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Crypto scammers stole $14 billion in 2021

The year 2021 is a remarkable year for cryptocurrency. New individual and institutional investors have shown much interest in digital currency. The number showed investors' interest in cryptocurrency.  The total market cap of cryptocurrency is around $30 billion in 2021 which was more than the total of all the investments made in the previous years in the traditional technology. This made an onus on the nation’s central banks to make a conclusive decision on crypto. Some nations dared to take a positive decision towards cryptocurrency and others are still in dilemma. El Salvador is the first nation that declares Bitcoin as its official currency effective from September 07th.  European Central Bank, China, and Reserve Bank of India plan to introduce digital currency without losing government control on the network.


The growing worldwide interest in new technology also increased the number of threats in the form of crypto scams. For scammers and hackers, cryptos appear to be quick money and speedy earned buck. 2021 is a profitable year for crypto scammers. Victims are obviously who don’t have knowledge of crypto technology and crypto functioning. Scammers stole $14 billion by exposing cryptocurrency technology in 2021. People have led to losses in 2020 for $7.8 billion. Crypto-related crime losses were increased by 80% in 2021 when compared to 2020. Europe continent is one of the hotbeds for crypto frauds in the world. Scammers and hackers in Eastern Europe have earned $950 million through crypto scams.


Indians are falling into scammers' trap as well in 2021. 900 Indians have lost 1200 crore rupees which is equivalent to more than $160 million because of the fraud. Most of them were created by buying fake cryptocurrencies in 2021. Hackers were cheated by creating fake cryptocurrency websites and cryptocurrencies to target new investors. The squid game token, which was a cryptocurrency named after getting inspiration from the South Korean popular TV show ‘Squid Game’. Through the Squid game coin’s tenure (approximately 11 days), the investors saw a peak of $2,861 and an appreciation of 310,000 percent. 
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