• Home
  • Politics
  • Economy
  • Business
  • Markets
  • Opinion
  • Resources
Wednesday, February 8, 2023
  • Login
No Result
View All Result
WallStreetPro
  • Home
  • Politics
  • Economy
  • Business
  • Markets
  • Opinion
  • Resources
  • Home
  • Politics
  • Economy
  • Business
  • Markets
  • Opinion
  • Resources
No Result
View All Result
WallStreetPro
No Result
View All Result
Home Markets

Scammers stole $7.7 billion worth of crypto in 2021: Report

December 27, 2021
in Markets
Reading Time: 2 mins read
0
Scammers stole $7.7 billion worth of crypto in 2021: Report
13
SHARES
213
VIEWS
Share on FacebookShare on Twitter

Cryptocurrency scammers stole $7.7 billion worth of cryptocurrencies from victims in 2021. This is a 81% increase in losses compared to 2020.

According to Blockchain analysis firm Chainalysis, approximately $1.1 billion of the $7.7 billion were attributed to a single scheme which allegedly targeted two countries: Russia and Ukraine.

A primary source of rising cryptocurrency scams in 2021 were ‘rug pulls’. This is when the developers of a new cryptocurrency vanish and take supporters’ funds with them.

Rug pulls accounted for 37% of all cryptocurrency scams in 2021, at $2.8 billion.

“As the largest form of cryptocurrency-based crime and one uniquely targeted toward new users, scamming poses one of the biggest threats to cryptocurrency’s continued adoption.”

Chainalysis Report

The report from Chainalysis also found that the number of active financial scams rose from 2,052 in 2020 to 3,300 in 2021.

It is worth mentioning that scams also went up in line with the rise in value of popular cryptocurrencies such as Ethereum and Bitcoin.

With all these scams happening in the crypto space, what is the recommendation of Chinalysis?

“The most important takeaway is to avoid new tokens that haven’t undergone a code audit. Code audits are a process through which a third-party firm analyses the code of the smart contract behind a new token or other DeFi project,” said the report.

Tags: Cryptoinvesting
Previous Post

What is Value Investing?

Next Post

5 Biggest Hedge Fund Casualties of WallStreetBets’ Short Squeezes in 2021

Next Post
5 Biggest Hedge Fund Casualties of WallStreetBets’ Short Squeezes in 2021

5 Biggest Hedge Fund Casualties of WallStreetBets’ Short Squeezes in 2021

Discussion about this post

Recommended

Bitcoin Cash: Kroger confirms press release was faked

Bitcoin Cash: Kroger confirms press release was faked

1 year ago
Analysis: What does Russia export to US, China, Europe, Turkey, and the world

Analysis: What does Russia export to US, China, Europe, Turkey, and the world

11 months ago

Popular News

  • Two decades of Alzheimer’s research was based on deliberate fraud by 2 scientists that has cost billions of dollars and millions of lives

    Two decades of Alzheimer’s research was based on deliberate fraud by 2 scientists that has cost billions of dollars and millions of lives

    18011 shares
    Share 7202 Tweet 4501
  • Elon Musk is set to collect $23bn bonus as Tesla fires 10% of its staff. Is it fair?

    92 shares
    Share 37 Tweet 23
  • Cathie Wood expects Ethereum to increase 7,200% and hit a $20 trillion market cap by 2030

    24 shares
    Share 10 Tweet 6
  • You won the Lottery: What should you do next?

    33 shares
    Share 13 Tweet 8
  • ‘Pharma bro’, released from jail, is starting a web3 crypto company. Ponzi scheme?

    33 shares
    Share 13 Tweet 8
  • About
  • Privacy Policy
  • Disclaimer
  • Contact

© 2022 WallStreetPro - The premier page for finance and markets by WallStreetPro.

No Result
View All Result
  • Home
  • Politics
  • Economy
  • Business
  • Markets
  • Opinion
  • Resources

© 2022 WallStreetPro - The premier page for finance and markets by WallStreetPro.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In