The Singapore High Court has found favor of the crypto victim whose digital assets were taken by unknown individuals.
People are more confident in recovering stolen digital assets from fraudulent parties now that cryptocurrencies are being recognized by the government and law enforcement.
According to a local news station, an overheard exchange resulted in the theft of one American entrepreneur’s digital assets. The entrepreneur instructed his pal to take some money out after revealing the combination of a safe containing the recovery seeds.
However, when the friend repeated the combination out loud, he had several more individuals with him.
The entrepreneur realized the next day that enormous sums of Bitcoin and Ethereum, totaling over $8.6 million, had been transmitted to an unknown wallet address.
He requested that the Singapore High Court examine the theft of about 110 BTC ($4.56 million at current rates) and just under 1500 ETH (nearly $4.1 million at current prices).
Fortunately, $1 million in Bitcoin was identified and linked to two local crypto exchanges, who were compelled to freeze the remaining monies in the digital wallets associated with the transaction.
Soaring crypto scams
According to William E. Quigley, a significant investor, and co-founder of the WAX blockchain, “Olympic-level fraudsters” have discovered new opportunities for illicit behavior with the recent boom in cryptocurrency interest.
Quigley claimed last month at a panel discussion hosted by blockchain firm Light Node Media that the high-tech side of crypto will continue to attract cunning criminals.
Consider the recent “Squid Game” scam, in which investors say that a new SQUID cryptocurrency token and its accompanying immersive online game were nothing more than a ruse.
The inventors, according to investors, vanished as the currency’s value skyrocketed, and they appeared to have paid out more than $3 million.
To be clear, while investment scams are the most profitable way to obtain bitcoin, con artists will use any story that convinces individuals to send money in cryptocurrency. Impersonating a government institution or a well-known firm is a typical example.
Most passive investors should keep digital assets holdings to less than 5% of their portfolios, according to financial experts, and never invest in cryptocurrency at the expense of saving for emergencies or paying off high-interest debt.