5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-05-14 | Selina Mathew
Philip Martin lost a total of $165,000 in Ethereum. The FBI claims it is unable to assist him.
Philip Martin sat down in front of his computer a few days before Christmas last year to check his Bitcoin balance. It was the start of what would become an enduring nightmare for him.
Martin told NBC News that he assumed he was inputting the site URL for his bitcoin exchange, Coinbase, the largest and most well-known organization for storing digital currency. Hackers had faked the url, he claims, modifying it so slightly that his web browser was tricked, prompting him to automatically input his log-in and password.
The fraudsters now had everything they needed to steal his life savings — and they did. Martin is the most recent victim of a surge of cryptocurrency breaches and thefts, which experts say raises questions about whether further regulation is required.
Martin, who is losing $165,000 in Ethereum, a popular cryptocurrency, said, "It's been quite aggravating." "I've experienced panic attacks."
Because all Ethereum transactions are recorded on a public ledger, Martin was able to track out where the hackers moved his stolen funds. He made touch with both local and federal authorities. To make matters worse, the FBI field office in Los Angeles eventually informed him his loss was not significant enough to warrant an investigation.
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