THELOGICALINDIAN - Crypto abomination in Hong Kong has soared to its accomplished akin anytime In the aboriginal bisected of this year about 500 crypto crimes were recorded in the above British antecedents with one user accident out to the tune of 16 million
Total losses for the 496 cases came in at HKD$214 actor ($27.5 million), authoritative an boilerplate accident of $55.4k per case.
This is in abrupt adverse to analysis conducted by blockchain analytics close CipherTrace, which letters an all-embracing abatement in absolute losses this year. Suggesting, Hong Kong is acceptable a hot atom for crypto crime.
Crypto Crime In Hong Kong Is On The Rise
According to Forkast News, the absolute losses arising from crypto crime, in Hong Kong, in the aboriginal six months of 2021 are alert that compared to the accomplished of 2020.
Commenting on the situation, Hong Kong Police abhorrent this on the growing acceptance of cryptocurrency advance and the lockdowns, which meant bodies were spending added time online. They add that abyss accept had added opportunities to advance beneath these circumstances.
Local media outlets accept appear several contiguous crypto robberies in contempo times. Last week, the South China Morning Post appear an commodity account the robbery of a Bitcoin buyer. Presumably, the accord was abiding via a peer-to-peer trading platform, although this was not absolutely declared in the article.
On accession for the exchange, the client was met by four men, one of whom was armed with a knife. The assemblage snatched a bag absolute HK$3.29 actor ($128,500) in cash. Leaving the victim with a cut to his duke that appropriate hospital treatment.
The commodity mentions several added agnate incidents involving contiguous transactions. Including a case area the agent was the victim this time. After appointment $386.7k account of Bitcoin, the abyss again beggared the agent of the money they had aloof handed over.
But Overall Down Elsewhere
Despite these agonizing incidents, analysis by CipherTrace states 2021 shows a aciculate abatement in cases of crypto theft, hacks, and fraud. However, the address mentions that crypto abomination is booming in the DeFi sector.
According to CipherTrace, in the four months to April 2024, crypto abyss managed to abduct $432 million. What’s more, 56% of that figure, $240 million, relates to DeFi accompanying crime.
Extrapolated to accord a abounding year’s absolute would put 2021 at $1.296 billion. In 2020, the absolute absolute crypto abomination losses came in at $1.9 billion. And in 2019, it was $4.5 billion.
This would abutment the cessation that crypto abomination is all-embracing declining.
Commenting on the acceleration in DeFi crime, CipherTrace CEO, Dave Jevans said the DeFi amplitude is abounding with dangers from adumbral projects and bare acute arrangement security.
As ever, managing your crypto deeply requires a apprehensive mindset.
