Cryptocurrency booms alongside rising fraud - FBI warns of increasing scams as hackers exploit digital assets.
August saw $313.86 million lost in crypto hacks, mainly due to phishing attacks.from the U.S. FBI on 9th September, crypto frauds and scams surged by 45% in 2023 compared to the previous year, resulting in losses exceeding $5.6 billion.The cryptocurrency sector has seen phenomenal growth in 2024, largely driven by the rise of exchange-traded funds .
The report highlighted that individuals over the age of 60 were particularly vulnerable, with losses from this demographic totaling more than $1.6 billion.“Since cryptocurrencies eliminate the need for financial intermediaries to validate and facilitate transactions, criminals can exploit these characteristics to support illicit activity such as thefts, fraud, and money laundering.”“The best way to help stop these crimes is for people to report them to ic3.
“The 2 largest hacks, both involving unauthorized transfers , accounted for 93.5% of the total stolen funds, amounting to $293.4 million.” In light of these developments, the pressing question remains: Will the rise in crypto fraud and hacking drive the push for urgent security reforms and stricter regulations?Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life.
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