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Crypto crime is too easy
If we can’t help protect people’s finances in 2024, what does that mean for the future of our financial systems?
5️⃣ From cryptocurrencies to Ponzi schemes
Technology is inherently neutral; its morality is determined by its application in a specific context, just as with atomic reactors and quantum computers.
According to the Pew Research Center, more than 43% of crypto investors expressed doubts about security in the crypto industry in 2023. This statistic underscores the urgent need for legislative intervention. The devastating consequences of losing fortunes to hacks and scams affect individuals from all walks of life, including fathers, single mothers, college students, older adults and practically anyone involved in cryptocurrency investment.
Data from the FBI indicates that consumers suffered losses exceeding $29 billion between 2021 and 2023. Unfortunately, many of these incidents went unreported due to insufficient infrastructure, societal stigma and a lack of confidence in the effectiveness of retributive measures.
6️⃣ The escalating utilization of cryptocurrencies in various illicit activities such as financial crimes, money laundering, trafficking and terrorist financing adds another layer of complexity to the situation.
Malicious actors leverage highly sophisticated technologies and methodologies, often staying two steps ahead of law enforcement. Tracing their actions and holding them accountable has become exceedingly challenging, demanding specialized skills and resources.
Since 2017, North Korean hacker groups, for example, have stolen tokens worth $3 billion, according to the UN Security Council’s estimates. North Korea was possibly involved in 17 crypto-related thefts and hacks in 2023 alone, draining over $750 million — roughly 50% of the nation’s foreign currency earnings.
Part 3️⃣
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