Bitcoin and other leading cryptocurrencies, including XRP, Ethereum and Solana, have seen a significant decline this week, mirroring the downturn in the stock market, which could potentially worsen. The price of Bitcoin has fallen to around $60,000 after reaching $70,000 only a week earlier. Similarly, XRP, Ethereum and Solana have also experienced drops, collectively erasing $300 billion from the cryptocurrency market since the end of July.
As traders prepare for a potentially significant impact on Bitcoin stemming from actions by U.S. presidential candidate Donald Trump, the FBI has issued a stern warning regarding cryptocurrency scams. The FBI cautioned about scammers pretending to be employees of cryptocurrency exchanges with the intent to steal customers’ funds.
The FBI’s notice advised users to be wary of any communications suggesting issues with their accounts, urging immediate action, even if these messages appear legitimate. The agency advised, “If you receive a message or call about account problems, do not respond directly. Instead, hang up and contact the crypto exchange using their official number. Do not use any phone number provided by the caller, nor visit websites or links they send. Navigate to the official exchange website independently.”
The market continues to face challenges from hackers and scammers, with periods of price volatility making it easier for criminals to exploit panicked users. According to a recent TRM Labs report, the amount of Bitcoin and other cryptocurrencies stolen globally rose by more than half in the first half of 2024 compared to 2023. This increase is largely attributed to a few major attacks and the price recovery of Bitcoin and other cryptocurrencies since 2022.
TRM Labs head of policy, Ari Redbord, told Reuters, “We haven’t observed any significant changes in the security of the crypto ecosystem. But when compared to the same time last year, we’ve seen a significant rise in the value of several tokens, like Ethereum, Solana and Bitcoin.”
According to the research, there was a notable increase in cryptocurrency theft from hackers, from $657 million in 2023 to approximately $1.4 billion from January to June 2024. This surge in theft underscores the growing threat and sophistication of cybercriminals targeting the crypto market.
As the market continues to face these challenges, users must remain vigilant and take the necessary precautions to protect their investments. The FBI’s warnings serve as a reminder of the ever-present risks in the crypto world and the importance of staying informed and cautious.
While this alert referenced crypto exchanges, other entities within the crypto industry, such as Marathon Digital Holdings Inc. (NASDAQ: MARA), must keep their eyes peeled and take countermeasures to thwart any individuals or groups working to gain illegal access to their systems or resources.
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