Cryptocurrency utilizes technology that creates, verifies, and
secures transactions using digital assets.1 These assets are
rapidly increasing in popularity as a means to capitalize on market
gains.2 The worldwide attention that
cryptocurrency has been receiving over the last decade has come not
only comes from legitimate investors and profits, but also from bad
actors.
Cryptocurrency Fraud
Cryptocurrency crime is growing fast as the technology evolves.
Between 2018 and 2020, $12.6 million reported losses were reported
as attributable to events involving cryptocurrencies that have been
characterized as fraud or scams. This number significantly
increased in 2021, where the Canadian Anti-Fraud Centre received
reports of cryptocurrency fraud losses totalling $75 million.3
Furthermore, the Federal Trade Commission states that between Q1
2021 and Q1 2022, 46,000 people lost more than $1 billion to crypto
scams. Crypto scams reportedly account for 40% of all
