How to keep your Money, especially Crypto, away from Scammers

Lebedev

Lebedev

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Jun 26, 2018
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The latest research says that in the year 2018 more than $38 million in Ethereum were stolen by hackers and common scammers. So a very important question today is how to keep your money safe, so you were able to withdraw your crypto when bitcoin is a million dollars (maybe not as high but still).

38 million is a giant number as well as a big loss, but everything becomes worth when we see than the previous 2017th year hackers had stolen twice less - this what Chainalysis informs us.

They also mentioned that the quantity of schemes used by frauders has been going down, but the ones that are effective are becoming more and more spread, what is more, these thievery methods are much more sophisticated than they used to be. This way it is very important to know about the latest of them in order to save your little capital.

Due to several reasons, that can be found in the full Chainalysis report, Ethereum is now the most popular coin among scammers - you have to be twice as vigilant in case you use it.

According to analytics since the end of 2016 till the end of 2018 they have found more than 2000 scammers public keys in the Ethereum network, what is more, almost 40,000 people have transferred their crypto on these fake addresses. At the same time, 75% of all deceptions were made in the ETH network.

5c478781cfb5185d4b03d04c_Revenue-of-Scammers-and-Number-of-People-Scammed-by-Year-1-e154835991...jpg

The most Popular way of Fraud is old Fishing

As pointed by Chainalysis this was the most used in 2017 as well as 2018. In 2017 more than 80% of all fraudulent schemes consisted in fishing, in the next year however, this method was found less effective so it's activity was just 40% - but still the most popular.

Other popular way of stealing money are fake ICO projects - when founders and all the team suddenly disappear as soon as the tokens are sold (31.5%) and ponzi or financial pyramids based on blockchain - 15%. Try to remember that even decentralized blockchain can't make ponzi even a bit more fair. Another 15% were stolen using other fraud methods, which unfortunately were not mentioned.

5c4787934aa6f8392253ef27_Most-Profitable-Scams-in-2017-by-Type-e1548359942780.jpg
 
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