Crazy Money! Hacks and Crypto Scams

It’s Crazy Money Day! Do hacks and crypto scams concern you? They should!

$156 million were stolen in online hacks between January and April alone – more than all of 2020. In June, the Federal Trade Commission reported that consumer losses were more than $80 million to crypto-investment scams just since October. Now, wince the pandemic, the interest and participation in decentralized finance has surged. The Bank of Japan noted several potential benefits including increased competition in the financial sector, the creation of new financial services and improved accessibility to financial products and services. Yet, many are unaware of the risks. These include the lack of regulation, smart contract failure incidents and user protection-related complications. Technology that’s dependent on coding, value fluctuation, and lack of regulation or insurance are risks for everyone. I recommend you conduct thorough research with the reminder to only invest what you can afford to lose.

Mark Cuban was trading a DeFi token that crashed to zero. He’s calling for stablecoin regulation. Dan M. Berkovitz, a commissioner on the Commodity Futures Trading Commission is also concerned. From my perspective, all of this points towards a future cashless society. We need the wisdom of God to prudently steward His resources. Hacks and scams are a reminder not to trust in the abundance of riches no matter the form that they may take.

And if you’re concerned about credit card debt, I recommend Christian Credit Counselors. They can create a debt management plan specifically for you. For more information call the Crown Helpline: 800-722-1976 or visit online at crown.org/ccc.