Fresh warnings over the 'wild west' of cryptocurrency investment

In the first half of this year alone, more than $800 million has already been stolen - and experts believe the majority of theft is left unreported.

When Peggy and Marco Lachmann-Anke learned in January that hackers cracked a 40-character password and cleaned out their cryptocurrency wallet, they did not go to the police or alert the tokens’ issuer, the Berlin-based technology group IOTA.

They bought more coins.

The Cyprus-based German couple, who describe themselves as financial educators, figured they had no chance of recovering the coins and it was not even clear who might take up their case.

Yet they took the roughly $14,000 loss in stride – something that comes with the territory when one bets on a new, exciting technology in a yet unregulated market.

We really believe in cryptocurrencies. We have studied this for about a year before investing, so we are aware of the risks,’ Peggy Lachmann-Anke said.

‘There was nothing we could do.’

Far from unusual, the episode is emblematic for a market where few rules apply and where investors’ faith in the blockchain technology goes hand in hand with the belief that it also helps criminals cover their tracks so well that trying to catch them is a fool’s errand.

 
Read more starting at ‘Patrick Wyman, FBI supervisory special’ at….
Fresh warnings over the ‘wild west’ of cryptocurrency investment

Do you like our articles? What do you want to see or read about the wealthy?