Ahh, crypto. We have all heard the seductive, utopian platitudes sung by evangelicals for digital currency: It is Change the world (or as a BitConnect type once said, “The world is no longer what it used to be!”)! It is Revolutionize finance (no more banks)! It will make you damn rich, you idiot! These are all good things. But the other thing it likely will do: empty your pockets and let you troll the streets of the next town singing the blues about that time, a hacker took off with your savings.
It’s no secret that fraud and theft are common in the cryptocurrency industry. Reports from different groups of watchdogs have shown that the largely unregulated landscape of digital finance is full of crime because, duh, that’s what hpens in unregulated industries. Then there is the diffusive Cyber security vulnerabilities the crypto infrastructure, the hordes of greedy cyber criminals scouring the internet for unsecured hot wallets or zero day exchanges, and what you have is a perfect recipe for robbing your shit.
It’s also easy to see why rip-offs and thefts appear to be become worse, not better. According to a study deleted by Crypto head August that year was one of the worst in cryptocurrency hacking and robbery history – with about 32 reported incidents totaling approximately $ 2.99 billion in related losses. That’s a plus over last year’s numbers, which were themselves a 40 percent increase over reported incidents in 2019. And since Crypto Head’s report came out, a few stock market hacks have continued to prove its central thesis to be correct.
With that in mind, here’s a look back at six of the biggest crypto rip-offs of 2021.