Crypto criminals are stealing more money than ever

Transcript:

Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet this present day.

The action was upbeat on Wall Boulevard amid speculation a bigger-than-expected rate of interest cut may maybe be contained within the cards. Fed experts now say it’s a toss up whether the Federal Reserve lowers interest rates by a quarter-percentage point or a 1/2 of-percentage point. Investors will discover soon enough - as the Fed meets contained within the arrival week.

Also on the agenda: quarterly results from economic bellwether FedEx.

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Turning to other news: Scammers stole $5.6 billion in crypto money in 2023, in accordance with the FBI. That’s a Forty 5 p.c.extend from 2022.

While the choice of crypto scams are relatively small - just 10 p.c.of all financial fraud complaints made to the FBI, they account for roughly 1/2 of of your entire true money stolen.

Victims are tricked by many alternative schemes on the opposite hand the largest is investment fraud, in most cases concocted through emails, text messages, and direct messages on social media. In 2023, investors were swindled that way out of $four billion. Based on the FBI’s 2023 Cryptocurrency Fraud Report, “Over time, cryptocurrency’s widespread promotion as an investment vehicle, combined with a mindset related to the ‘fear of missing out,’ has ended in opportunities for criminals to pay attention on consumers and retail investors.”

And the crypto hoaxes aren’t dying down. A report from Blockchain Researcher TRM Labs said thieves walked away with over $1.38 billion in bitcoin, ether, and other crypto assets contained within the primary 1/2 of of 2024. That’s double the crypto stolen contained within the same period in 2023.

That’ll do it for your Every day Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.

Related: Bitcoin may reach $420,000 by 2030, crypto bull says