Tuesday, March 28, 2023
  • Login
EthozEdge
No Result
View All Result
  • Home
  • ETHO News
  • EVM News
    • Avalanche Network
    • Ethereum
    • Fantom Opera Chain
    • Harmony Chain
    • Huobi Eco Chain
    • Polygon Chain
  • Crypto News
    • Altcoin News
    • Bitcoin
    • Blockchain
    • Crypto Exchanges
    • Crypto Mining
    • Crypto Regulation News
    • DeFi
    • NFT
    • Metaverse
    • Scam News
    • Web 3.0
Cryptocurrency Marketcap
  • Home
  • ETHO News
  • EVM News
    • Avalanche Network
    • Ethereum
    • Fantom Opera Chain
    • Harmony Chain
    • Huobi Eco Chain
    • Polygon Chain
  • Crypto News
    • Altcoin News
    • Bitcoin
    • Blockchain
    • Crypto Exchanges
    • Crypto Mining
    • Crypto Regulation News
    • DeFi
    • NFT
    • Metaverse
    • Scam News
    • Web 3.0
No Result
View All Result
EthozEdge
No Result
View All Result
Home Crypto News Scam News

$7.8 billion of the $14 crypto crime in 2021 attributed to scams

by ethozedge
January 7, 2022
in Scam News
Reading Time: 2 mins read
A A
0
Share on FacebookShare on Twitter


Chainalysis findings show that there is currently more than $10 billion in illicit money (mostly stolen) held in crypto wallets

A new report from the blockchain data platform Chainalysis has revealed that crime involving cryptocurrencies last year hit an all-time high of $14 billion. This figure is almost twice the sum ($7.8 billion) recorded in 2020.

This upsurge in funds lost to fraudulent activity was, however, majorly attributed to the growth of the crypto markets. The markets saw transaction volumes rise by more than 550% to reach $15.8 trillion. The $14 billion sum lost represents just a mere figure of 0.15% of all the blockchain transactions seen in 2021.

“We had an explosion in the amount of on-chain activity (in 2021). It’s just that the amount of crime didn’t grow as fast as the amount of legitimate use cases,” Chainalysis head of research Kim Grauer said

DeFi targeted heavily

The report also found that the swollen figure related to the explosion seen in the decentralised finance niche last year. Grauer explained that DeFi was particularly targeted as most of its resources have been made available for open-source access. She also explained that being a burgeoning field, DeFi was widely exploited by cybercriminals as it qualified as a target for crime.

More specifically, the report detailed that by the close of the year, DeFi protocols were involved in about two-thirds, $2.2 billion of all the crypto lost to theft last year. This figure equates to a more than 500% increase from 2020.

“DeFi platform protocols are hacked very often because it’s a new industry and a lot of the code is open-source, so people can look at the code and see vulnerabilities,” Grauer stated.

Scams led the way, accounting for $7.8 billion worth of losses, and Chainalysis says that around $3 billion of this figure resulted from rug pulls. Rug pulls came about in a trend where developers create a seemingly (but not) legitimate crypto project, only to pull out and disappear with a load of cash, leaving the investors exposed.

The role of law enforcement

In the last year, law enforcement activity seen in handling crypto crime rose significantly. The IRS Criminal Investigation Unit is said to have seized $1 billion in crypto associated with the Silk Road darknet. Moreover, most of the Colonial Pipeline ransom was recovered.

However, Grauer elucidated that increased federal activity against crime does not mean crime figures more so in scamming will necessarily fall. Her reason is that several projects are coming up, and it’s impossible to vet the legitimacy of them all.

“People are treating (investing) like a roulette table, and so I think that means there will be a lot of opportunities for people to get scammed,” she noted.



Source link

Tags: attributedBillionbitcoin newscrimeCryptocrypto analysiscrypto newsEthoz EdgeLatest bitcoin newslatest crypto newsscams
Share76Tweet47

Related Posts

Montenegro Vice President announces arrest of individual suspected to be Do Kwon: Confirmed

by ethozedge
March 23, 2023
0

Ad Update: Korean authorities have since confirmed that the detained person is Do Kwon.Montenegro Vice President Filip Adzic confirmed the...

