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According to The Money Mongers’ recent study, there has been a significant surge in cryptocurrency scams spanning the years from 2011 to 2023. The study’s findings demonstrate a staggering rise in financial losses, escalating from $1. 79 million to an alarming $1. 89 billion

In a recent study conducted by The Money Mongers, a consortium of cryptocurrency enthusiasts and scholars, findings reveal a substantial surge in cryptocurrency scams over the period from 2011 to 2023. The instances of these fraudulent activities have increased 1053-fold, resulting in their monetary impact escalating from $1. 79 million to $1. 89 billionCryptocurrency, which refers to a virtual and decentralized form of currency, has fundamentally transformed the landscape of the financial sector, garnering significant attention and interest from a diverse range of investors and enthusiasts.

However, with the increasing popularity of these digital assets, unscrupulous individuals have discovered new ways to exploit vulnerable individuals. The phenomenon of crypto investment frauds has become a significant concern, exploiting individuals’ desire to generate quick profits. The present report has been meticulously compiled subsequent to an in-depth analysis of data from diverse sources, encompassing numerous news articles, individual reports, and independent security research organizations. According to the report, the current analysis delves into the significant instances of crypto hacks and thefts witnessed since the inception of the crypto market.

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