Delhi Police recently unearthed a cryptocurrency scam estimated at Rs 500 crore. The police are reportedly on the lookout for a group of cybercriminals accused of defrauding scores of people by promising them 200 per cent return on their investments.
But this was not the first crypto scam of 2022. Here we have listed some of the major scams that rocked the crypto world in 2022.
A recent research by www.privacyaffairs.com claims that hackers stole cryptocurrency worth $4.3 billion between January and November 2022. This represents a growth of 37 per cent compared to 2021. That said, the number of individual transfers to cryptocurrency fraud over the previous four years have declined.
Some two million people fell prey to 200,000 crypto scams globally between September 2020 and December 1, 2022, reveals a report by New York-based crypto trade surveillance firm Solidus Labs.
The report, titled “The Rug Pull Report 2022”, notes that “rug pulls are one of the most common scams in crypto.” But until recently, regulators had no access to either forensic or compliance tools that could identify and address the threat.
Here are the major crypto frauds of 2022 in a nutshell.
Ronin Network — $625 million stolen
In March 2022, a hacker stole user funds worth $625 million from the Ronin Network. The Ronin Network is a side chain (a subset of a larger Blockchain) used to support a Blockchain-based game called Axie Infinity. The hacker managed to…
