Cybercriminals are taking advantage of the emergence of the cryptocurrency industry to defraud Americans of huge sums of money through the usage of a variety of blockchain-based products and services.
According to an analysis conducted by Atlas VPN, people in the United States incurred an average loss of $3.5 million per day as a result of investment-related attacks during the first three quarters of 2021, the company said in a press release.
The majority of hackers took advantage of unsuspecting victims via the use of cryptocurrencies, non fungible tokens (NFTs), and the metaverse. There has been a 277.87% rise in the entire amount of losses in this region, bringing the total to $956 million.
A total of more than $1 billion in cryptocurrencies was stolen in only the third quarter of 2021, according to Finbold, a statistic that includes both Bitcoin and Ether, amongst other cryptocurrencies.
A Growing Trend
According to a fresh estimate, imposter scam losses totaled more than $1.6 billion in 2018, representing a 48%rise over the previous year. As for losses, the health-care industry suffered the least, with a total of $14 million lost, while online shopping and unfavorable reviews suffered the third-highest, with a combined total of $295 million lost. Cybercrime is predicted to cause the United States to lose $12 million per day, according to current projections.
According to the Federal Reserve, investment-related cyberattacks are expected to have cost the United States an average of $3.5 million per day during the first and third quarters of 2021.
The majority of hackers took advantage of unknowing victims by stealing their property via the use of cryptocurrencies, non fungible tokens (NFTs), and the metaverse. There has been a 277.87% rise in the entire amount of losses in this region, bringing the total to $956 million.
A total of more than $1 billion in cryptocurrencies was stolen in only the third quarter of 2021, according to Finbold, a statistic that includes both bitcoin and ether, amongst other things.
Cybercrime occurrences cost a total of $3.94 billion in damages during the first three quarters of 2020, making this the most costly period in the history of cybercrime investigations in the United States.
As a consequence of their efforts, the hackers were able to collect at least $12.78 million in revenue per day from their exploitable flaws. Losses of $1.9 billion were recorded in 2020, representing an increase of 82.9% over the previous year’s number, according to the most recent available information.
Given the fact that not all incidents of cybercrime have been recorded, it is likely that the real cost of cybercrime is far higher than the published figure. In a recent research, we discovered that 77% of Europeans were completely unaware of how to report or deal with cybercrime, which is a major result given the prevalence of the crime. As a result, there is a possibility that something similar may occur in the future for individuals who reside in the United States.