• Crypto Lists
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Altcoin
  • Advertise With Us
  • Join our Telegram Community
Newsletter
ItsBlockchain
  • Bitcoin
    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    Bitcoin ETFs could have the same result as CME group futures launch in 2017

    featured image

    How Bitcoin can be hacked?

    keep bitcoin safe

    Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

    featured image

    Bitcoin IRA – Everything You Need to Know

    A trillion dollar tsunami is about to hit Bitcoin

    A trillion dollar tsunami is about to hit Bitcoin

    featured image

    Why Bitcoin will always be the number one cryptocurrency? Explained

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

    Trending Tags

    • Crypto Gems
    • NFT
    • DEFI
    • Crypto Lists
    • Altcoin
    • Crypto Market
    • Guide
    • IBC Capital
    No Result
    View All Result
    • Bitcoin
      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Is the Russia-Ukraine War the Biggest Test for Bitcoin? Market Update

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      Bitcoin ETFs could have the same result as CME group futures launch in 2017

      featured image

      How Bitcoin can be hacked?

      keep bitcoin safe

      Keep Your Bitcoins Safe: All You Need to Know About Crypto-Cyberthreats

      featured image

      Bitcoin IRA – Everything You Need to Know

      A trillion dollar tsunami is about to hit Bitcoin

      A trillion dollar tsunami is about to hit Bitcoin

      featured image

      Why Bitcoin will always be the number one cryptocurrency? Explained

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      Crypto markets mirror Wall Street’s fall- Loses 100 billion in 24 hours and Delta Plus Variant creates extreme fear

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      On-chain shows Divergence against Bearish Price-Action, But Bitcoin continues to stay in the Re-Accumulation Phase

      Trending Tags

      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital
      No Result
      View All Result
      ItsBlockchain
      No Result
      View All Result
      Home Crypto Market

      Investors have lost $16 Billion since 2012 in 136 Crypto Scams

      Hitesh Malviya by Hitesh Malviya
      May 1, 2021
      in Crypto Market
      0 0
      0
      crypto scams
      162
      SHARES
      2k
      VIEWS
      Share on FacebookShare on Twitter

      In this article, we will present takeaways from Xangle’s report which suggests Investors have lost more than $16 Billion since 2012 in 136 Crypto Scams

      Cryptocurrency is an exciting asset class, which has recorded phenomenal growth in the past 12 years, The market itself went from $0 to $1.4T as of today’s growth. This growth has attracted all sizes of investors from retails to big corporations. In recent times, Big corporations like Tesla, and America’s Oldest Bank- Bank of New York Mellon invested billions of dollars in Bitcoin, and other big corporations seem to follow their lead in the near future.

      Unfortunately, It also attracts thousands of bad actors who use cryptocurrency as a tool to cheat and steal investors out of their capital. The lack of understanding among investors about cryptocurrency is one of the main reason what makes it easier for them to convince people to invest in their fraudulent schemes. Criminals use the hype of lack of regulation infrastructure to take advantage of investors.

      Despite the accelerated growth of the crypto market, Scammers have damaged the reputation of the market by luring investors with promises of quick and large returns and then disappearing overnight with investment capital.

      But how much harm have scammers brought to investors? How are authorities doing about prosecuting these scammers?

      Xangle: One of the Leading Crypto Disclosures Company conducted research on crypto-related investment scams that took place from January 1, 2012, to December 31, 2020. 

      Their findings are based on media articles, press releases, legal filings, and court documents. 

      Key Findings 

      • Investors have lost an estimated $16,149,661,014.00 since 2012.
      • Investors lost that much from 136 different scams.
      • 527 individuals have faced criminal charges for their roles in crypto-related scams. 
      • The combined sentences for individuals involved in scams is over 160 years.
      • 14 crypto projects have seen their members charged and sentenced to date. 
      • Of all reported scams, 24 projects or organizations have no known charges — civil or criminal. 

      Based on XANGLE’s research, $16,149,661,014.00 has been stolen from investors since 2012 across 132 different scams.   

      The first big scam to rock the world of crypto was the Bitcoin Savings and Trust scam, which started in 2012 and eventually defrauded investors out of 146,000 bitcoin — roughly $97 million dollars at the time of the founder’s initial charges by the SEC in 2013.  

      Since 2012, 71 projects have suffered criminal charges, amounting to 527 individual arrests. OneCoin, which stole an estimated $4 billion USD from investors, had the highest number of arrests, with 140 individuals being arrested for their roles in the scheme.

      Key Takeways

      • The longer Bad actors stay in the system, they will damage the reputation of the crypto asset class, and slow down mainstream adoption.
      • Cybercrime departments should continue to monitor and track crypto-related scams, they should also issue public guidelines for investors to aware of such scams.
      • Exchanges and Media Companies working in the Cryptocurrency market should work on educating investors about cryptocurrency, and the technology behind it so they can protect themselves from scammers.
      • We need to create, expand, and strengthen crypto regulatory frameworks worldwide to prevent scammers from taking advantage of loopholes with cryptocurrencies while being careful to not discourage the growth of the space.

      Education is key to help bring awareness to newcomers.

      Read the Full Report Here

      Hitesh Malviya

      Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
      Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

      IBC-Transparent-Logo-(1)

      Subscribe To Our Newsletter

      Join our mailing list to receive Cryptocurrency investing and trading recommendations to your mailbox.

