While scams like these often only damage a single victim at a time, it can still be big money. NCET, along with other agencies, booked upwards of $112,000,000 from busting six such U.S.-based scams. The Federal Bureau of Investigation (FBI) estimates $3.31 billion was stolen from people in 2022 through investment fraud, with crypto-related scams accounting for more than a third (~$2.57 billion) of that figure. Worse than just money lost, the proliferation of confidence games – which require bad actors to cultivate long-term relationships and build trust with their marks – has tainted crypto’s reputation.
Related posts
-
DOJ Seizes Illicit Crypto Exchanges in Charging of Two Russians With $1,000,000,000 Money Laundering Operation
The U.S. Department of Justice (DOJ) has teamed up with other federal and international law enforcement... -
Experts Discuss Blockchain, Crypto and Web3’s Future
The European Blockchain Convention (EBC) took over Barcelona for its 10th edition. The two-day event featured... -
New Crypto Regulations in Japan Ease Rule For Blockchain Gaming Sector
Japan’s Financial Services Agency (FSA) has announced plans to reform the country’s regulatory framework on crypto...