prize of 0.78632 bitcoin (over $20,000).
Activation and Identity Verification: A Costly Requirement: To validate their accounts and claim the promised prize, victims are instructed to make an initial deposit of 0.01 bitcoin (approximately $260) for identity verification purposes. Although this amount appears relatively small compared to the promised rewards, victims soon discover that they never receive any return on their investment. The scammers exploit victims' trust, capitalizing on their desire for quick profits.
Impulse Team's Profits: Exaggerated Claims and Affiliate Networks: Trend Micro's research estimates that Impulse Team's scam websites received $5 million worth of USDT between December 2022 and March 2023. However, researchers suspect that the amounts showcased in Impulse's Telegram channels are intentionally inflated to attract other scammers to join their affiliate program. This elaborate network allows the scammers to promote their scams on Russian cybercrime forums, with a paid subscription service offering tools for successful victim exploitation.
Expanding Their Reach: Promoting the Scam on Cybercrime Forums: Impulse Team employs various tactics to expand the reach of their scam, including actively promoting it on Russian cybercrime forums. By doing so, they aim to recruit more affiliates and amplify their fraudulent activities. The scammers capitalize on the widespread interest in cryptocurrencies and the allure of quick profits, preying on individuals seeking financial gains.
Russian Detective Bribed: Revealing Illegal Assets: In a separate incident, hackers allegedly bribed a Russian detective with $28 million worth of bitcoin to shield their illicit assets from scrutiny. This detective, who held prominent positions in several investigative departments, was also leading the investigation into the group of hackers involved in the bribe. Authorities discovered evidence of the bribe, leading to the detective being asked to step down
Hello, it's CryptoPatel here!
Passionate about providing you with the latest insights and analysis on cryptocurrencies. Join me for high-quality updates on the ever-evolving crypto world.
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#crypto2023 #Scams
#Giveaway #SEC
#Sberbank
A recently uncovered crypto giveaway scam, orchestrated by the Russian-speaking group Impulse Team, has defrauded unsuspecting victims of more than $5 million since 2021. This elaborate operation involves a network of over 1,000 fraudulent websites and has successfully scammed individuals worldwide through social media platforms like Twitter, TikTok, and Mastodon. Trend Micro, a leading IT security expert, published research shedding light on this widespread scam, which has left thousands of people deceived.
Headings:
The Scam Unveiled: How Impulse Team Operates
The Illusion of Winning: Luring Victims on Social Media
Activation and Identity Verification: A Costly Requirement
Impulse Team's Profits: Exaggerated Claims and Affiliate Networks
Expanding Their Reach: Promoting the Scam on Cybercrime Forums
Russian Detective Bribed: Revealing Illegal Assets
Authorities Close In: Unearthing the Detective's Involvement
The Scam Unveiled: How Impulse Team Operates: The crypto giveaway scam operated by Impulse Team spans several years, with some associated websites dating back to 2016. Trend Micro's recent research has shed light on the extent of the scam, indicating that thousands of people worldwide have fallen victim to this fraudulent scheme. The scammers employ a network of over 1,000 deceptive websites to carry out their operations, targeting unsuspecting individuals seeking to participate in crypto giveaways.
The Illusion of Winning: Luring Victims on Social Media: Impulse Team preys on social media users, leveraging platforms such as Twitter, TikTok, and Mastodon to create an illusion of winning a valuable crypto giveaway. By presenting themselves as legitimate entities, the scammers entice victims into visiting their fraudulent websites, offering them a chance to claim a substantial prize of 0.78632 bitcoin (over $20,000).
Activation and Identity Verification: A Costly Requirement: To validate their accounts and claim the promised prize, victims are instructed to make an initial deposit of 0.01 bitcoin (approximately $260) for identity verification purposes. Although this amount appears relatively small compared to the promised rewards, victims soon discover that they never receive any return on their investment. The scammers exploit victims' trust, capitalizing on their desire for quick profits.
