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Cryptocurrency fraud peaked in 2020 at $ 24 million previously stolen

July 14, 2020

The blockchain monitoring and analysis platform Whale Alert revealed this In the past four years, scammers have stolen more than $ 38 million worth of Bitcoin (BTC).

New peaks could be reached in late 2020

The Whale Alert study, based on data from the Scam Alert cryptocurrency fraud website, suggests this The popularity of dozens of different types of scams has increased. Some of them are gifts, “sextorption”, fake exchanges, fake ICOs, Bitcoin recovery, video scams, fake mixers and malware.

In 2017, fraudsters stole unsuspecting victims of around $ 5 million in Bitcoin. In the first quarter of 2020, users stole almost five times this amount, which totaled $ 24 million. The Whale Alert study predicts this number could rise to $ 50 million by the end of the year.

Celebrity impersonation scams dominate

Cryptocurrency fraud peaked in 2020 at $ 24 million previously stolenCryptocurrency fraud peaked in 2020 at $ 24 million previously stolen

Whale Alert conducted case studies on several known incidents. One of the most popular in which Fraudsters pretending to be Elon Musk made over $ 130,000 in a single day.

Fake exchange is also one of the world’s leading subgenres of successful cryptocurrency scams. One of these websites raised more than $ 1.5 million in 2020 alone. According to the report, this particular website is still active.

Whale Alert commented:

“”The change in methodology and the increase in quality and scope suggest that entire professional teams are behind some of the most successful and it is only a matter of time before they use deepfakes, a technique that is sure to revolutionize the fraud market“”

Cointelegraph recently reported that fraudulent websites had successfully stolen personal information from various people around the world.

The attack was carried out as a targeted, multi-stage BTC scam spread by various fraudulent websites, according to a study by the Group-IB secret service.