AI dApp Harvester Keeper gets hacked for almost $1M

by ethozedge
March 20, 2023
0

Ad The recently launched AI trading app called Harvest Keeper saw almost $1 million of users’ funds drained through a...

Crypto investment fraud in the US hits record $2.57B – up 183% YoY

by ethozedge
March 16, 2023
0

Cryptocurrency investment fraud in the U.S. was up almost 3x year-over-year in 2022 — making investment fraud the “costliest scheme...

ZachXBT bids adieu to crypto community requests

by ethozedge
March 9, 2023
0

Ad In a recent tweet, on-chain detective ZachXBT said he “sincerely meant” he was ending community requests for help with...

DeFi platforms lost over $21M to hackers in February: DefiLlama data

by ethozedge
March 6, 2023
0

One of the largest is the flash loan reentrancy attack on Platypus Finance. DefiLlama has highlighted seven noteworthy hacks in...

Load More
  • Trending
  • Comments
  • Latest

🔴 Bank of America Bets on Crypto

April 11, 2022

Pomelo Launches Family Credit Cards to Combine Credit and International Money Transfer

August 16, 2022

How to Add Polygon (MATIC) to Your MetaMask Wallet

May 28, 2022

The Sandbox Price Prediction 2022-2030: HODL or DUMP?

May 25, 2022

Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’

0

At least 54 apes were stolen in BAYC Instagram hack

0

Binance Introduces New Crypto Card for Ukrainian Refugees

0

55,000 Meta Cricket League NFTs sell out in nine minutes

0

Polygon announces the launch of open-source zkEVM

March 28, 2023

Ripple Contributes To New Digital Euro Whitepaper By DEA

March 28, 2023

THORChain halts Operations Due To Network Vulnerability Report

March 28, 2023

Disney disbands entire metaverse team – 50 staff jobs cut

March 28, 2023
Facebook Twitter LinkedIn Tumblr RSS
EthozEdge

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at EthozEdge

CATEGORIES

  • Altcoin News
  • Avalanche Network
  • Binance Smart Chain
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Mining
  • Crypto Regulation News
  • DeFi
  • Ethereum
  • EVM News
  • Fantom Opera Chain
  • Harmony Chain
  • Huobi Eco Chain
  • Metaverse
  • NFT
  • Polygon Chain
  • Scam News
  • Web 3.0
  • XDai Chain

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - EthozEdge.
EthozEdge The Crypto is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • ETHO News
  • EVM News
    • Avalanche Network
    • Ethereum
    • Fantom Opera Chain
    • Harmony Chain
    • Huobi Eco Chain
    • Polygon Chain
  • Crypto News
    • Altcoin News
    • Bitcoin
    • Blockchain
    • Crypto Exchanges
    • Crypto Mining
    • Crypto Regulation News
    • DeFi
    • NFT
    • Metaverse
    • Scam News
    • Web 3.0

Copyright © 2022 - EthozEdge.
EthozEdge The Crypto is not responsible for the content of external sites.

