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Research reveals sources of Bitcoin losses/fraud

Monday, February 28, 2022
Opalesque Industry Update - New research from GNY, the leading blockchain based machine learning business, reveals that 46% of serious Bitcoin traders claim to have suffered losses from by sending the cryptocurrency to fraudulent or inaccessible addresses. Some 38% say they have suffered from security breaches and improper storage of their Bitcoin, and 35% admit to forgetting a password to a wallet.

Around two out of five (44%) of those Bitcoin traders who have suffered from one of more of these issues say the value of their lost Bitcoin was less than $1,000. One in five say it was between $1,000 and $3,000, 17% between $3,000 and $5,000 while 19% say it was even higher.

The study from GNY, which recently launched BTC Range Report, providing some of the most accurate forecasts around Bitcoin volatility of any platform or service available today, reveals that perhaps to reduce the chances of being a victim of fraud, 92% of those who trade at least $1,000 a month in Bitcoin use two or more exchanges when trading the cryptocurrency. Some 29% say they use five or more, and one in 20 (5%) use over ten exchanges.

Cosmas Wong, CEO GNY said: "Our findings show the extent to which some traders have lost Bitcoin through scams or just forgetting passwords to wallets. Thankfully, the cryptocurrency and digital asset industry is making huge strides in improving infrastructure and security so that traders can focus more on just trying to trade the volatility and price of Bitcoin and other cryptocurrencies."

Extensive testing of BTC Range Report has delivered a mean absolute percentage error (MAPE) of between 3% and 7% making it one of the most powerful BTC prediction tools in the market. The average of the majority of competitor BTC prediction tools tested by GNY was 10%, but it was as high as 17% for some platforms.

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