October 28, 2022

The 7 Highest Profile Crypto Scams and Theft Cases of 2021

  • Last year thousands of people and crypto companies were victims of theft and scams. A Chainalysis study determined the amount of these crimes committed around the world at $ 7.7 billion.

Hacks and scams represent the largest cryptocurrency cybercrimes committed during the year of 2021. According to research firm Chainalysis, the amount stolen or scammed from users by crypto criminals this year rose to a staggering $7.7 billion around the world.

A preview of the 2022 Crypto Crime Report from the global data and research company highlights that cryptocurrency crime is on the rise again. Compared to 2020, theft and scams increased by 81%.

Efforts by companies in the crypto industry to protect their users from theft and scams have thus far proven insufficient. Criminals and hackers have consistently taken advantage of platform security loopholes and flaws in order to seize digital assets. Lack of caution and ambition are two other factors that have led to this.

The exponential growth in the price of cryptocurrency assets has led organized crime to refine their methods. As a result there are currently a myriad ways for such bad actors to get hold of someone else’s crypto assets.

From direct hacks of crypto platforms and wallets, to the infamous Ponzi-type pyramid schemes and so-called “rug pulls” in which the developer simply walks away with the funds raised from their “DeFi project.” All this is…

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