Scams and hackings have so far become an integral part of the cryptocurrency trend. The more technology develops also so do the aspects of crimes too. Digital crimes are even considered to be much safer compared to live robberies though.
Almost every week there occurs a scam or hacks upon the crypto industry. Accordingly, now certain hackers have hacked upon an official government-based website of Russia portraying free Bitcoin (BTC) giveaways.
The Hack & the Scam
Initially, the official local government page of the city of Ryazan, a prominent city in Russia got hacked more than twice on the same day. Upon hacking the website, the hackers posted certain advertisements on the website.
In spite of this, the advertisements depict free giveaways of BTC for all those who install an application. Also, the link of the particular application was mentioned in the advertisement.
Moreover, in-depth the advertisement states that about 0.025BTC would be given for free to all those who download the application and install it.
Accordingly, upon their second hack, they changed the advertisement. In addition, this time they advertised that BTC worth $1000 will be given to 5 lucky persons who will be selected randomly. Furthermore, this lottery scam was titled ‘Ryazani Online Lottery’, named after the city itself.
However, very soon all such ads were removed from the website, finally giving some peace to the website. Accordingly, this denotes both ethical hacking and profuse scamming taking place all over the government website.
Crypto Frauds of $30M
Crypto scams and frauds are quite a common thing occurring here and there in the industry. In spite of this, the rate and amounts lost through such crypto frauds and scams are increasing every year reaching higher amounts too.
Accordingly, so far to date, it’s estimated that globally the crypto industry has incurred losses of $1.5 billion through such scams and frauds. This is more than nearly three times that of last year.
Moreover, on taking Russia into account, Russia alone accounts for about 2% of the overall crypto scam and fraud losses incurred globally for the past year to date. Also, this accounts for approximately $30 million.
On the other hand, investigators predict that there are many reasons for such extravagant losses in the crypto industry. In addition, they term the tendency of people to earn more and more money within a short span of time, has pushed to rise in such scams.
However, it is highly expected that such scams and frauds will further take place throughout this year-end, rounding off to about 15% losses.
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