Scammed or Hacked: 83% of Crypto Investors

[TomPluz]

Despite numerous warnings and reminders about the importance of DYOR (do your own research) and due diligence to avoid exploitation, a recent study by ChainPlay and Storible revealed that 83% of crypto investors have fallen victim to scams or hacks.

The study identified the top fraud methods affecting crypto investors: Social media impersonation – 34.02%, Exchange/platform hacks – 21.30% and Phishing attacks – 18.64%. The study also highlighted that scammers are increasingly using fake accounts and phishing websites to target investors.

You can read more of this in BitPinas.

I am not anymore surprised of the result of this study but coming from a victim myself of phishing it is still uncomfortable to think about it...how the cryptocurrency industry has become the vacation paradise of scammers and hackers punching the wallets of the people and platforms. We can now conclude that scamming, hacking is now a 24/7 enterprise and with amazing great rewards waiting for successful intrusion there is a big incentive to do everything they can victimizing us. This is true right now and am sure will still even be truer in the coming years as these people are steps ahead of the available security technologies at placed and used.

[ABCbits]

I find it's weird this study include "Exchange/platform hacks – 21.30%", since on some cases it's partially fault of exchange/platform chosen by investor. But even excluding that, the percentage is still high at 61.7%.

[Charles-Tim]

I find it's weird this study include "Exchange/platform hacks – 21.30%", since on some cases it's partially fault of exchange/platform chosen by investor. But even excluding that, the percentage is still high at 61.7%.

All I know that matters is for people to learn how to avoid crypto scam. A research like this will not be able to discourage people because such people even find it hard to protect their coins, so how will they even also come about this news. Those that are updating themselves that know how to protect their coins, reading news and/or being on a forum are the people that are reading this. Also some people may not learn until they are scammed. Although, I also find it hard to believe this research. If I have time, I will reach the methodology used for it.

[Gposas]

Social Media impersonation is the most common amongst all and newbies are always a victim of these scammers.
I got an experience from a friend who was scammed through this means.

He had complains on a transaction that wasn't successful in a particular wallet app, so he reached out to the Telegram Chat group that was tagged a support team. Unluckily for him, scammers began to call him using the name of a Support Team and before he could realize, he has already done what not.

The bottom line is for users to understand how to protect their assets and prevent giving out vital informations that is personal.

[MrSpasybo]

I am not anymore surprised of the result of this study but coming from a victim myself of phishing it is still uncomfortable to think about it...how the cryptocurrency industry has become the vacation paradise of scammers and hackers punching the wallets of the people and platforms. We can now conclude that scamming, hacking is now a 24/7 enterprise and with amazing great rewards waiting for successful intrusion there is a big incentive to do everything they can victimizing us. This is true right now and am sure will still even be truer in the coming years as these people are steps ahead of the available security technologies at placed and used.

If they're tech experts, being a hacker could be an appealing profession in the crypto market:
1. They can work based on their IT and blockchain knowledge, leveraging their skills.
2. Low investment, maybe just a few $ to create a scam project, a memecoin for a rug-pull.
3. If successful, the profits will be huge, potentially up to millions of $.
4. The tools in the market can help them launder money from victims easily.

Hackers will always exist in our market, so investors need to be cautious to protect their assets. We always need to be vigilant, divide assets into multiple accounts, and ensure good management of our data and our own greed to avoid becoming victims.

[Agbe]

One just have to be careful because the scammers are very much subtle that they changed method at all time. Id they launched one method and nobody fall for it they would change approach to another one again and many people who have said they would not be scammed by scammers have been scammed by scammers. So all what we have to do is vigilant and careful use of the internet. Who knows that Bybit would be hacked by the Lazarus group but they did it. So to keep cryptocurrency in the Internet now is making many people to be scared because we don't know what will happen in the next move from those scammers and hackers.  That is why it is good to keep the coins in a self custodial wallets.

[Z-tight]

Don't reply random messages and don't believe any offer from strangers on social media, don't store your funds in any centralized exchange or custodial platform and don't click on random links. I just listed three easy steps not to fall for these three type of attacks. Of course there are a lot more to do as regards your security, but this is a good starting point.

[TomPluz]

I find it's weird this study include "Exchange/platform hacks – 21.30%", since on some cases it's partially fault of exchange/platform chosen by investor. But even excluding that, the percentage is still high at 61.7%.

