THE CRYPTO CORRUPTION AND THEFT IS AT CRAZY LEVELS !!!  –  LMAO

Just look at this list of hacks below,,,, how could anyone feel safe investing in Crypto’s ???

HACK

CRYPTO STOLEN

REPORTED LOSS

DATE

MyBitCoin Theft 154,406 BTC $2,000,000 Aug 2011
Bitcoin7 11,000 BTC $50,000 Oct 2011
Linode Hack 46,700 BTC $228,000 March 2012
Bitcoinica 2 18,000 BTC $91,000 May 2012
Bitcoinica 3 40,000 BTC $305,200 July 2012
Bitcoin Savings & Trust 265,000 BTC $2,800,000 Aug 2012
Bitfloor Theft 24,000 BTC $250,000 Sept 2012
BitFloor Hack 24,000 BTC $250,000 Sept 2012
Bitmarket.eu

(related to bitcoinica hack in May 2012)

20,000 BTC $260,000 Dec 2012
Vircurex 1,454 BTC $160,000 May 2013
Inputs.io Hack 4,100 BTC $1,200,000  Oct 2013
Picostocks Hack 6,000 BTC $3,000,000  Nov 2013
BIPS Hack 1,295 BTC $650,000  Nov 2013
Mt Gox Hack 850,000 BTC  $450,000,000 Feb 2014
Poloniex  97 BTC $64,000 March 2014
Flexcoin Theft  896 BTC  $600,000  March 2014
CryptoRush Theft 950 BTC

2,500 LTC

$570,000  March 2014
Cryptsy 13,000 BTC

300,000 LTC

$9,500,000  July 2014
Mintpal  3,894 BTC  $1,300,000  Oct 2014

 

BitPay 5,000 BTC $1,800,000  Dec 2014
Bitstamp  19,000 BTC  $5,200,000  Jan 2015
796 Exchange  1,000 BTC  $230,000  Jan 2015
Kipcoin  3,000 BTC  $690,000  Feb 2015
Bter  7,170 BTC  $1,750,000  Feb 2015
ShapeShift 469 BTC
5,800 ETH

1,900 LTC

$230,000  April 2016
Gatecoin 250 BTC

185,000 ETH

$2,140,000 May 2016
DAO hack  3,600,000 ETH $60,000,000  June 2016
Bitfinex  120,000 BTC  $77,000,000 Aug 2016
Bitcurex 2,300 BTC $1,500,000 Oct 2016

 

OneCoin Pyramid Scheme (ongoing) N/A (actual scale unknown estimated $50m) Dec 2016
Asian-European Currency Ponzi Scam N/A $47,000,000 Jan 2017
Yabizon (Youbit) 3,816 BTC $5,300,000 April 2017
Parity wallet hack 153,000 ETH $30,000,000 July 2017
Coindash ICO hack  43,500 ETH  $10,000,000  July 2017
Enigma Project Scam  1,500 ETH $500,000   Aug 2017
Tether Token Hack  30,950,010 USDT  $30,000,000  Nov 2017
Parity Wallet suicides  513,774 ETH  $160,000,000  Nov 2017
Youbit korean exchange hack  Exact amount not reported Lost 17% of assets  Dec 2017

 

NiceHash Hack 4,700 BTC  $62,000,000  Dec 2017
Coincheck  500,000,000 NEM $400,000,000  Jan 2018
BlackWallet Theft  670,000 XLM  $400,000  Jan 2018
Seele ICO Theft  2,162 ETH  $1,800,000  Feb 2018
Coinhoarder Phishing Scams  (ongoing) N/A  $50,000,000  Feb 2018
BitGrail Theft  17,000,000 NANO  $170,000,000  Feb 2018
Bee Token Phishing  890 ETH  $928,000  Feb 2018
BTC Global Ponzi Scam  N/A  $50,000,000  Mar 2018
South Korean Bitcoin Pyramid Scheme N/A  $20,000,000  April 2018
MyEtherWallet DNS hack  215 ETH  $152,000  April 2018
iFan/Pincoin Token Scam N/A  $650,000,000  April 2018
GainBitcoin India Ponzi Scheme  N/A  $300,000,000  April 2018
Dantang coin Ponzi  N/A  $13,000,000  April 2018
Coinsecure Theft  438 BTC  $3,300,000  April 2018
Coinrail  N/A  $40,000,000  June 2018
Bithumb  N/A  $31,500,000  June 2018

Here is the Graphical Representation of the Mess…

 

Well we must take into account that hacks done in years past would be much more valuable in the tokens at today’s values. Also hacks this year might now have values of 1/2 that which were reported.  None the less at first appearance these values would appear to be pretty large.  But then the worlds crypto economies are pretty large, say 1/4 to $1 Trillion.  I wonder what the established Banking Sector’s record is compared to the Crypto Space….

