Crypto Fraud And Implications For Litigation (16 June 2023)

The unregulated nature of the volatile cryptocurrency market has paved the way for an alarming increase in financial fraud. I previously shared an article headed the "Inconvenient Truth about Bitcoin". Within which we saw why block-chain based currency is the future albeit the article examined why bitcoin itself was bound to fail. The key aim within the article was to emphasise that for cryptocurrencies to succeed, crypto bugs must first realise and accept that government authority is necessary to legitimise the currency.

Despite warnings or caution extended by financial experts and regulators there was an exponential growth of cryptocurrency exchanges and trading platforms - with everyone jumping on the bandwagon in fear of missing out (FOMO). Crypto was designed as a censorship resistant payment mechanism that operated outside the heavily regulated financial system and is beyond the remit of a regulator. As of 2021, cryptocurrencies have been banned in mainland