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
  • JDBJDB(JDB)$0.021575-0.61%
  • bitcoinBitcoin(BTC)$27,041.000.14%
  • ethereumEthereum(ETH)$1,743.761.82%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.23%
  • binancecoinBNB(BNB)$311.75-1.56%
  • usd-coinUSD Coin(USDC)$1.000.03%
  • rippleXRP(XRP)$0.507.97%
  • cardanoCardano(ADA)$0.3604345.25%
  • staked-etherLido Staked Ether(STETH)$1,738.481.98%
  • dogecoinDogecoin(DOGE)$0.0729320.03%
  • matic-networkPolygon(MATIC)$1.061.56%
  • solanaSolana(SOL)$20.312.56%
  • binance-usdBinance USD(BUSD)$1.000.04%
  • polkadotPolkadot(DOT)$5.972.12%
  • litecoinLitecoin(LTC)$86.86-2.27%
  • shiba-inuShiba Inu(SHIB)$0.000010-0.39%
  • tronTRON(TRX)$0.0636851.49%
  • avalanche-2Avalanche(AVAX)$16.591.18%
  • daiDai(DAI)$1.000.45%
  • uniswapUniswap(UNI)$5.732.51%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$27,060.000.29%
  • chainlinkChainlink(LINK)$6.87-0.24%
  • cosmosCosmos Hub(ATOM)$11.305.14%
  • leo-tokenLEO Token(LEO)$3.390.15%
  • ToncoinToncoin(TON)$2.04-3.69%
  • moneroMonero(XMR)$155.08-0.94%
  • ethereum-classicEthereum Classic(ETC)$19.942.92%
  • okbOKB(OKB)$42.620.82%
  • stellarStellar(XLM)$0.0960925.38%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • bitcoin-cashBitcoin Cash(BCH)$120.921.25%
  • filecoinFilecoin(FIL)$5.402.18%
  • true-usdTrueUSD(TUSD)$1.000.25%
  • AptosAptos(APT)$11.07-0.19%
  • lido-daoLido DAO(LDO)$2.161.05%
  • hedera-hashgraphHedera(HBAR)$0.0589671.21%
  • quant-networkQuant(QNT)$120.480.96%
  • crypto-com-chainCronos(CRO)$0.0669850.49%
  • nearNEAR Protocol(NEAR)$1.870.74%
  • vechainVeChain(VET)$0.0220910.61%
  • apecoinApeCoin(APE)$4.084.89%
  • ArbitrumArbitrum(ARB)$1.17-2.76%
  • algorandAlgorand(ALGO)$0.2008460.92%
  • internet-computerInternet Computer(ICP)$4.780.76%
  • eosEOS(EOS)$1.111.91%
  • blockstackStacks(STX)$0.89-3.05%
  • the-graphThe Graph(GRT)$0.1331640.27%
  • fantomFantom(FTM)$0.412638-0.67%
  • the-sandboxThe Sandbox(SAND)$0.601.80%
  • fraxFrax(FRAX)$1.00-0.05%
  • elrond-erd-2MultiversX(EGLD)$41.531.03%
  • decentralandDecentraland(MANA)$0.571.77%
  • aaveAave(AAVE)$70.211.12%
  • tezosTezos(XTZ)$1.080.10%
  • theta-tokenTheta Network(THETA)$0.971.52%
  • flowFlow(FLOW)$0.931.54%
  • immutable-xImmutableX(IMX)$1.053.44%
  • axie-infinityAxie Infinity(AXS)$8.132.22%
  • rocket-poolRocket Pool(RPL)$45.9614.56%
  • neoNEO(NEO)$12.321.54%
  • kucoin-sharesKuCoin(KCS)$8.280.01%
  • paxos-standardPax Dollar(USDP)$1.00-0.47%
  • BitDAOBitDAO(BIT)$0.520.49%
  • havvenSynthetix Network(SNX)$2.341.26%
  • WhiteBIT TokenWhiteBIT Token(WBT)$5.020.54%
  • usddUSDD(USDD)$0.99-0.30%
  • terra-lunaTerra Luna Classic(LUNC)$0.0001211.06%
  • curve-dao-tokenCurve DAO(CRV)$0.901.62%
