Author Topic: Financial Crimes still persist on Bitshares  (Read 3001 times)

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Offline chigbolu

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The rise in cryptocurrency related crimes has increased over the years from hacks to rug pulls and bitshares is no exception.

Users are still not used to how the bitshares Blockchain works in terms of custody of funds. The gullible ones still fall for all manner of scam practices while the perpetrators go unpunished, this is a huge drawback in the fundamentals of bitshares that seriously needs to be addressed to improve user base.

I will raise two major scenerio that play out on bitshares. One is custodial scam and the other is proposal scam.

proposal scams have reduced a little due to the rise in cost of raising proposals, and the checkmates in place. However custodial scams are still an issue.

Due to the ease of naming accounts on bitshares, criminal elements are invested into phishing accounts and Ponzi schemes. There have been reports by gullible users of their funds being stolen by phishing accounts.

Some of these accounts are currently blacklisted but that seems not to be enough. There is need to cooperate with centralized exchanges like binance, Bittrex, Poloniex, etc where these criminals withdraw their illicit funds to curb down this criminality.

Once these criminals realize that their ill gotten wealth can be seized they will reduce their phishing schemes. This will also increase user confidence in the ability of bitshares to fight cryptocurrency related crimes.