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2021 – Crypto Fraud Alert, Says Crypto Experts

Kaspersky of Russia anticipates a surge in the number of scams in the year 2021. The preferred target for scammers would be Bitcoin. In the year 2020, not even the world’s biggest crypto-exchanges were found safe from scammers. Huge monetary losses due to scams were faced by exchanges such as Eterbase and KuCoin.

It is said in the crypto industry sector that the year 2020 was the best ever cryptocurrency and especially for Bitcoin. Though the year started on a low scale for Bitcoin but as soon as the year reached its end, Bitcoin retreated remarkably. There was huge investment poured into the crypto industry this year.

Most importantly, in this investment, the large chunk thereof was injected by individuals and institutions. This subsequently erased the digital asset selling pressure from the market as the demand for sale went immensely low. Resultantly, the values of cryptocurrencies, including Bitcoin and DFIs sky-rocketed.

But it was also recorded in the year 2020 that there was a huge increase in the number of scams. While the investors were wholeheartedly investing in cryptocurrencies, on the other hand, scammers too remained busy stealing their illegitimate shares. From crypto exchanges to social media websites, no business was safe from scam or fraud attacks.

Even the crypto exchanges like Eterbase and KuCoin remained top 2020 victims of fraud/scam. Resultantly, the scammers managed to steal US$ 280 from KuCoin while US$ 5.4 was lost by Eterbase to scammers.

CipherTrace, a crypto analyst firm, told that this year there was a 21% increase in the hacks on decentralized exchanges.

Meanwhile, a scam/hack warning had been issued by Russia’s top cyber-security corporation, Kaspersky. It was told by Kaspersky that it anticipated a huge surge in the number of hackers/scammers for the year 2021. The foremost target of the scammers is going to be Bitcoin, told Kaspersky. Since the price of Bitcoin is rising continuously, and more institutional and individual investment coming in, therefore, they have set their eyes on Bitcoin.

The other reason which had helped them in speeding up their nefarious schemes is the presence of pandemic. Covid-19’s adversary turned out to be an opportunity for the wrongdoers.

Meanwhile in India, SaketModi, head in charge of Lucideus, informed that reports of scam attacks are rising in India. He pointed out active Ponzi schemes and fake digital wallet frauds in the country.

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