Cryptocurrency Scams on the Rise: United Nations Report Highlights Money Laundering Risks

The growth of cryptocurrency exchanges and online gambling platforms is not just a trend, but a concerning development as they are increasingly being used as vessels for high crimes like money laundering, according to a recent United Nations report.

One victim of a cryptocurrency scam, Angela Sloan, shared her story of falling prey to a fake digital platform while battling cancer. Sloan invested hundreds of dollars into the platform, only to later discover that the coins she received were counterfeit, resulting in a loss of nearly $2 million.

As technology advances, scams like the one Sloan experienced are becoming more sophisticated and difficult to navigate. Even federal agencies are falling victim to complex crypto scams, as reported by Forbes.

Bezalel Raviv, co-founder of Lionsgate Network, is actively involved in tracking and recovering stolen cryptocurrency funds. His firm works to identify and intercept crypto accounts involved in fraudulent activities, but faces challenges in forming partnerships with law enforcement agencies to combat these crimes effectively.

While efforts are being made to collaborate with law enforcement, widespread solutions to address the issue have yet to be found. Raviv emphasized the importance of better communication and cooperation between firms like his and law enforcement agencies to tackle cryptocurrency scams and hold perpetrators accountable.

As the prevalence of these crimes continues to rise, it is crucial for individuals to remain vigilant and cautious when engaging in cryptocurrency transactions or online platforms. If you have been a victim of a scam or need assistance, reach out to WCNC Charlotte for support and guidance.