Roughly $14 billion in fraudulent transactions occurred in the cryptocurrency world in 2021, up by 79% from a year earlier, according to data firm Chainalysis. Israeli software and cybersecurity concern Check Point Software Technologies, which is tracking the fraudulent activity, expects that number to grow this year.
3 Popular Crypto Scams (and How to Avoid Them)
The cryptocurrency blockchain was supposed to be impervious to fraud, but somebody forgot to tell the scammers.
Researchers at Check Point are documenting the most common frauds, and recently shared their findings. “There is a currently a huge gap between crypto consumers and security,” said Oded Vanunu, head of products vulnerability research at Check Point, noting that the scammers understand the technology behind cryptocurrencies and the venues where they are traded much better than most crypto users.