  • conflux-tokenConflux(CFX)$0.3307274.24%
  • klay-tokenKlaytn(KLAY)$0.2231040.45%
  • gatechain-tokenGate(GT)$4.880.17%
  • bitcoin-cash-svBitcoin SV(BSV)$35.24-0.93%
  • optimismOptimism(OP)$2.163.68%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.60-0.92%
  • mina-protocolMina Protocol(MINA)$0.74-1.90%
  • sapphireSapphire(SAPP)$0.7035.32%
  • gmxGMX(GMX)$74.7410.28%
  • dashDash(DASH)$55.82-0.04%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • chilizChiliz(CHZ)$0.1158601.93%
  • makerMaker(MKR)$676.965.35%
  • bittorrentBitTorrent(BTT)$0.0000011.45%
  • huobi-tokenHuobi(HT)$3.57-0.15%
  • ecasheCash(XEC)$0.0000301.24%
  • iotaIOTA(MIOTA)$0.2037701.97%
  • xdce-crowd-saleXDC Network(XDC)$0.0399371.62%
  • Bitget TokenBitget Token(BGB)$0.385679-0.37%
  • frax-shareFrax Share(FXS)$7.561.44%
  • compound-ethercETH(CETH)$34.971.67%
  • EdgecoinEdgecoin(EDGT)$1.00-0.28%
  • FlareFlare(FLR)$0.04207625.30%
  • pax-goldPAX Gold(PAXG)$1,985.500.48%
  • Tokenize XchangeTokenize Xchange(TKX)$6.121.56%
  • tether-goldTether Gold(XAUT)$1,971.590.40%
  • singularitynetSingularityNET(AGIX)$0.402534-1.55%
  • trust-wallet-tokenTrust Wallet(TWT)$1.11-1.13%
  • binaryxBinaryX(BNX)$165.94-5.94%
  • Halo CoinHalo Coin(HALO)$0.057352-0.04%
  • compound-usd-coincUSDC(CUSDC)$0.0228040.47%
  • mask-networkMask Network(MASK)$5.810.42%
  • osmosisOsmosis(OSMO)$0.802.98%
  • zilliqaZilliqa(ZIL)$0.0264422.80%
  • loopringLoopring(LRC)$0.3421962.00%
  • 1inch1inch(1INCH)$0.4995291.66%
  • radixRadix(XRD)$0.040723-1.19%
  • render-tokenRender(RNDR)$1.130.13%
  • nexoNEXO(NEXO)$0.731.86%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,864.211.88%
  • cdaicDAI(CDAI)$0.0222421.17%
  • kavaKava(KAVA)$0.876.50%
  • thorchainTHORChain(RUNE)$1.32-0.98%
  • arweaveArweave(AR)$7.901.58%
  • gemini-dollarGemini Dollar(GUSD)$1.000.09%
  • KaspaKaspa(KAS)$0.02212017.72%
  • btse-tokenBTSE Token(BTSE)$2.361.53%
  • oec-tokenOKT Chain(OKT)$21.34-1.37%
  • convex-financeConvex Finance(CVX)$4.991.31%
  • zcashZcash(ZEC)$35.911.00%
  • dydxdYdX(DYDX)$2.408.16%
  • casper-networkCasper Network(CSPR)$0.034083-0.20%
  • enjincoinEnjin Coin(ENJ)$0.370235-0.32%
  • DeFiChainDeFiChain(DFI)$0.53-0.39%
  • EthereumPoWEthereumPoW(ETHW)$3.341.56%
  • fetch-aiFetch.ai(FET)$0.342986-0.64%
  • DogechainDogechain(DC)$0.001787-24.98%
  • basic-attention-tokenBasic Attention(BAT)$0.2401810.44%
  • WEMIXWEMIX(WEMIX)$1.432.22%
  • nemNEM(XEM)$0.0375700.99%
  • baby-doge-coinBaby Doge Coin(BABYDOGE)$0.000000-1.35%
  • ethereum-name-serviceEthereum Name Service(ENS)$12.893.07%
  • Nexus MutualNexus Mutual(NXM)$48.371.24%
  • FLOKIFLOKI(FLOKI)$0.000032-4.19%
  • woo-networkWOO Network(WOO)$0.1889574.18%
  • qtumQtum(QTUM)$3.010.88%