Impulse Team's Profits: Exaggerated Claims and Affiliate Networks: Trend Micro's research estimates that Impulse Team's scam websites received $5 million worth of USDT between December 2022 and March 2023. However, researchers suspect that the amounts showcased in Impulse's Telegram channels are intentionally inflated to attract other scammers to join their affiliate program. This elaborate network allows the scammers to promote their scams on Russian cybercrime forums, with a paid subscription service offering tools for successful victim exploitation.
Expanding Their Reach: Promoting the Scam on Cybercrime Forums: Impulse Team employs various tactics to expand the reach of their scam, including actively promoting it on Russian cybercrime forums. By doing so, they aim to recruit more affiliates and amplify their fraudulent activities. The scammers capitalize on the widespread interest in cryptocurrencies and the allure of quick profits, preying on individuals seeking financial gains.
Russian Detective Bribed: Revealing Illegal Assets: In a separate incident, hackers allegedly bribed a Russian detective with $28 million worth of bitcoin to shield their illicit assets from scrutiny. This detective, who held prominent positions in several investigative departments, was also leading the investigation into the group of hackers involved in the bribe. Authorities discovered evidence of the bribe, leading to the detective being asked to step down
Hello, it's CryptoPatel here!
Passionate about providing you with the latest insights and analysis on cryptocurrencies. Join me for high-quality updates on the ever-evolving crypto world.
If you enjoy my content, please show your support by liking, sharing, and following. Let's stay connected for exciting updates!
#crypto2023 #Scams
#Giveaway #SEC
#Sberbank
Navigating the world of cryptocurrencies requires vigilance, as the digital landscape is not only filled with opportunities but also with pitfalls. One such pitfall is the presence of counterfeit applications, such as a fake #Ledger Live app that might appear on platforms like the #Microsoft Store. 🐍💻
Wisdom in this domain comes down to a blend of caution and education. When dealing with crypto assets, the importance of verifying the legitimacy of every tool and service you use cannot be overstressed. Here's a sage piece of advice: "Trust, but verify." Even the most trustworthy-looking applications need to be double-checked, especially when they are stewards of your digital wealth. 🔍✅
The existence of a fake app is a reminder to always do your due diligence. Before downloading any application related to cryptocurrency management, such as wallets or trading platforms, ensure that you're visiting the official website of the service provider to get the correct link. Look for signs of authenticity like developer information, reviews, and website links. A genuine service provider will always have a means to verify their software and will often warn users about potential scams through their official communication channels. 🌐🛡️
Furthermore, make it a practice to keep an eye on the #community feedback. The crypto community is often the first line of defense against #Scams with users quickly raising flags about suspicious activity. 🚩👥
Remember, in the world of digital assets, your first line of defense is your own informed caution. When in doubt, reach out directly to the service provider for confirmation. As the saying goes, "Better safe than sorry." In the digital age, this couldn't be more accurate—especially when the safety of your investments is at stake. 💬🔐
So, take this incident not just as a warning, but as a valuable lesson: In the digital wild west of crypto, always saddle up with skepticism and ride with the reins of research in hand. 🤠📖
#BTC
Wisdom in this domain comes down to a blend of caution and education. When dealing with crypto assets, the importance of verifying the legitimacy of every tool and service you use cannot be overstressed. Here's a sage piece of advice: "Trust, but verify." Even the most trustworthy-looking applications need to be double-checked, especially when they are stewards of your digital wealth. 🔍✅
The existence of a fake app is a reminder to always do your due diligence. Before downloading any application related to cryptocurrency management, such as wallets or trading platforms, ensure that you're visiting the official website of the service provider to get the correct link. Look for signs of authenticity like developer information, reviews, and website links. A genuine service provider will always have a means to verify their software and will often warn users about potential scams through their official communication channels. 🌐🛡️
Furthermore, make it a practice to keep an eye on the #community feedback. The crypto community is often the first line of defense against #Scams with users quickly raising flags about suspicious activity. 🚩👥
Remember, in the world of digital assets, your first line of defense is your own informed caution. When in doubt, reach out directly to the service provider for confirmation. As the saying goes, "Better safe than sorry." In the digital age, this couldn't be more accurate—especially when the safety of your investments is at stake. 💬🔐
So, take this incident not just as a warning, but as a valuable lesson: In the digital wild west of crypto, always saddle up with skepticism and ride with the reins of research in hand. 🤠📖
#BTC
Has Crypto Vanished? Fear Not, Warriors! Reclaim Your Coins! ️
Feeling the icy grip of fear after a crypto hack? Don't panic, fellow investor! While stolen coins can feel like a digital ghost town, recovery is possible.
