Crimes in cryptocurrency have been rife since early 2021. The value of losses from cryptocurrency crimes was recorded as $ 14 billion (Chainanalysis). Crime in Cryptocurrency is not only experienced by DEX (Decentralized Exchange) and CEX (Centralized Exchange), but can also be experienced by each individual.
In Wallet DEX, crimes often occur not only when computer data containing seed phrases are stored in computer files, but it could be from our own mistakes because we unknowingly approve/sign transactions in the wallet without checking.
The following is an example of correct crypto transaction activities and hacked crypto transactions.
- Identity Proof
Contains permission to connect to a DEX or CEX. It usually contains readable information and contains explanations - Seaport (Avoid)
Crime that usually comes from untrusted websites and contains unclear messages. users can’t read it ! Avoid these where possible! - Hex Messages (Avoid)
Criminals cannot transfer assets to your wallet unless you give permission to them by signing. users can’t read it ! Avoid these where possible! - ETH_Sign ( Avoid )
These transactions are like blank checks which free them to execute their own transactions. users can’t read it ! Avoid these where possible!
DeFi sites offering loans, insurance and other financial services, which allow non-bank transactions, have faced a number of Problems, ranging from weaknesses in their underlying code and unclear governance.
Overall cryptocurrency theft grew by more than five times from 2020, where an estimated US$3.2 billion worth of coins were stolen last year. About $2.2 billion of those funds, or about 72 percent of the total, were stolen from DeFi sites.
Because Cryptocurrency provides convenience in financial services that are not regulated by the Bank or the government so that there is no supervision in these transactions. Each individual should be responsible for their own wallet
