Analysts of the Whale Alert service, which tracks large cryptocurrency transactions, report that in 2020, fraudsters were able to extort $24 million worth of PTS from trusting users.
In its report, Whale Alert reports that the Scam Alert tool, which tracks criminal transactions, was used to analyze fraud reports, sites and Bitcoin addresses.
According to the report, over the past four years, fraudsters were able to get about $38 million in PTS. Of course, we are talking about fraud, and not about cryptocurrency pyramids, the losses from which are orders of magnitude greater. Analysts expect that by the end of 2020, the amount of funds received by hackers will reach $50 million.
Whale Alert notes that recently the number of scams has increased significantly, they have become more aggressive and sophisticated. For example, for fraud with fake bitcoin handouts, hackers use the identities of famous people, like Elon Musk, and buy ads on YouTube to force the victim to list PTS.
Professional criminals are most likely behind the most successful cases of fraud. However, despite the fact that there are many different types of fraud, they all have one thing in common: the criminals behind them have almost no risk of being caught.
“It is absolutely clear that the efforts made to combat such scams are not enough. If we do not act as an organized community, the reputation of the blockchain may not recover in the long term, and third-party people will look at the industry as a hotbed of fraud,” concluded the experts of Whale Alert.
In June, it was reported that 1,810 complaints about cryptocurrency scams were filed in Australia for 2019. Only in Australia, hackers were able to extort $14.9 million worth of cryptocurrency from users.