Crypto scams can be as simple as phishing and fake websites, or more complex likeNFT rug pulls.Crypto scams are particularly difficult to spot, and funds stolen are near impossible to track at times.- Illicit wallets recorded funds worth $14 billion in 2021 alone.
Cryptocurrencies have taken the world by storm, dragging investors of both the institutional and retail variety. But with the increased interest from those who will pump money into the industry, comes
interest from hackers, scammers and other kinds of cyber criminals too.
According to the 2021 Crypto Crimes report by blockchain analysis firm Chainalysis, the total value of cryptocurrencies held in illicit wallet addresses
increased by 79% during 2021 to touch $14 billion.
Illicit wallet addresses in Chainalysis’ report refers to the wallets where scammers deposit the money they’ve stolen by running ponzi schemes, decentralised finance (
CoinDCX, which recently hit the milestone of having
10 million users on its platform, have partnered with risk-monitoring firm Solidus Labs to prevent market abuse.
The models by Solidus Labs’ will monitor for any suspicious activity, from fiat deposits, trading transactions to crypto withdrawal deposits. The aim is not only to prevent hackers from breaching the system, but to also ward against money laundering and terrorism financing.
…In today’s technology-entrenched world, countering illicit activities requires harnessing the latest world-class digital solutions from leading industry players such as Solidus Labs. In our long-term efforts to maintain the highest standards of screening and due diligence, CoinDCX is committed to bolstering compliance solutions on our platform.
Statement by Neeraj Khandelwal, co-founder of CoinDCX
The kind of scams crypto firms and users face can be many, ranging from illicit get-rich-quick schemes that will actually lose you money, to more. For…
