The Rise of crimes related to crypto, sounds an alarm!
After crypto came into light, investors got a big opportunity to trade and reap huge number of returns for the risks taken. But, as the cryptocurrencies are being widely used to facilitate all kinds of transactions across borders, the crime rates related to crypto is all increasingly alarmingly. There are many incidents that are being reported by investors, where in a criminal either robs them off their money or hacks into the mobile and then transfers the valued asset to personal account.
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The wormhole network was exploited for 120k wETH.
ETH will be added over the next hours to ensure wETH is backed 1:1. More details to come shortly.
We are working to get the network back up quickly. Thanks for your patience.
— Wormhole🌪 (@wormholecrypto) February 2, 2022
In another incidence, Ethereum tokens were stolen which were valued at $326 million. As the pandemic caused a lot stir in the market, it also gave cyber criminals an opportunity to rob the investors of their crypto currencies. In the history of the market, $3.2 Billion worth of crypto currency was stolen in one year. The instances of criminals fooling the investors in the greed for new schemes is more common than the criminal robbing the crypto currency outrightly.
Absence of stringent framework.
As cryptocurrency is governed by SEC In US, there are many countries across the globe that do not have a regulatory body to look after the exchanges, crypto currencies and crypto market as a whole. The absence of legal framework gives a lucrative opportunity to the criminals to make a hole in the market.
Hong Kong records an ugly incident in relation to crypto theft!
In Hong Kong on May 4th 2022, a criminal for the promise of money, made an investor transfer the crypto to his personal account and then fled from the scene, locking the victim inside. Fortunately, the cops of Hong Kong were able to nab the criminal just in time. The worth of crypto currency that was stolen was approximately $191,076. The swift actions by the cops helped them to catch the crypto criminal on time. In this case, the crime was brought to justice. But this doesn’t happen in every country.
How to curb the instances of Crypto Crimes around the world?
The first and the most important step in curbing the crime involved in crypto will be to set up and define a stringent set of frame work for the buyers and sellers to follow. A regulatory body in each and every country that has exchanges that deal in Crypto Currency. A specially trained cyber team to catch the criminals who commit cybercrime. All these have to be followed to the T, for the crime rate to come down drastically in the crypto market.