May 24, 2022

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Crazy growth in crypto scams: NOK 95 billion stolen this year alone

Crazy growth in crypto scams: NOK 95 billion stolen this year alone

It’s old news that scammers and other malicious actors have long thrown themselves at the crypto phenomenon in pursuit of fast money. We’ve now gained more knowledge about how great the values ​​are, and the number is a bit astonishing.

Elliptic, which specializes in analytical activities on cryptocurrencies with the aim of preventing crime, recently released a comprehensive report on the so-called Davy’s crime.

95 billion NOK this year alone

Defi stands for “Decentralized Finance” and relates to financial services based on decentralized blockchain technology, in which cryptocurrency is an essential part.

According to Elliptic, users and investors involved in the Defi business have lost a total of more than $12 billion – just under 110 billion kronor – as a result of theft and fraud. So this is the total number.

The company further says that losses are increasing sharply, and so far this year the figure is $ 10.5 billion – about 95 billion crowns. This is a significant increase from 2020, when the figure was “only” $1.5 billion.

Digi.no reported for comparison that crypto scammers He had 40 billion NOK stolen money in 2019, based on a report from cryptographic security company CipherTrace. In this case, the number has doubled in the past two years.

As Defi grows to become an increasingly important part of our financial system, inherent risks will also have an impact on traditional financial institutions. Elliptic wrote in its report that these risks cannot be mitigated solely by alienating industries.

Crypto Capital Rise by 1700%

According to the research firm, the total amount of “locked-in” capital in Defi services has grown by an insane 1,700 percent in the past year alone, and the values ​​are now $247 billion in total — about 2,245 billion crowns.

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An example of a very serious crypto theft We arrived in August this year. Then Poly Network, a decentralized platform used to exchange cryptocurrencies across different blockchains, reported that it had been attacked by a hacker in which 5.4 billion kroner worth of cryptocurrency was transferred to the hackers.

in a Twitter message The Polly Network claimed that the robbery was the largest in Davy’s history. It later turned out that the culprit was apparently a “type” hacker who just wanted to check the security of the platform – something not everyone believed.

Recently in the last month, he appeared to be a teenager I managed to get a cryptocurrency worth 320 million NOK Via SIM card fraud. Police in Canada, where the theft took place, described the incident as the largest cryptocurrency heist ever by a single person.

In August, Coinbase, one of the world’s largest cryptocurrency exchanges by number of users, encountered many of its customers drain their accounts of money.