Scam

As the use of cryptocurrency is becoming mainstream globally especially in this Covid-19 pandemic era, scammers have found it as the easiest way of making free money. Scammers have managed to steal more than $80 million from cryptocurrency investors in just 6 months.

Scammers are taking advantage of the bullish market of cryptocurrency to steal money. Since the interest in bitcoin, as well as other crypto-assets, has grown, criminals discovered it as a fruitful field for their activity. Currently, investment scams and phishing attacks are the most popular schemes.

The digital currency sector in Nigeria has been growing rapidly. Despite numerous scams and a lack of clear regulations, cryptos attract Nigerians with high profit potential.

The number of fraudulent cryptocurrency startups and suspicious companies not properly registered with regulators is growing. This makes governments and watchdogs alerted about the security of their citizens. For instance, the government of Singapore recently passed a warning to all of its citizens of the risk of involvement with cryptocurrency.

The head of the UK’s Crown Prosecution Service (CPS) recently made remarks saying they expect a rise in cryptocurrency sam cases in the UK. In an interview with Financial Times, Max Hill QC, a CPS director of public prosecution said the authority predicts an uptick in the number of scams.

Bitcoin adoption is growing dramatically in Canada, but the rate of cryptocurrency fraud is also increasing at a worrying speed. Between 2017 to 2020, digital currency-related fraud in Canada rose by about 400%, as per the report by RCMP.