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Cryptocurrency fraud has reached epidemic proportions on a global scale, ensnaring thousands of vulnerable victims from digital asset novices to more seasoned professionals and resulting in billions of dollars in losses. The schemes, often referred to as “pig butchering,” resulted in more than $20 billion in losses to U.S. victims last year alone. Referrals to local and federal law enforcement have skyrocketed to such a degree that authorities will rarely pursue a case that is less than $1 million in losses.
The advent of digital finance has caused significant advancements in financial transfers, allowing for instantaneous peer-to-peer and cross-border transactions. Unlike banking transactions, the middleman is removed, causing more efficient means of digital currency transactions. Digital currencies can be transferred across the globe in minutes, while every transaction is memorialized on the blockchain.
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