Here's the truth: No guarantees exist, but armed with knowledge, you can fight back! ⚔️
🌓 First Steps:
▪︎Act FAST! Time is precious. Report the theft immediately to the exchange/wallet and authorities.
▪︎Secure the rest: Move remaining assets to a safe haven (a different wallet with robust security).
️♀️ Recovery Paths:
▪︎Exchange Support: Reputable platforms prioritize security and may offer recovery assistance. Contact them directly!
▪︎Blockchain Forensics: Specialized firms trace stolen funds and potentially freeze them. Consider their expertise, but be mindful of fees.
▪︎Law Enforcement: File a police report. While complex, their resources can be invaluable in major cases.
⚠️ Remember:
▪︎Prevention is key! Strong passwords, two-factor authentication, and vigilant awareness are your best defense.
▪︎Beware scams! Fake "recovery" services prey on desperation. Do your research and choose reputable firms.
▪︎Stay informed: The crypto landscape evolves rapidly. Keep up-to-date on security best practices and emerging threats.
You are not alone! The crypto community stands with you. Share your story (anonymously, if needed) to raise awareness and connect with others facing similar challenges.
Remember, even in the darkest depths of the digital world, hope remains. Fight for your coins, and never give up!
P.S. Share this post to empower others and spread the knowledge!
#CryptoSecurity #stolencrypto #CryptoSafety #Write2Earn #Scams
Feeling the icy grip of fear after a crypto hack? Don't panic, fellow investor! While stolen coins can feel like a digital ghost town, recovery is possible.
Here's the truth: No guarantees exist, but armed with knowledge, you can fight back! ⚔️
🌓 First Steps:
▪︎Act FAST! Time is precious. Report the theft immediately to the exchange/wallet and authorities.
▪︎Secure the rest: Move remaining assets to a safe haven (a different wallet with robust security).
️♀️ Recovery Paths:
▪︎Exchange Support: Reputable platforms prioritize security and may offer recovery assistance. Contact them directly!
▪︎Blockchain Forensics: Specialized firms trace stolen funds and potentially freeze them. Consider their expertise, but be mindful of fees.
▪︎Law Enforcement: File a police report. While complex, their resources can be invaluable in major cases.
⚠️ Remember:
▪︎Prevention is key! Strong passwords, two-factor authentication, and vigilant awareness are your best defense.
▪︎Beware scams! Fake "recovery" services prey on desperation. Do your research and choose reputable firms.
▪︎Stay informed: The crypto landscape evolves rapidly. Keep up-to-date on security best practices and emerging threats.
You are not alone! The crypto community stands with you. Share your story (anonymously, if needed) to raise awareness and connect with others facing similar challenges.
Remember, even in the darkest depths of the digital world, hope remains. Fight for your coins, and never give up!
P.S. Share this post to empower others and spread the knowledge!
#CryptoSecurity #stolencrypto #CryptoSafety #Write2Earn #Scams
#JUPUSDT The SCAM LAUNCH ON BINANCE.
#Scam #Scams #scamalert #Jupiter(JUP)
Click and Claim Reward
Jup started trading on binance today however it listed on 3 other exchanges 30 minutes before listing on binance including bybit and dumped from $2 to $0.06 then trading started on binance pushing it back up to $0.87
How can a new launch lose so much? Well if youre a seasoned scam artist and have a little money its easy. Its called fake airdrop. You airdrop all your tokens or the majority of them to wallets you control and then sell as soon as you launch all while collecting fees.
0.6650 | JUPUSDT | Binance Spot
#Scam #Scams #scamalert #Jupiter(JUP)
Click and Claim Reward
Jup started trading on binance today however it listed on 3 other exchanges 30 minutes before listing on binance including bybit and dumped from $2 to $0.06 then trading started on binance pushing it back up to $0.87
How can a new launch lose so much? Well if youre a seasoned scam artist and have a little money its easy. Its called fake airdrop. You airdrop all your tokens or the majority of them to wallets you control and then sell as soon as you launch all while collecting fees.
