With the rise of cryptocurrency fraud, appropriate legal remedies are needed to mitigate risk and recover stolen assets. The ongoing pandemic has increased the reach of cybercrime as more users turn to online investing.
September 01, 2021 | Bazul Ashhab & Lionel Chan- Cryptocurrency-related fraud surged since 2017
- Victims of cryptocurrency scams sought legal remedies to trace and recover assets
- Fraudsters can be identified and hauled to court
In June 2016, Dr. Ruja Ignatova walked onto the Wembley Arena stage to cheers from thousands of adoring fans. Also known as the “Cryptoqueen”, she was there to promote her cryptocurrency – OneCoin, which she touted as the next bitcoin. Between her charming persona and impressive credentials, people from all over the world were sold on the OneCoin dream. It is estimated that investors poured over $4 billion into OneCoin purchases between August 2014 and March 2017.
The scheme eventually unravelled – OneCoin was nothing more but a Ponzi scheme. Ignatova went missing in October 2017 and has not been found to date. The OneCoin scam was one of the world’s first, and possibly largest, cryptocurrency-related scams. Since then, cryptocurrency fraud has only been on the rise, targeting both retail and institutional investors alike.
Surge in cryptocurrency-related fraud
Global market capitalisation for cryptocurrencies hit $1.7 trillion in January 2021, an 800% increase from January 2020. As of now, the global cryptocurrency market capitalisation is well over $2 trillion. Based on current levels of suspicious activity, researchers have predicted a 75% increase in cryptocurrency-related crimes in 2021.
With cryptocurrency becoming more accessible to the general public, the days of “Nigerian prince” scams are over. As investors become more sophisticated, fraudsters too have had to update their approach to find a way to have a slice of the pie.
Legal remedies have been taken to...
Categories: Keywords:Cryptocurrency, Fraud, Law, Cryptoqueen, Ponzi, Bitcoin
With the rise of cryptocurrency fraud, appropriate legal remedies are needed to mitigate risk and recover stolen assets. The ongoing pandemic has increased the reach of cybercrime as more users turn to online investing.
September 01, 2021 | Bazul Ashhab & Lionel Chan- Cryptocurrency-related fraud surged since 2017
- Victims of cryptocurrency scams sought legal remedies to trace and recover assets
- Fraudsters can be identified and hauled to court
In June 2016, Dr. Ruja Ignatova walked onto the Wembley Arena stage to cheers from thousands of adoring fans. Also known as the “Cryptoqueen”, she was there to promote her cryptocurrency – OneCoin, which she touted as the next bitcoin. Between her charming persona and impressive credentials, people from all over the world were sold on the OneCoin dream. It is estimated that investors poured over $4 billion into OneCoin purchases between August 2014 and March 2017.
The scheme eventually unravelled – OneCoin was nothing more but a Ponzi scheme. Ignatova went missing in October 2017 and has not been found to date. The OneCoin scam was one of the world’s first, and possibly largest, cryptocurrency-related scams. Since then, cryptocurrency fraud has only been on the rise, targeting both retail and institutional investors alike.
Surge in cryptocurrency-related fraud
Global market capitalisation for cryptocurrencies hit $1.7 trillion in January 2021, an 800% increase from January 2020. As of now, the global cryptocurrency market capitalisation is well over $2 trillion. Based on current levels of suspicious activity, researchers have predicted a 75% increase in cryptocurrency-related crimes in 2021.
With cryptocurrency becoming more accessible to the general public, the days of “Nigerian prince” scams are over. As investors become more sophisticated, fraudsters too have had to update their approach to find a way to have a slice of the pie.
Legal remedies have been taken to...
Categories: Keywords:Cryptocurrency, Fraud, Law, Cryptoqueen, Ponzi, Bitcoin