      You have Successfully Subscribed!

      Tags: featured
      Share65Tweet41Share16

      Subscribe to get notified on latest posts.

      Unsubscribe

      Related Posts

      ATOM Set to Explode after the Revised Tokenomics

      ATOM Set to Explode after the Revised Tokenomics

      by Aniketh Paul
      October 14, 2022
      0

      ATOM 2.0 Tokenomics will change the future of Cosmos hub and its native token. In this article, We'll deep dive...

      What’s Ahead on the Cryptocurrency Rollercoaster?

      What’s Ahead on the Cryptocurrency Rollercoaster?

      by Guest Author
      January 11, 2022
      0

      Cryptocurrency came on fast and furious and surprised financial experts, governments, and users alike with massive fluctuations and outstanding climbs...

      Discussing Bull & Bear Cases in 2022 with On-Chain Analysis

      Discussing Bull & Bear Cases in 2022 with On-Chain Analysis

      by Karthik Guttha
      January 9, 2022
      0

      In our previous on-chain market analysis, we mainly discussed that bitcoin needs to reclaim the $53k level, which is the...

      Highlights from 2021: The Year of Crypto

      Highlights from 2021: The Year of Crypto

      by Karthik Guttha
      December 31, 2021
      0

      2021 will be remembered as a year when we defied the odds.  We lost hope in traditional financial systems that...

      On-Chain Data Shows Open Interest is Reset to Previous Lows in May, Indicating a Spot-Driven Market

      On-Chain Data Shows Open Interest is Reset to Previous Lows in May, Indicating a Spot-Driven Market

      by Karthik Guttha
      December 12, 2021
      0

      The crypto market has been making violent swings over the past couple of weeks. The new covid variant, Omicron, certainly...

      Load More

      About Us

      We curate the best cryptocurrency projects with the intention of adding value for investors through the process of selecting, organizing, and looking after different projects available in the cryptocurrency market.

      • Trending
      • Comments
      • Latest
      featured image

      List of leading partners of Ripple, and How they use XRP?

      February 2, 2021
      Be warned! Hackers are abusing API keys and stealing your funds

      Be warned! Hackers are abusing API keys and stealing your funds

      June 15, 2021
      Highly Scalable Blockchain Projects

      Top 3 Highly Scalable Blockchain Projects

      March 9, 2020
      Top crypto coins for 2018

      Top 25 crypto coins to Buy in 2018 [UPDATED]

      October 4, 2018
      Deep Dive into Bitcoin Mining

      Bitcoin mining explaned : How bitcoins are generated?

      February 7, 2019
      Top 10 DAOs to Join as a member in 2022

      Top 10 DAOs to Join as a member in 2022

      December 17, 2021
      IoT Chain

      IoT Chain : The IOTA Killer

      September 20, 2018
      Polygon: The Swiss Army Knife of Web3

      Polygon: The Swiss Army Knife of Web3

      May 27, 2023
      Worldcoin: The Biggest Crypto Scam or Innovation?

      Worldcoin: The Biggest Crypto Scam or Innovation?

      May 18, 2023
      EIP-4844 Explained | The Biggest Ethereum Upgrade

      EIP-4844 Explained | The Biggest Ethereum Upgrade

      February 7, 2023
      What Blockchain Can Learn From Barnes & Noble and the Jacksonville Jaguars

      What Blockchain Can Learn From Barnes & Noble and the Jacksonville Jaguars

      January 17, 2023
      RINO Enterprise Wallet launches free Community Edition

      RINO Enterprise Wallet launches free Community Edition

      January 14, 2023
      Top 5 DeFi Projects on Tezos

      Top 5 DeFi Projects on Tezos

      December 26, 2022
      Modular Blockchains: The Next Big Thing in Web3

      Modular Blockchains: The Next Big Thing in Web3

      December 12, 2022
      • Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        29635 shares
        Share 11843 Tweet 7402
      • A Mysterious Bitcoin Whale who sold 3000 Bitcoins at 58K$, Bought back 3521 Bitcoins in the last three days

        9933 shares
        Share 3972 Tweet 2483
      • Top 10 Low market cap altcoins to invest in 2021

        7270 shares
        Share 2906 Tweet 1817
      • Top 10 NFT Crypto Projects You Should Know

        7256 shares
        Share 2623 Tweet 1640
      • List of leading partners of Ripple, and How they use XRP?

        6151 shares
        Share 2460 Tweet 1538
      ItsBlockchain

      We are India’s first and oldest Blockchain & Cryptocurrency publication platform started in 2016. We are a one-stop destination for technical analysis, cryptocurrency recommendations, and Blockchain technology resources.

      Buying Guides

      • Buy Bitcoins in India
      • Buy Bitcoins in China
      • Buy bitcoins in Russia
      • Buy Bitcoins in Japan
      • Buy Bitcoins in Turkey

      Important Links

      • Home
      • About US
      • Privacy Policy
      • Promote Your ICO
      • Submit post

      Follow Us

      Contact us

      support@itsblockchain.com

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      No Result
      View All Result
      • Bitcoin
      • Crypto Gems
      • NFT
      • DEFI
      • Crypto Lists
      • Altcoin
      • Crypto Market
      • Guide
      • IBC Capital

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      Login to your account below

      Forgotten Password?

      Fill the forms bellow to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.