Weekly news review

🛠️Despite that the blockchain economy has been 12 in existence for over 12 years, there are still not so many users who deeply understand it.
According to the recent survey, about 96% of Americans and 99% of Brazilians and Mexicans do not get the principles of cryptocurrency operation, as well as NFTs and DeFi.

The situation is a little better in Russia, about 87% don’t understand what is the crypto economy. Still it doesn’t prevent most of the respondents to use cryptocurrencies and make profit on it.

📲Unless we have such educational gap, cyber criminals and scammers will prosper.

🏦As of 2021, hackers withdrew about $680 million out of DeFi projects in result of 70 attacks. They stole $1.4 billion in total but they returned $760 million back.

In most cases hackers use the “instant loans” strategy. These are the type of loans when tokens are taken and returned from and to one block.

In doing so, DeFi industry demonstrated a significant growth in 2021. The total value of crypto assets blocked in DeFi protocols has increased by 936%. Such sharp increase was noticed right after the new crypto bans in China.

🇨🇳Besides, the Chinese state digital currency all the others were banned because of, couldn’t manage to bring peace to people, while scammers already found new ways for money laundering through digital yuan.
The Security Service of Xinmi announced that it identified the criminal group. 11 people were arrested in the course of operation. Trying to hide their illegal activity from the government, they used the state digital wallets.
Law enforcement agencies confirmed that although the state digital currency was intended for fighting money laundering, terrorism financing and other illegal activities, they couldn’t solve these problems yet.

💸And the most nonsense case of scam in which the scammers couldn’t even call themselves so but still made $19.08 million on users’ foolishness. We remind you that’s token called Squid was launched following the Squid game, popular Netflix series. The price of the token skyrocketed in a short period of time but then failed once reach on $2856. The project looked suspicious since its launch as there was no info about the developers team, and users had no chance to comment posts on social media. They couldn’t also sell their tokens to anyone.

🙌🏻Wish you a great Friday and only good news