"Some sources report that even President Donald Trump has acquired a substantial holding in Bitcoin. Crypto can be sent anywhere in the world in seconds, with no bank account, no identification, and no middleman standing in the way. It's not hard to understand why some people get excited about it. However, other less-savory individuals are drawn to crypto because that mix of speed and secrecy has turned cryptocurrency into a new frontier for fraud."
"Cryptocurrency is often regarded as a pioneering advancement in the financial world and is often touted for its ability to move money across borders with both speed and anonymity. These very benefits are the reason it has become the preferred tool for illicit activities. Scammers use it to run Ponzi schemes, demand ransomware payments, and launder illicit funds. Some even launch investment scams that offer significant returns through fraudulent exchanges or non-existent coins."
Cryptocurrencies have surged in popularity and attracted mainstream and high-profile holders. Crypto transfers occur globally in seconds without bank accounts, identification, or intermediaries, enabling rapid, low-cost movement of funds. Those attributes have also attracted criminals who exploit speed and anonymity to perpetrate scams, run Ponzi schemes, demand ransomware payments, launder illicit funds, and create fraudulent exchanges or non-existent coins. Criminals frequently use additional technologies and laundering techniques to obscure transaction trails. Industry analysts estimate crypto-related scams surged to roughly $9.3 billion in 2024. Legal and regulatory frameworks have lagged, so prosecutors rely on wire fraud, securities fraud, and money laundering laws; the GENIUS Act passed July 18, 2025 provided additional enforcement tools.
Read at www.amny.com
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