Cryptocurrencies have flipped a lot of norms around the world. From finance and banking to e-commerce, it would appear there is no industry where cryptocurrencies haven’t made their presence felt.
The massive public interest in these digital assets truly began in 2017. The crypto craze gained momentum in that year when Bitcoin BTC/USD witnessed an unprecedented boom. Several companies offering various cryptocurrency solutions such as MEXC Global and TaxBit Inc. have emerged since the start of the craze.
While many industries were disrupted during the COVID-19 pandemic, the crypto industry didn’t experience a dent — instead, it soared even higher. Cryptocurrencies boomed as more people became interested in decentralized currencies as a safe haven amid global economic tension.
Since then, the cryptocurrency market’s total value has reached over $1 trillion, having hit $3 trillion in November 2021 and now competing with the market capitalization of multinational conglomerates such as Amazon.com Inc. AMZN, Microsoft Corp. MSFT and Alphabet Inc. GOOGL.
Crypto Scams And Hacks Soar
However, risks persist amidst the perceived optimism. The crypto world is experiencing an increasing number of attacks and continues to draw more scammers. Scammers stole more than $14 billion in 2021, with losses from crypto-crime rising by 80% compared to 2020, according to a report by blockchain research group Chainalysis.
Crypto scamming is an increasingly common method for fraudsters to get…
