Cryptocriminals are stealing more money than ever

Transcription:

Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching today on TheStreet.

The stock was upbeat on Wall Street amid speculation of a bigger-than-expected rate cut. Fed experts now say it’s a problem if the Federal Reserve cuts interest rates by a quarter percentage point or half a percentage point. Investors will find out soon enough – as the Fed meets next week.

Also on the schedule: quarterly results from economic bellwether FedEx.

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Back to other news: Fraudsters stole $5.6 billion in cryptocurrencies in 2023, according to the FBI. This is a 45% increase from 2022.

While the number of crypto scams is relatively small – only 10% of all financial fraud complaints to the FBI, they account for about half of all money actually stolen.

Victims are duped by many different schemes, but the biggest one is investment fraud, usually concocted through emails, text messages and direct messages on social media. In 2023, investors were defrauded in this way out of 4 billion dollars. According to the FBI’s 2023 Cryptocurrency Fraud Report, “Over the years, the widespread promotion of cryptocurrency as an investment vehicle, combined with a ‘fear of losing’ mindset, has led to opportunities for criminals to target consumers and retail investors.”

And the crypto pranks don’t die down. A report from Blockchain Researcher TRM Labs said thieves made off with more than $1.38 billion in bitcoin, ether and other crypto assets in the first half of 2024. That’s double the crypto stolen during the same period in 2023.

That will do for your daily briefing. From the New York Stock Exchange, this is Conway Gittens with TheStreet.

Related: Bitcoin Could Hit $420,000 By 2030, Says Crypto Bull