elping clients to recover stolen cryptocurrencies has become one of our most popular services. Cryptocurrency scams were considered the second most risky type of scam in 2019. The only reason crypto scams came second place was because of the limited exposure to the general public as crypto adoption is still very young. All-in-all cryptocurrency-related crime proceeds exceeded $4.5 billion in 2019.
Fraudsters have firmly attached themselves onto the crypto scene for three important reasons.
Because there is a lack of formal regulation protecting the cryptocurrency industry, no one expects firms to be authorized or licensed to carry out activities and there are no guidelines or best practices to follow.
Each day more people start to discover and adopt the idea of using cryptocurrencies in their everyday life. Those who are new to the idea of digital assets have limited understanding or awareness to protect themselves which makes them easy targets for con artists.
Bank accounts, checks or electronic money is incredibly hard to use anonymously and hiding the proceeds of crime is complicated and expensive. Bitcoin addresses don’t need to be registered in someone's name which makes it easier to get away with fraud using cryptocurrencies.
Hackers have compromised and emptied digital asset wallets and made off client-money and operational money from exchanges, wallets and various companies. Hackers target high-value wallets and seek to leverage social engineering and exploit lapses security. Individuals are also targeted by stealing data from startups and ICOs or operating phishing scams to gain unauthorized access to administrative passwords and private keys directly from investors. By combining digital forensics with traditional investigative techniques and our experience combating online financial crime and investment fraud we are able to deliver clear results even under the most complex and challenging circumstances.
The growing popularity of speculation on digital assets like Bitcoin and hundreds of other Alt Coins comes with extensive risks for investors. Complaints of investment fraud and price manipulation on crypto-exchanges have risen sharply. However, it’s not just market manipulation causing individuals and companies to lose money, a number of scams have risen to target the cryptocurrency business.
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