Crypto

$ 10.5 billion in stolen or misappropriated criptomonedas in 2021

With more than 247 billion of funds now dedicated to decentralized finance, the number of cryptocurrency-related scams and fraud has particularly risen in 2021, reports BFM Business. As a result, according to a report by the company Elliptic, the amount linked to cryptocurrency theft and fraud increased 600% in one year, representing losses of $ 10.5 billion during the year, compared to $ 1.5 billion the year. previous.

Of the total $ 12 billion lost in two years, only $ 2 billion would have been stolen. Meanwhile, the loss of the remaining ten billion has been attributed to “protocol losses”, that is, a loss in the value of the cryptocurrency due to a loss of user trust in a platform. “Despite the large sums involved in these protocols, the underlying technology remains immature and unreliable,” the report details, for example, reporting frequent code errors.

Different modes of operation

Two of these protocols in particular were the scene of significant losses. First of all, Ethereum, one of the blockchains on which cryptocurrency transactions are based. It also has its own virtual currency, Ether, which totals $ 147 billion in circulation. Other losses are also linked to setbacks to justice from Chinese trading platform Binance.

In terms of the way the theft works, there has been a rise in different types of scams, some linked to bogus start-ups or fraudulent investment funds. A cryptocurrency based on the Squid Game series, for example, attracted several thousand investors before its creators disappeared with the funds.

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