NOW JUST A FEW SCANDALS OF THE TRADITIONAL BANKING ESTABLISHMENT

BANK TYPE of FRAUD AMOUNT DATE
Lehman Brs. Housing Loans $600 Billion early/mid 2000’s
Madeoff Invst Sec Ponzi $64.8 Billion Dec 2009
Standard Chartered Enemy Loans $250 Billion Dec 2012
HSBC Mex Drug Laundering $1.9 Billion Aug 2012
Kabul Bank Fake Loans $861 Million 2012
USB Bad Investments $2.3 Billion 2012
RBS, UBS, CitiBank, HSBC, JP Morgan Fixing Foreign Exchange Rates $2.6 Billion FINE! Unknown 2014

Which brings us to the GRAND DADDY OF THEM ALL, the “LIBOR SCANDAL”.

WHY IS THE LIBOR SCANDAL SUCH A BIG DEAL?
Well the LIBOR (London Inter Bank Overnight Rate) is the base rate that sets just about every other interest rate in existence. It is the basis for Car Loans, Home Loans, Business Loans, Development Loans, Credit Card Loans.  The Banks were caught colluding on setting the LIBOR rate artificially high to get the extra interest. This went on for years, perhaps even decades, the absolute amount that the banksters stole will never be known, but it is a whopping HUGE number, perhaps in the $100’s of  TRILLIONS.  What we do know is that the Banks have paid $22 BILLION in FINES, only a drop in the bucket (yet 44 times larger than the LARGEST Crypto Hack).  The ASSETS (loans) out that are affected by the LIBOR rate are valued at over $350 TRILLION.  Add up the skimmings off of that over a few decades and see what kind of number you come up with…

CONCLUSIONS & ENDING THOUGHTS

Hmmm, looks to me like there is an order of magnitude $$$ difference here on the order of 1-10,000+ maybe even 100,000 times difference.  Is the “establishment” financial world really more than 1-10,000 times larger, maybe even 100,000 times larger, than the crypto financial space?  I don’t think so.  I think there is an order of magnitude more FRAUD in the TRADITIONAL and ESTABLISHED Financial System.  

This does not even consider the fact of TRANSPARENCY.  It can take years, even decades for the wrongdoings of the Banksters to come to light, take the LIBOR Scandal for example. To the contrary of this we have the CryptoEconomy, where TRANSPARENCY brings all to light quickly.  We hear about HACKS the same day or day after they happen.  Often the involved accounts get frozen and part of the funds are salvaged.  Even some 3ed Generation Blockchains have these types of Governance abilities built right into their foundation structures (EOS, TeLOS, WORBLI).  Indeed, this is a much safer and more honest environment than the traditional established banking system.

 

These are the EXACT REASON we need CryptoEconomies, so that people can get away from the FRAUDsters (aka Banksters).  If you don’t want your hard earned money to be swindled away, you best RUN to the CRYPTO MARKETS and save yourself, your family and your loved ones.!!!! 

 

 

 

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Never invest funds you need for living and the near future.

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Responses

    1. TRUTH(@i-am) Post author

      This morning when I woke up I realized something important that I didn’t state in the article. It would seem the day there is a SCAM on the Blockchain,,, the news spreads like WILDFIRE. But in the “established” markets,,, it might take years or decades for bad actors to show up……. TRANSPARENCY !!!!! The Blockchain is TRANSPARENT,,, and the bad actors don’t have much time to hide…..

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  1. sandwichbill

    Yes, it’s interesting that so few bankers go to jail (apart from a few scapegoats served-up by the banks to protect the people on the boards and what they knew) for the financial crash of 2008 and fixing the Libor rate, the very cornerstone of capitalism, while Obama and Trump are also pardoning various banks. Crypto is a gift from the gods.

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  2. miti

    Unfortunately, the banks have their hands in everything and this includes politicians. It is precisely for that reason that we need to act as quickly as possible to switch to cryptos.

    (1)
  3. Adil Elias

    Man this post should be bookmarked, printed and given to anyone who’s going to do a debate with people who are about to trash the sector.

    When it comes to fraud, it’s not even the same Zipcode!

    Well done @i-am! Amazing work.

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    1. TRUTH(@i-am) Post author

      and that’s the EXTREMELY short list. The Bankster frauds have been going on for 100’s if not 1,000’s of years. Do you remember the “Keating 5” and the Savings N Loan scandals of the 1980’s? I do….. no respect for politicians or banksters.

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