FBI Warns of Crypto Risks During $300B Bitcoin, Ethereum, Solana, BNB, and XRP Price Drop
Bitcoin, as well as other major cryptocurrencies like ethereum, solana, and XRP, have experienced a significant downturn this week, closely mirroring the stock market’s decline, which experts warn could worsen.
The price of bitcoin has retreated to around $60,000 per coin, dropping from $70,000 just a week ago. Similarly, other leading cryptocurrencies such as ethereum, solana, and XRP have also seen declines, collectively erasing $300 billion from the crypto market since late July, coinciding with Elon Musk’s recent comments on bitcoin.
Traders are now bracing themselves for a potential game-changing move by former U.S. President Donald Trump in the crypto space. Concurrently, the U.S. Federal Bureau of Investigation (FBI) has issued a grave warning regarding fraudulent activities targeting cryptocurrency users to siphon off their funds.
The FBI has cautioned against scammers posing as employees of cryptocurrency exchanges to perpetrate financial crimes. Users are advised to exercise caution and verify any communication claiming account issues or compromises, urging them to contact the official exchange directly rather than responding to unsolicited messages or calls.
The prevalence of scams and hacks in the crypto market persists, particularly during periods of price volatility, making it easier for malicious actors to exploit anxious investors. Reports indicate a surge in crypto theft worldwide, doubling in the first half of 2024 compared to the previous year, largely driven by significant attacks and the resurgence of crypto prices from 2022.
Ari Redbord, the global head of policy at TRM Labs, highlighted the notable increase in token values, including bitcoin, ethereum, and solana, compared to the same period in the previous year. Hackers managed to pilfer nearly $1.4 billion worth of cryptocurrencies between January and June 2024, a stark escalation from the $657 million stolen during the corresponding period in 2023.
The crypto community remains vigilant against such threats, emphasizing the importance of staying informed and adopting stringent security measures to safeguard against potential risks in the volatile crypto landscape.