Of course, it is not the fault of the people who are into crypto exchanges once there is a hack but the study is focusing on people who suffered the consequences and certainly if you lost something because your choice of an exchange is hacked then you are just another victim without knowing if you can get back what you lost. And in recent years, we have seen some big exchanges go underground leaving a trail of sighs and disbeliefs on people who trusted them. Good thing that some exchanges are already initiating a mechanism where users can be able to recover lost assets thereby providing some form of protection to their customers. In my view, there should be a law on this requiring CEX to put up something similar to SAFU of Binance.

[bitterguy28]

honestly i am not surprised that social media impersonation is the biggest percentage in here because there really is a lot of misinformation going around social media and people usually do not use any critical thinking skills when they are strolling on social media and always end up being victimized

We can now conclude that scamming, hacking is now a 24/7 enterprise and with amazing great rewards waiting for successful intrusion there is a big incentive to do everything they can victimizing us. This is true right now and am sure will still even be truer in the coming years as these people are steps ahead of the available security technologies at placed and used.

anywhere where money is there will always be scammers around they infiltrate all kinds of industries it seems like all scammers are in crypto industry because it is the one "trending" or popular at the moment and therefore more victims to find

[bitbit97]

Are these numbers real? Unbelievable. I turns that only 1/5 investor is safe. That is a really bad sign and bad statistics. Fiat investment seems to be more safe. I dont know how to explain such phenomena as 83% scammed or hack chance. Its either because cryptocurrency is still new, raw and people are not ready for that. Or in cryptocurrency people are more naive, newbies, stupid or easy to be tricked.

[libert19]

Can confirm.

1) I have never fallen for social media impersonation attacks but I do receive those messages regularly.

2) Thankfully, I have never fallen to exchange hacks since I do not keep my funds there.

3) I have fallen for phishing attack few times, but no serious funds were lost cause nothing much in wallet connected — one was when etherdelta frontend was compromised which I was unbeknownst to. Second time, I was phished in email, it only occured to me that I fell for bait when I was asked to enter seed phrase of my wallet. Third was about year ago, where I approved a malicious transaction and funds were drained.

[Bobcrypto]

Actually the activities of scammers is increasing on the daily basis, we have to be very cautious while on the Internet. Scammers are upgrading their techniques with disguised approach to steal from their victims. I was recently scammed through my wallet, I am still trying to figure out how the scammers were able use my wallet address to  defraud me. i can't stop wondering, in fact, we should be very vigilant this days, especially the use of wallets address, unfortunately my Trustwallet has been compromised, i have decided to used certain wallets on short intervals.

[Faisal2202]

I am not anymore surprised of the result of this study but coming from a victim myself of phishing it is still uncomfortable to think about it...how the cryptocurrency industry has become the vacation paradise of scammers and hackers punching the wallets of the people and platforms. We can now conclude that scamming, hacking is now a 24/7 enterprise and with amazing great rewards waiting for successful intrusion there is a big incentive to do everything they can victimizing us. This is true right now and am sure will still even be truer in the coming years as these people are steps ahead of the available security technologies at placed and used.

Phishing scams and the hacks of centralized exchanges are the main sources for hackers and scammers to loot money. You are right, crypto has really become a paradise for them, and day by day, they are becoming more active, and people are still losing.

All this can happen due to a number of reasons, like not thinking straight while using devices is the main factor, accidentally touching links, etc. I think it will never stop, because somehow I have this feeling that every scam, especially those related to exchanges and pools, is connected.

[hugeblack]

In other words, 52% of attacks (social media impersonation + phishing attacks) can be avoided with a little knowledge, as both methods can be avoided with a little technical knowledge or research.
Exchange/platform hacks can also be avoided by withdrawing coins immediately after the end of trading.
So, with a few simple steps, 73% of these attacks can be avoided.

[Lucius]

I am not anymore surprised of the result of this study but coming from a victim myself of phishing it is still uncomfortable to think about it...how the cryptocurrency industry has become the vacation paradise of scammers and hackers punching the wallets of the people and platforms. We can now conclude that scamming, hacking is now a 24/7 enterprise and with amazing great rewards waiting for successful intrusion there is a big incentive to do everything they can victimizing us. This is true right now and am sure will still even be truer in the coming years as these people are steps ahead of the available security technologies at placed and used.

In order for a scam to succeed, the hacker needs to be skilled (more or less), and the victim naive and without basic knowledge about internet security and what they invest their money in. Accordingly, we cannot blame only bad people because they succeed in their bad intentions, but a great responsibility also lies with those who provide them with such opportunities.

Considering such data, it is not surprising that a lot of people globally have a bad opinion about cryptocurrencies, because people who become victims of scams tell others about it, and bad news spreads much faster than good news.