UK prosecutor expects crypto scams to increase, but numbers remain low for now
Less than 1% of overall fraud cases relate to cryptocurrency, but that number could be rising in line with Bitcoin and the crypto market's ascension. The United Kingdom Crown Prosecution Service expects to see an increase in the number of Bitcoin (BTC) and cryptocurrency-related scams in the coming years, but admits they are still rather infrequent for the time being.The CPS estimates that 86% of reported fraud is now cyber-related — a situation exacerbated in the past year by the outbreak of COVID-19 which pushed more people online, reports the Financial Times.City of London police....
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The Prosecutor General’s Office of Russia has proposed to define cryptocurrency as property in the country’s Criminal Code. Decentralized digital money has already been qualified as such in the provisions of several other laws although various aspects of cryptocurrencies remain unregulated.
Prosecutors in Russia Draft Legislation Granting Cryptocurrency Property Status
The Prosecutor General’s Office of the Russian Federation has prepared a draft law to recognize cryptocurrency and other virtual assets as property. The legal definition will be used in court....
The Department of the Interior of Uruguay is taking steps to warn users about the danger they face when investing in certain crypto projects that could be scams. The campaign is called “Fake Coins: Cryptocurrency Scams” and seeks to educate the population about the most common kinds of crypto scams.
Uruguay Educates on Crypto-Related Scams
More and more government bodies are becoming aware of how some parties are using crypto to execute different kinds of scams, and also more of these institutions are working to educate citizens on this fact. The Ministry of the....
The legal representative of victims of the Onecoin bitcoin scam operation, Jonathan Levy, has accused the Bulgarian prosecutor of deliberately failing to take action against Onecoin. The lawyer said due to the prosecutor’s inaction, more victims are losing millions of dollars to the fraudsters.
Prosecutor Refusing to Take Action Against Ruja Ignatova’s Mother
A lawyer representing victims of the Onecoin bitcoin Ponzi scheme, Jonathan Levy, has suggested that the criminal scheme’s masterminds may be getting protection from the Bulgarian chief prosecutor, Ivan....
Crypto scams are a pervasive problem that the industry has had a hard time shaking off. Even when the scams get popular enough that investors no longer fall for them, the scammers come out with even more sophisticated versions of their scams to lure unsuspecting investors. The use of prominent figures such as Elon Musk […]
Bitcoin-related investment scams have already exceeded $18.5 million, an increase of 44% compared to the total losses of nearly $12.8 million in 2020. Investment scams in Australia cost investors more than 70 million Australian dollars ($50.5 million) in the first six months of 2021, with crypto scams contributing to more than 50% of the losses, according to Scamwatch data. As reported by the Australian Competition and Consumer Commission (ACCC), Scamwatch data shows a 53.4% increase in investment scam-related reports, which is set to exceed $101 million by the end of this year. Based on....