Crypto Scams Topped $4bn in 2019

According to crypto analytics firm Chainalysis there was more than $4bn stolen from investors in 2019, which counts as the highest year on record; it was more than the $3bn in combined scams from 2017 and 2018; “There’s been huge growth in ones that mimic investing opportunities,” said Kim Grauer, Head of Research at Chainalysis, to the Wall Street Journal; “They are becoming more sophisticated, larger in size and they reach into the mainstream, victimizing naive investors,” she said; the crypto markets have gone through a lot of turmoil in the last few years but the space it still ripe for get rich schemes which can lure investors in; A lot of it is just traditional crime dressed up,” said Christopher Janczewski, a Special Agent at the Internal Revenue Service, to the Wall Street Journal. “They’re still always driven by fear, or confusion, of missing the next boom.” Wall Street Journal

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