Buyer Beware: Crypto Scammers Raked In $14 Billion In 2021

According to blockchain research firm Chainalysis, scam involving crypto reached an all-time high of $14 billion last year, a record that comes as regulators demand for more power over the fast-growing sector. Growing Interest In Crypto Fueled Most Scams Cryptocurrency crime set a new high in 2021, according to a recent analysis, with scammers stealing $14 billion worth of cryptocurrency. According to the “2022 Crypto Crime Report” released by blockchain data firm Chainalysis on Thursday, Jan. 6, that’s nearly double the $7.8 billion stolen by fraudsters in 2020. The findings come amid heated debates over how to regulate cryptocurrency, with regulators keen to protect the growing class of small investors who are flocking to digital currencies. With the recent surge in cryptocurrency interest, it’s no surprise that “Olympic-level scammers” have seen new chances for illegal conduct, according to William E. Quigley, a notable investor and co-founder of the WAX blockchain. Quigley stated during a panel discussion held by blockchain firm Light Node Media last month that the high-tech aspect of crypto will continue to attract clever crooks. Consider the recent “Squid Game” scam, in which investors claim that a new SQUID cryptocurrency token and associated immersive online game were nothing more than a con. According to investors, the creators vanished when the currency’s value so...