  • BeldexBeldex(BDX)$0.0606412.91%
  • Aleph ZeroAleph Zero(AZERO)$1.42-1.36%
  • theta-fuelTheta Fuel(TFUEL)$0.0512552.54%
  • holotokenHolo(HOT)$0.0017451.30%
  • terra-luna-2Terra(LUNA)$1.261.31%
  • injective-protocolInjective(INJ)$3.810.63%
  • decredDecred(DCR)$19.91-1.64%
  • celoCelo(CELO)$0.605.98%
  • kusamaKusama(KSM)$32.623.40%
  • galaGALA(GALA)$0.0385914.36%
  • ravencoinRavencoin(RVN)$0.024292-1.43%
  • olympusOlympus(OHM)$10.250.17%
  • Gains FarmGains Farm(GFARM2)$7,930.530.00%
  • compound-governance-tokenCompound(COMP)$41.371.95%
  • audiusAudius(AUDIO)$0.28567310.50%
  • MagicMagic(MAGIC)$1.320.45%
  • gnosisGnosis(GNO)$107.361.71%
  • safemoonSafeMoon [OLD](SAFEMOON)$0.000000-5.06%
  • oasis-networkOasis Network(ROSE)$0.0548301.81%
  • yearn-financeyearn.finance(YFI)$8,301.623.77%
  • liquity-usdLiquity USD(LUSD)$1.020.17%
  • balancerBalancer(BAL)$6.723.62%
  • linkLINK(LN)$39.99-0.78%
  • flex-coinFLEX Coin(FLEX)$2.653.86%
  • AstarAstar(ASTR)$0.058784-0.66%
  • chiaChia(XCH)$37.13-1.27%
  • IdeaChainIdeaChain(ICH)$4.730.00%
  • ftx-tokenFTX(FTT)$1.89-21.52%
  • ankrAnkr Network(ANKR)$0.0311501.89%
  • SSV NetworkSSV Network(SSV)$35.63-3.81%
  • Crypto Gladiator LeagueCrypto Gladiator League(CGL)$0.16194440.57%
  • nucypherNuCypher(NU)$0.191910-1.39%
  • Access ProtocolAccess Protocol(ACS)$0.008418-1.81%
  • bitcoin-goldBitcoin Gold(BTG)$14.16-9.12%
  • omisegoOMG Network(OMG)$1.772.65%
  • huobi-btcHuobi BTC(HBTC)$27,028.000.49%
  • Bone ShibaSwapBone ShibaSwap(BONE)$1.05-2.28%
  • harmonyHarmony(ONE)$0.019107-0.41%
  • bloxBlox(CDT)$0.349020-6.64%
  • Manchester City Fan TokenManchester City Fan Token(CITY)$11.87-1.78%
  • AstraferAstrafer(ASTRAFER)$1.490.73%
  • stepnSTEPN(GMT)$0.3670740.88%
  • world-mobile-tokenWorld Mobile Token(WMT)$0.2920233.33%
  • iotexIoTeX(IOTX)$0.024349-1.11%
  • DAO MakerDAO Maker(DAO)$1.53-2.99%
  • convex-crvConvex CRV(CVXCRV)$0.793.10%
  • escoin-tokenEscoin(ELG)$2.862.05%
  • Meerkat SharesMeerkat Shares(MSHARE)$11,715.17-5.03%
  • golemGolem(GLM)$0.2252300.07%
  • tether-eurtEuro Tether(EURT)$1.080.70%
  • justJUST(JST)$0.0251270.71%
  • Staked LunaStaked Luna(STLUNA)$88.35-0.49%
  • Frax EtherFrax Ether(FRXETH)$1,742.481.86%
  • Gains NetworkGains Network(GNS)$7.206.79%
  • moonbeamMoonbeam(GLMR)$0.356264-1.61%
  • inSure DeFiinSure DeFi(SURE)$0.0080880.73%
  • BlurBlur(BLUR)$0.51-0.88%
  • jasmycoinJasmyCoin(JASMY)$0.0044631.13%
  • ecomiECOMI(OMI)$0.000781-1.28%
  • band-protocolBand Protocol(BAND)$1.692.90%
  • terrausdTerraClassicUSD(USTC)$0.0212170.32%
  • kadenaKadena(KDA)$0.920.29%
  • Ankr Staked ETHAnkr Staked ETH(ANKRETH)$1,925.73-2.13%
  • wavesWaves(WAVES)$2.041.35%
  • perpetual-protocolPerpetual Protocol(PERP)$2.92-2.77%