Crypto Scams on the Rise – Does Blockchain’s Good Outweigh its Bad?Chargebacks911® Founder Monica Eaton Interviewed by Invezz

May 2, 2023 | 2 min read


Lack of regulation and the anonymous nature of blockchain technology means crypto scams are becoming more prevalent, as explored in a new interview with Chargebacks911® Founder Monica Eaton on Invezz.

Invezz is a team of finance experts who care about helping people achieve financial freedom. Founded in Bulgaria in 2012, today Invezz has offices in 3 countries and is headquartered in London, UK. They're on a mission to make investing easy and effortless for everyone, publishing content in 13 different languages for a readership of millions worldwide.

As noted in the article, the Federal Trade Commission (FTC), reports that more than more than $1 billion in crypto was lost by 46,000 consumers due to scams between January 1, 2021, and March 31, 2022. Is cryptocurrency really to blame, or is it just a convenient medium for fraud that would have happened regardless? And, how does blockchain fit into the picture?

“Blockchain technology in itself does not make it easier to scam people,” Monica assets. “However, the anonymity and lack of regulation in the crypto space has made it a utopia for scammers, who can use crypto to evade traditional financial regulations and operate across borders. This makes it difficult for authorities to track them down.”

Monica and interviewer Dan Ashmore go on to discuss whether regulation from the FTC could potentially help resolve many of these issues. “Of course,” Monica says.

“Regulation can help curtail scams by providing a framework for oversight and enforcement. By implementing Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, regulators can help identify and prevent fraudulent activity in the crypto space. In addition, regulations can provide legal recourse for victims of scams, which can deter scammers from operating in the first place.”

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