Crypto Archives - Gizmochina

Over $30 Billion has been Lost to Cryptocurrency Scams So Far, Number to Rise by 2025

Anubhav — Thu, 30 Mar 2023 08:55:05 +0000

Crypto scams are fraudulent schemes that use cryptocurrencies or blockchain technology to deceive investors or users. These scams can take many forms, such as fake initial coin offerings (ICOs), phishing scams, Ponzi schemes, or ransomware attacks. Scammers often use social engineering tactics, such as creating fake websites or social media accounts, to gain the trust of victims and lure them into investing or sharing their private information. Since crypto has been booming over the past few years, more and more people are vulnerable to these scams, especially when victims of most of these scams are merely a few clicks away on any social media website. Here are some stats that gauge the weight of how much money in crypto people have been losing in the past few years, and what those numbers will look like in the coming years.

A study by Chainplay.gg stated that over $30 billion was lost in crypto scams over the last ten years. That’s a massive number, considering $12 billion of that amount was lost in the last year itself. Over 673 counts of scams contributed to this gigantic sum of money that was stolen out of cryptocurrency wallets worldwide. Out of all global attacks on crypto wallets, the highest number of attacks were noted in the United States. On the other hand, the most amount of money (in US dollars) was scammed in Turkey. Furthermore, experts predict that 2023-2025 will be even more financially catastrophic, with 16 billion dollars poised to be lost in cryptocurrency scams in 2023 alone. This number is further estimated to rise to $20 billion by 2025. Despite such a huge amount of money lost to scams (and given the security detail of cryptocurrencies), merely one-fifth of the total amount has been recovered so far.

Crypto scams are common for several reasons. Firstly, cryptocurrencies and blockchain technology are relatively new and complex, which can make it difficult for the average person to understand and evaluate their risks. This lack of understanding can make people more vulnerable to scams and fraud. Secondly, the decentralized and anonymous nature of cryptocurrencies and blockchain technology can make it easier for scammers to operate without detection. Transactions can be difficult to trace and recover, making it challenging to identify and prosecute scammers. Lastly, the hype and speculation surrounding cryptocurrencies have attracted a lot of attention from investors seeking to get rich quickly, creating an environment where scams can thrive. Scammers often take advantage of people’s greed and FOMO (fear of missing out) to convince them to invest in fraudulent schemes.

This is all the more reason to stay vigilant and cautious when dealing with cryptocurrencies and to do your research before making any investments or sharing personal information.

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India considers cryptocurrency ban amid spike in digital asset investments: Report

Sean — Tue, 13 Jul 2021 07:19:27 +0000

Certain lawmakers in India are considering presenting a bill that will ban the ownership of cryptocurrencies in the country. This news arrives as the region sees a surge in investment in digital assets.

According to a PRS Legislative Research report, the Cryptocurrency and Regulation of Official Digital Currency Bill proposal from the legislators have been listed for introduction in the Indian Parliament for consideration and passing. Furthermore, this proposal will also seek to facilitate the creation of India’s central bank digital currency or CDBC while placing a ban on private crypto ownership in the country. Although, this bill would also provide certain exceptions for coins that promote the underlying technology of cryptocurrency and its uses.

As of right now, the bill is slated to be presented during the Parliament’s Monsoon Session, which is set to begin on 19th July 2021. Previously, we had reported on the Indian government possibly banning cryptocurrencies and the latest news arrives amid a massive boom of digital assets investment in India. In May 2021 alone, Indians had reportedly invested 6.60 billion US Dollars in cryptocurrencies, marking a 615 percent rise from just 923 million US Dollars from April 2020.

Nirmala Sitharamanm Union Finance Minister stated that a lot of work has been done for the proposed bill, which includes feedback and views from stakeholders. He further added that “The Cabinet note is ready. We have to see when the Cabinet can take it up and consider it so that then we can move it. From our side, I think one or two indications that I have given is that at least for fintech, experiment and pilot projects a window will be available. The Cabinet will have to take a decision.”

OnePlus survey hints at the brand working on its own Crypto Wallet

Sean — Fri, 04 Jun 2021 09:02:50 +0000

In recent times, the cryptocurrency market has become trending again with various companies offering wallets to help consumers in the sale and purchase of cryptocurrencies like Bitcoin, Etherium, Doge, and many more. Now, surveys from OnePlus have hinted at the possibility that the brand might be launching its own Crypto Wallet as well.

According to a recent Survey (Via MySmartPrice), the Chinese tech giant might also be planning on jumping on the cryptocurrency bandwagon as well. For those unaware, the crypto craze surfaced around a year ago, with the cryptocurrency market seeing a major rise and decline within the same period of time. This has prompted many firms to capitalize on this hype, with the smartphone maker also possibly being one of them. Recently, the brand has been conducting a survey that seeks user feedback regarding blockchain technology.

This survey has participants fill in their ages along with basic demographic details. Furthermore, the survey proceeds to ask users if they have invested in cryptocurrencies and the platforms they prefer to check the fluctuating values of the currencies. In other words, it hints at the possibility that the firm might be seeking to launch its own Crypto Wallet. The survey itself is divided into five parts that require the users to fill in basic details and then asking them how often they check crypto prices or about their investments.

Additionally, users are also asked to select the list of wallets or platforms that they have used to trade in crypto or just check the value. It even asks whether they use this platform from their smartphones, tablet, or PC. The survey even asks about NFTs (Non-Fungible Tokens) and even whether they have purchased second hand smartphones. Keep in mind, the company has yet to announce anything official regarding the crypto wallet, so take this report with a pinch of salt and stay tuned for more updates.

Google Pay and Samsung Pay will reportedly accept Bitcoin and other cryptos soon

Jed John Ikoba — Thu, 18 Feb 2021 04:13:41 +0000

Amidst the increasing actions of several governments in banning the trading of Bitcoin and other cryptocurrencies within their financial systems, there are indications that these currencies will still remain with us for some time. As a matter of fact, the use of cryptocurrency as means of payment continues to proliferate. Recently, Twitter announced that it was considering the use of bitcoin. Now, Samsung Pay and Google Pay may join the fray soon.

Cryptocurrencies remain a popular mode of international transactions with the potential for greater stability. And now, it has been reported that very soon, Google Pay and Samsung Pay will accept payments made with Bitcoins and other cryptocurrencies. This information emanated from BitPay, a foremost cryptocurrency provider and payment platform.

If the plans scale through, then Google and Samsung will be joining Apple as platforms that now have the functionality and capacity to process cryptocurrency payments of users on the platform for goods and services. BitPay also hinted that it hopes to bring Google Pay and Samsung Pay support as early as March 2021 if all things go according to the plans.

Users on both platforms would be able to link their BitPay cryptocurrency card to Google Pay and Samsung Pay, thereby making it possible to make seamless payments on the platforms using cryptocurrencies. Supported cryptocurrencies on the service include Bitcoin, Bitcoin Cash, BUSD, Ether, PAX, USDC, and GUSD.

While the specifics and exact timelines for these activities have not been provided by BitPay, it is expected to follow a similar trajectory like what occurred with Apple Pay. At this time, neither Google nor Samsung had released a statement affirming or denying the news.

We keep our fingers crossed as further developments evolve.