0.6650 | JUPUSDT | Binance Spot
#JUP The SCAM LAUNCH ON BINANCE.
#Scam #Scams #scamalert #Jupiter(JUP)
Jup started trading on binance today however it listed on 3 other exchanges 30 minutes before listing on binance including bybit and dumped from $2 to $0.06 then trading started on binance pushing it back up to $0.87
How can a new launch lose so much? Well if youre a seasoned scam artist and have a little money its easy. Its called fake airdrop. You airdrop all your tokens or the majority of them to wallets you control and then sell as soon as you launch all while collecting fees.
0.6650 ｜ JUPUSDT | Binance Spot
#Scam #Scams #scamalert #Jupiter(JUP)
Jup started trading on binance today however it listed on 3 other exchanges 30 minutes before listing on binance including bybit and dumped from $2 to $0.06 then trading started on binance pushing it back up to $0.87
How can a new launch lose so much? Well if youre a seasoned scam artist and have a little money its easy. Its called fake airdrop. You airdrop all your tokens or the majority of them to wallets you control and then sell as soon as you launch all while collecting fees.
0.6650 ｜ JUPUSDT | Binance Spot
WSBcoin Scandal: ZJZ.eth Dumps $635k of Team Supply, Raises Ethics Concerns in Crypto Market
A recent incident involving ZJZ.eth from @wsbcoinofficial has raised concerns about the transparency and security of the cryptocurrency market. The individual reportedly dumped a large portion of the WSB team supply for $635k (334 ETH), leading to suspicions of a "rug pull" scam.
In November 2022, ZJZ.eth allegedly messaged an individual, stating "I guess we should have been greedy amoral bastards instead 😔". This message only added to the growing suspicion of unethical behavior in the cryptocurrency space.
To add to the confusion, there is a lack of clarity about the other multisig signer for the 6.86B WSB transaction. @wsbmod has claimed that it belongs to the mod OIP, indicating that ZJZ created the transaction and OIP executed it.
As investors become increasingly wary of cryptocurrency scams, it is important for individuals and organizations to prioritize transparency and ethical behavior. The lack of regulation in the crypto market can lead to instances of fraud and manipulation, causing damage to the market as a whole.
As the crypto market continues to evolve, it is essential that industry participants work to build a reputation of trust and integrity. By holding themselves to high ethical standards, they can help to establish a market that is fair, transparent, and secure for all investors.
Hey, it's CryptoPatel here!
I'm passionate about providing you with the latest insights and analysis on the world of cryptocurrencies.
If you enjoy my content and want to show your support, please like, share, and follow me for more high-quality updates.
Thank you for your support, and let's continue to stay connected for more exciting content!
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In November 2022, ZJZ.eth allegedly messaged an individual, stating "I guess we should have been greedy amoral bastards instead 😔". This message only added to the growing suspicion of unethical behavior in the cryptocurrency space.
To add to the confusion, there is a lack of clarity about the other multisig signer for the 6.86B WSB transaction. @wsbmod has claimed that it belongs to the mod OIP, indicating that ZJZ created the transaction and OIP executed it.
As investors become increasingly wary of cryptocurrency scams, it is important for individuals and organizations to prioritize transparency and ethical behavior. The lack of regulation in the crypto market can lead to instances of fraud and manipulation, causing damage to the market as a whole.
As the crypto market continues to evolve, it is essential that industry participants work to build a reputation of trust and integrity. By holding themselves to high ethical standards, they can help to establish a market that is fair, transparent, and secure for all investors.
Hey, it's CryptoPatel here!
I'm passionate about providing you with the latest insights and analysis on the world of cryptocurrencies.
If you enjoy my content and want to show your support, please like, share, and follow me for more high-quality updates.
Thank you for your support, and let's continue to stay connected for more exciting content!
LIKE ❤️
Share ⏩
Follow 🤝
#wsb #Scams #eth2.0 #sui #CryptoPatel
