• Crypto crime near $2B 2020
    Cryptocurrencies,  Regulation

    Crypto crime near $2B in 2020, but still down 57% from 2019

    Blockchain analytics firm CipherTrace’s annual report said DeFi became ‘the next major threat vector for fraud and money laundering.’

    One reason for that decline is that while the number of incidents of thefts, hacks, and fraud remained largely the same, the take by criminals in 2019 was 160% higher than in 2020. This indicates growing “maturity in the crypto space as entities continue to harden systems and take precautions against inside and outside threats,” the report said.

  • Oyster Protocol exit scammer arrested
    Alt coins,  Regulation

    Oyster Protocol founder arrested for exit scam, tax evasion

    The U.S. Securities and Exchanges Commission brought separate civil charges against Amir Bruno Elmaani for failing to register his Oyster Pearl tokens as securities

    Crypto-powered data storage platform Oyster Protocol was an exit scam that brought founder Amir Bruno Elmaani—also known as Bruno Block—a lavish lifestyle featuring several yachts, according to the U.S. Department of Justice.

  • crypto hacks down DeFi surges
    Cryptocurrencies

    Overall losses from crypto hacks are down—but DeFi attacks have surged

    CipherTrace reports losses from crypto crime have plunged in 2020… but the explosion of DeFi protocols have given hackers and fraudsters an opportunity that’s too good to miss

    The blockchain intelligence firm says total losses from crypto fraud, thefts, and hack attacks stood at $1.8 billion for the first 10 months of 2020. That’s substantially less than the $4.5 billion seen over the whole of last year. Alas, it’s a little too early to proclaim that the digital assets industry has turned a corner. CipherTrace’s data also shows that half of all crypto hacks this year have targeted DeFi protocols and exchanges—a stark contrast to 2019, when attacks on decentralized finance platforms were “virtually negligible.”

  • coinbit fraud
    Bitcoin,  Cryptocurrencies,  Regulation

    Police seize ‘major’ South Korean crypto exchange Coinbit, 99% of volume was fake

    Law enforcement raided Coinbit’s offices, confiscating $84 million in allegedly illegal profits and searching several locations including the firm’s Seoul headquarters

    South Korean law enforcement estimates that Coinbit raked in at least 100 billion won (over $84 million) through its alleged unfair practices. The exchange’s actions are believed to have negatively affected its 252,000 monthly active users.