Crypto theft is on the rise. Here’s how the crimes are committed, and how you can protect yourself

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Crypto crime has been on the rise – especially since the pandemic began. How are these crimes committed? And what can you do to stay ahead of scammers? There are two main ways criminals obtain cryptocurrency: stealing it directly or using a scheme to trick people into handing it over.

In 2021, crypto criminals directly stole a record US$3.2 billion (A$4.48 billion) worth of cryptocurrency, according to Chainalysis. That’s a fivefold increase from 2020. But schemes continue to overshadow outright theft, enabling scammers to lure US$7.8 billion (A$10.95 billion) worth of cryptocurrency from unsuspecting victims.

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