Wednesday, March 14, 2018

Cryptocurrencies: With great potential for wealth comes great potential for theft as an estimated $9 million worth of tokens are stolen everyday

In the scope of the industry's half a trillion market cap, the loss of $1.36 billion during the first two months of 2018 may not seem like a lot, but averaged out over the entire year this number equates to 1.6% of the entire value of all cryptocurrencies combined.  And sadly, this number represents the value of cryptocurrency tokens stolen from owners, businesses, or exchanges as the 'Wild West' that is the crypto market brings as much potential for theft as it does for one to achieve great wealth.

While you may be tempted to think that open-source, decentralized, anonymous cryptocurrencies are safe because they are free of control from a single authority and work in a transparent manner, the reality is, they are constant targets for scams, including digital theft, phishing, fraud, and hacking.
In a recent finding by News, $1.36 billion worth of cryptocurrencies have been stolen by fraudsters during the first two months of 2018. 
Fraud constituted the majority of virtual currency scams, at 30 percent. It was followed by hacking attempts (22 percent), theft and exit scams (17 percent each), and phishing (13 percent). - Investopedia


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