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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?
7️⃣ Beyond North Korea, Iranian and Russian groups have also extensively used private crypto-assets to launder stolen funds, purchase illegal weapons, evade sanctions and so on.
Every month, thousands of new Ponzi trading platforms also surface, targeting individuals through platforms like Twitter, Facebook groups and TikTok. They entice people from social media into a trap, often starting with a seemingly harmless interaction that transitions to a communication platform like WhatsApp.
Once engaged, the scam begins, manipulating victims through various senses and emotions. What starts as a small investment can swiftly escalate, potentially devouring entire savings like a 401K in a matter of weeks. Victims are relentlessly pushed to invest more, with cryptocurrencies often used as an anonymous conduit, exacerbating the complexity and severity of the scam.
8️⃣ Law enforcement will issue a report on the case, but by the time they come to any sort of conclusion, the wallet will have long been emptied.
Crafting new policy frameworks for emerging challenges
Cryptocurrencies present unique challenges. Outdated one-size-fits-all approaches are inadequate for enhancing security and protecting users in this rapidly evolving industry.
Mere compliance is insufficient. Regulators must also uphold market integrity, demand that cryptocurrency exchanges and wallet providers enhance protections for investors’ capital, inspire confidence among investors, foster innovation through awareness and safeguard the entire ecosystem. Balancing security and innovation is paramount. Overemphasizing either aspect risks undermining progress.
Part 4️⃣
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