• De Tijd released a report in which it stated that about €2.94 million worth of cryptocurrency lost from Belgium.
• The economic inspectorate of 2019, forwarded one file to the public prosecutor’s office.
• The Federal Public Service Economy (FPS Economy) warns against cryptocurrency fraud through websites.

Cybercrime is one of the biggest threats to e-commerce today. If people are not careful, hackers can cause million-dollar fraud. But today, we have come to an age where cybercriminals are not just behind dollars. But they are also committing frauds related to cryptocurrency.

Last year, according to De Tijd released a report in which it stated that about €2.94 million worth of cryptocurrency lost from Belgium.

We all have heard about Bitcoin, it is a type of cryptocurrency which in layman’s terms is virtual money. It exists only in electronic forms and one of the best substitutes of ordinary currency while shopping online.

The true value of a cryptocurrency:

The value of bitcoin changes daily depending on the market. This cryptocurrency also works as normal currencies, with the twist of them being made from the electronic chips rather than papers.

Today, many people have started investing in bitcoins since as one day or the other, everything is shifting towards digitalization. And the ones who are thinking ahead of time are the ones who will survive. Maybe this is the reason behind the increase in cryptocurrency cyber crimes.

The true loss of cryptocurrency might be more than €2.94 million since this amount is just the inspector. It is often seen that those who commit crimes don’t always communicate the actual amount involved.

De Tijd Thoughts:

According to De Tijd, the economic inspectorate of 2019, forwarded one file to the public prosecutor’s office. Which stated some kind of fraud or attempted fraud, but it never stated what the public prosecutor’s office has decided and the measures they will take to avoid such frauds.

However, Muylle clarified that they are taking initiatives on prevention.

Potential Cryptocurrency Fraud and Measures to Protect it:

The Federal Public Service Economy (FPS Economy) warns against cryptocurrency fraud through websites, eCommerce, press releases, social media networks, and information campaigns.

Normal people like us don’t have to worry since the government and many big companies are working to make digitalization more secure and more authentic.

Akhilesh Agnihotri