What $10M in daily thefts tells us about crypto security | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

What $10M in daily thefts tells us about crypto security

If you’re among the growing number of people interested in cryptocurrencies, you may be interested to know that nearly 7,000 people lost more than $80 million between October 2020 and March 2021 — a 1,000% increase from a year ago, according to the Federal Trade Commission.

The scams include fake currency exchanges and phony “investment” websites selling the currency. More recently, more than $10 million was stolen in various cryptocurrencies in the days leading up to Elon Musk’s appearance on “Saturday Night Live.”

And here’s the rub: You have no way to protect your accounts from any theft. In the world of cryptocurrency, there are no guarantees. Unlike the traditional banking world, there is no equivalent to the Federal Deposit Insurance Corporation to cover any losses on your account. If your assets are stolen, you’re out of luck.

Nearly 7,000 people have lost more than $80 million between October 2020 and March 2021 — a 1,000% increase from a year ago, according to the Federal Trade Commission.

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