Technology

What is a Cryptocurrency Crime, and How Does it Affect Trading

Cryptocurrency crime is as sinister and upsetting as most financial crimes. The crimes that are perpetrated range from ordinary theft of cryptocurrency to money laundering and market to market fraud. Investors and consumers are subject to phishing and scams, where they are instructed to send cryptocurrency to a specific location for ransom. Like all financial crimes, buyers must be aware and educate themselves about potential crimes. Cryptocurrency crimes are on the rise. During the pandemic, more people were exposed to cryptocurrency trading as lockdowns occurred. Thieves use two different tactics to try to steal your cryptocurrency. They either attempt to break into your cryptocurrency wallet and steal your cryptocurrency directly, or they try to induce you to send your cryptocurrency to them. According to Chainalysis, in 2021, cryptocurrency criminals stole a record 3.2 billion in cryptocurrencies. The volume of cryptocurrency stolen increased 500% year over year. Most of the theft was through scams instead of directly stealing cryptocurrency by breaking into cryptocurrency wallets.

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