Over US$14.6m funds stolen through crypto fraud

SG is the 9th most targeted market by fraudsters.

Singapore has lost over US$14.6m in funds due to crypto fraud, making it the 9th most targeted country by fraudsters.

Data from CoinJournal showed that Singapore recorded four hacks and breaches in 2022.

The research added that 2022 was the worst year for crypto fraud and breaches, with 120 different incidents recorded. Compared to last year, incidents have increased by almost 28%.

“ Despite the surge in incidents, the value lost in these incidents was less than half of the previous year,” the report stated.

The most common crypto attack this year was DeFi breaches, occurring 80 times alone, whilst the most costly crypto scam was by Plus Token, where almost $3 billion worth of Bitcoin and Ethereum was stolen.

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