Despite cryptocurrency no longer dominating the headlines like it did during the 2021 to 2022 boom, cybercriminals are still leveraging it to generate billions of dollars in fraudulent income every year. According to the FBI, 2023 was the most lucrative year on record for cryptocurrency scammers, highlighting the growing scale of these crimes.
While the broader cryptocurrency market experienced turbulence in 2022, with the collapse of firms like Celsius, Terraform Labs, and the bankruptcy of FTX, scammers have continued to exploit the industry.
Investment fraud remains the most common form of cryptocurrency scam, accounting for $3.96 billion of the total losses in 2023. This marks a sharp rise from the $2.57 billion lost to similar scams in 2022. The increasing sophistication of these scams has made it difficult for many people to discern legitimate investment opport
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