Hi! Imagine that you lost your cryptocurrency due to scammers, and the exchange or service is obligated to refund your money. The United States is currently discussing a law that can make this a reality. Let's figure out how this can work.
What is offered?
The U.S. Consumer Financial Protection Bureau (CFPB) wants crypto services to become more responsible to their customers. They proposed to include cryptocurrency accounts in the operation of the Electronic Funds Transfer Act (EFTA). This law protects bank account holders from errors and fraudulent transactions. Now it can be expanded to cover cryptocurrencies as well.
What will change?
Here are the key points:
Crypta = money.
They propose to consider cryptocurrencies as "funds", like dollars. This includes bitcoins, stablecoins, and other digital assets.
Responsibilities of providers.
Companies working with cryptocurrency will be required to:
To compensate money for unauthorized transactions.
Disclose all fees, limits, and rules.
Report any changes to the terms.
Uniform safety standards.
Providers will be required to follow the same rules as banks: to prevent mistakes, prevent fraud, and protect users.
Why is this important?
Nowadays, in the crypto industry, the responsibility for security often lies solely with the user. If you lost access to your wallet or fell for the tricks of scammers, that's your problem. And if this rule is adopted, users will be more protected, especially those who store assets on centralized exchanges.
For example, in 2024, victims of hacker attacks lost about $3 billion. The new rule may reduce such risks.
But there are also problems.
Experts say the proposal raises questions.:
Non-custodial wallets.
The new rule does not seem to apply to wallets where the user manages their own keys, like MetaMask. This leaves most of the crypto market out of the regulatory zone.
Difficulties with implementation.
The blockchain works on the principle of irreversibility. How can I refund the user if the transaction has already taken place?
The risk of pressure on the industry.
Strict regulation can scare away crypto companies, and they will start leaving the United States for other countries.
What do the experts say?
Jai Massari (Lightspark): Points out that the rule leaves too many uncertainties, especially for developers and users of non-custodial wallets.
Drew Hinkes (lawyer): He believes that simply transferring banking laws to crypto is a simplistic approach that may not work.
Bill Hughes (Consensys): warns that excessive regulation may become a problem for the development of the industry.
What's next?
Right now it's just a suggestion. The CFPB collects public opinions until March 31, and then decides whether to introduce a rule or not. If it is accepted, crypto platforms in the United States will have to rebuild their processes.
What does this mean for us?
If you store crypto on centralized exchanges such as Binance or Coinbase, this rule may give you more protection. But if you use non-custodial wallets, the responsibility for security will remain with you.
In any case, it shows that the crypto market is becoming more mature, and the government is trying to regulate it. The only question is whether these rules will be useful or create new problems.
What do you think?
#crypto #scammers

Hey guys! I want to tell you about how last year scammers stole a huge amount of cryptocurrency — 494 million dollars. This money was stolen from the crypto wallets of more than 300,000 users.
At first glance, it seems that there are more victims, but their number has increased by only 3.7%. But the stolen amount increased by 67%! This means that people had more money in their wallets.
How does all this happen?
Scammers use clever phishing attacks. Imagine fake websites or hacked pages — you visit them without suspecting anything, and they steal your wallet data. These tools are called "wallet hijackers".
Most of these attacks occur during times of market growth, for example, when cryptocurrency prices rise sharply. In 2024, $187 million was stolen in the first quarter (at the height of the bitcoin price increase).
The biggest attacks
There are services such as Scam Sniffer that monitor the activity of scammers. They noticed that there were as many as 30 major thefts in 2024, each exceeding $1 million. The biggest theft brought the attackers 55.4 million dollars.
Later in the year, there was a case with the fraudulent Pink Drainer service, which even posed as journalists! This service used phishing attacks through Discord and Twitter. However, in the second quarter, he announced his closure, but the scammers immediately switched to other schemes.
Who dominated the "market"?
In the second half of 2024, the Inferno service became more active, stealing $110 million in August and September alone.
In the fourth quarter, Acedrainer became the leader, capturing 20% of the drainage systems market.
Which cryptocurrencies have been affected the most?
The biggest losses were related to Ethereum (85.3%, or 152 million dollars). And the most vulnerable assets:
Staking accounts for 40.9% of all stolen funds.
Stablecoins — 33.5%.
How do scammers work?
Scammers are improving their methods. In 2024, they used:
Fake CAPTCHA and Cloudflare pages.
IPFS (decentralized storage) for lock evasion.
Fake Google Ads and Twitter ads to lure users.
Protection Tips
Here's what you can do to avoid becoming a victim:
Check the URLs before visiting the site. Use only official sources.
Carefully read the requests for permissions and confirmation of transactions in the wallet.
Simulate transactions before executing them — this will help you see what actually happens.
Use the built-in warnings in your wallet. They often show if a transaction is suspicious.
Revoke permissions to use tokens using special tools.
Now you know how scammers work and how to protect yourself. Take care of your assets and be careful!
#cryptocurrency #crypto #scammers

Authorities are diligently working to address the Rs 2,500 crore cryptocurrency scam commenced in 2018 and involved the fugitive, Subhash Sharma!!

The mastermind of the #scam Subhash Sharma from Sarkaghat in Himachal Pradesh's Mandi district is reportedly hiding in the UAE, Says SIT.
The Special Investigation Team (SIT) plans to seek a warrant for Sharma's extradition from the #UAE with efforts underway to apprehend him.

The scam, which lured investors with promises of significant returns, began to unravel when returns ceased during the Covid-19 pandemic, prompting victims to confront the accused.
However, threats of financial loss and intimidation prevented many from reporting the scam. Nonetheless, in 2022, over 300 complaints were lodged, unveiling the fraudulent activities.
The investigation exposed the mastermind and his associates extravagant purchases and tax evasion, with 19 arrests made, including key figures involved in the scam. Furthermore, law enforcement is targeting individuals who profited substantially from the scheme.

The #scammers targeted individuals from diverse backgrounds, including police personnel and teachers, enticing them with promises of substantial returns through a locally developed #cryptocurrency called 'Korvio Coin' or KRO coins. By utilizing misinformation, deception, and threats, the perpetrators caused significant financial losses to the victims.
The scammers went as far as creating fake websites to inflate coin prices and utilized various cryptocurrencies. Shockingly, over a thousand police personnel fell victim to the fraud, with some making substantial gains by involving more investors and even opting for voluntary retirement to promote the ponzi scheme.
The efforts and collaboration between law enforcement and legislative measures emphasize the dedication to eradicate such financial scams and bring the perpetrators to justice.
#CryptoCops

One of my friend recently saw a post on binance for futures calls @CryptoManiacsQueen , joined his/her telegram channel. She started an investment package minimum of $100 investment , so if you invest $300 you will receive $6000 in 78hrs(I warned him before entering this scam) he paid her $300 usdt via trc20 . He received a mail in the next 48hrs , with a username and password for this scam website Alphaibroker.com he entered and saw $300 in it , next 72hrs as promised he received $6050 in his account , he tried withdrawing it that's when the real scam started , chat pops up and asks for $700 withdrawal fees and asks for a bsc wallet address of coinbase wallet , so he created one and sent them the address and the $700 via same trc20 usdt . He received 6050usdt(on bsc chain which clearly proves it's a fake token) he cannot send it or swap to some other token . He was again told to pay $1050 as a conversion fee only then he understood that he was scammed all along . $BTC #scammers Please stay away from these scammers @CryptoManiacsQueen