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Maybe you should try to learn about how these schemes work before making such statements? According to the FBI, BEC fraudsters took $1.8 billion in 2020 by ste

Maybe you should try to learn about how these schemes work before making such statements? According to the FBI, BEC fraudsters took $1.8 billion in 2020 by stealing wire transfers from businesses into their own accounts https://www.ic3.gov/Media/PDF/AnnualReport/2020_IC3Report.pdf https://www.ic3.gov/Media/PDF/AnnualReport/2020_IC3Report.pd...

brarsanmol 5y ago
I'm a relative newcomer to the crypto-space so please forgive me for any errors. I see the point you are attempting to make but the number is rather useless, in the past week hackers took 20% of what was stolen by BEC in a year. And skimming through the report you sent it seems like there is a program to recover said funds that have been lost and it has an 82% success-rate.
- ryanlol 5y ago
  The $1.8B only represents US losses known and properly classified by the FBI, the real number for global losses will be much higher.
  - brarsanmol 5y ago
    Agreed, but that is simply cause-and-effect by virtue of the majority of the world using the current global financial system rather than crypto and many more hackers are targeting said folk. Either way two wrong's don't make a right, there will be losses in both systems but I would argue that storing your money with a unregulated crypto-firm would be more dangerous than with a modern-day bank. I think the main gripe that many people have including myself with crypto is that it doesn't even have the proper consumer protections so that a decent/strong chance of recovery is possible. This trend of massive amounts of crypto currency being stolen is not even a relatively recent one, see Gerald Cotten's (Quadriga) death in 2019 which resulted in $150 million in assets going missing with no chance of recovery. This reply has been a little-bit scatter-brainish, so my apologies for that.

3 ms·

Maybe you should try to learn about how these schemes work before making such statements? According to the FBI, BEC fraudsters took $1.8 billion in 2020 by ste

by ryanlol 5y ago

brarsanmol 5y ago
I'm a relative newcomer to the crypto-space so please forgive me for any errors. I see the point you are attempting to make but the number is rather useless, in the past week hackers took 20% of what was stolen by BEC in a year. And skimming through the report you sent it seems like there is a program to recover said funds that have been lost and it has an 82% success-rate.
- ryanlol 5y ago
  The $1.8B only represents US losses known and properly classified by the FBI, the real number for global losses will be much higher.
  - brarsanmol 5y ago
    Agreed, but that is simply cause-and-effect by virtue of the majority of the world using the current global financial system rather than crypto and many more hackers are targeting said folk. Either way two wrong's don't make a right, there will be losses in both systems but I would argue that storing your money with a unregulated crypto-firm would be more dangerous than with a modern-day bank. I think the main gripe that many people have including myself with crypto is that it doesn't even have the proper consumer protections so that a decent/strong chance of recovery is possible. This trend of massive amounts of crypto currency being stolen is not even a relatively recent one, see Gerald Cotten's (Quadriga) death in 2019 which resulted in $150 million in assets going missing with no chance of recovery. This reply has been a little-bit scatter-brainish, so my apologies for that.