With more than 247 billion funds now engaged in decentralized finance, the number of cryptocurrency-related scams and frauds has particularly increased in 2021, reports BFM Business.

As a result, according to a report from the company Elliptic, the amount linked to cryptocurrency theft and fraud jumped 600% in one year, representing losses of $ 10.5 billion over the year, compared to $ 1.5 billion. the previous year.

Of the total of $ 12 billion lost in two years, only $ 2 billion would have been stolen.

The loss of the remaining ten billion has meanwhile attributed to "protocol losses", that is to say a loss in the value of the cryptocurrency due to a loss of user confidence in a platform. given.

“Despite the very large sums involved in these protocols, the underlying technology remains immature and unreliable,” the report detailed, for example, reporting frequent code errors.

Different operating modes

Two of these protocols in particular were the scene of significant losses.

First of all, Ethereum, one of the blockchains on which cryptocurrency transactions are based.

It also has its own virtual currency, Ether, which totals 147 billion dollars in circulation.

Other losses are also linked to the setbacks with the justice of the Chinese transaction platform Binance.

As for the operating mode of thefts, there has been an upsurge in different types of scams, some linked to bogus start-ups or fraudulent investment funds.

A cryptocurrency based on the Squid Game series, for example, attracted several thousand investors before its creators disappeared with the funds.

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  • Cybersecurity

  • Bitcoin

  • Money

  • Economy

  • Virtual currency

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