Experts see crypto frauds rising in 2021

With 2020 being the best year for investments in cryptocurrency, cybersecurity experts warned of a rise in crypto frauds. According to blockchain analytics firm CipherTrace, hacks on decentralized finance (DeFi) companies accounted for 21% of the total theft volume in 2020, which is a steep rise from the negligible volumes seen in 2019.

Russian cybersecurity firm Kaspersky has further warned of an increase in Bitcoin theft in 2021. It said the pandemic may lead some economies and real-world currencies to plummet, which will make Bitcoin theft “a lot more attractive”. “We should expect more fraud, targeting mostly BTC, due to this cryptocurrency being the most popular one.”

So far this year, global crypto exchanges, including KuCoin and Eterbase, have suffered high-profile hacks.