The scam of cryptocurrency has been a massive issue for crypto investors and owners for years. It has been stated that the crypto scams, fraud, and stealing have shattered approximately $1.4 billion of investors’ money.
Many investigators also forecast that this bend can also break the previous year’s record, which was around $4 billion lost if there is nothing done to stop it. Coronavirus is also to blame, and it has broadened the scope, goals, and techniques of this year. With the pandemic, crypto phishing and scams on the dark web, these criminals try to do all they can to scam people.
Some of the Trending Cryptocurrency Scams of 2020
Dark Web Payments
Some items, like PCR test kits, chloroquine, masks, and many of these types of things were sold on the dark web, but the cost of these were not in dollars. Instead, it was in cryptocurrency. While the market seems legit, the items you have bought might not be shipped, or if it got sent, it would not be what was ordered. In the meantime, criminals are taking the Bitcoin.
Due to COVID-19, the growing interest in information gives birth to new apps and sites. Criminals have created a number of virus trackers for mobile devices. However, they spy ono your device or install ransomware to your phones, and ultimately, this will stop your synchronized crypto wallets. Due to this pandemic, it has led to several people working from home, which also has a hand in digital asset movements.
Bitcoin ATM Scams
This scam takes a look at transactions from Bitcoin ATMs to risky exchanges. There is approximately a 7 percent chance that the transaction will be a scam. ATMs might also be the next target of scammers. Visit https://bitcointrader2.com/ if you want to invest in bitcoins.
Money Laundering Schemes
Even the fake funds have dropped by around 46% in 2019, which resulted in making new laundering rules, but this risk remains. Less controlled authorities still get a large fund moving from crypto firms. This large, laundered crypto movement has improved economically, worldwide. Money laundering got polluted due to exploitation and misallocation on the other side. Countries should move to fasten up the regulation to chase the possible values of cryptocurrency transactions as a global payment together with fiat currency.
Advanced Crime Strategies
The advancement and increase of crime strategies are due to the slow-motion of crypto trade rules. Dark webs don’t have a different path; they are linked with huge crypto transfers from dark web wallets to interchange them directly and indirectly.
These present regulations fail to know the related information about these types of fake development.
The Bottom Line
There are many cryptocurrencies, and there is always the chance that they will fall into the current crypto scams. On top of this, since the emergence of COVID -19, there is an increase of digital assets. It has broadened cryptocurrency scams, but the FATF’S travel rule is saying the slow implementation by countries is protecting the whole world from crypto crimes this year.