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ARTICLE · 02 DECEMBER 2022

Cryptocurrency Investor Loss – What To Do

Olshan Frome Wolosky LLP
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An Article by two Prominent Former DOJ officials Presently Investigating Crypto Fraud in the Private Sector...

United StatesTechnology
Robert Appleton
Robert Appleton

An Article by two Prominent Former DOJ officials Presently Investigating Crypto Fraud in the Private Sector

By Robert Appleton & Ren McEachern**

Investor funds losses continue to mount in the wake of the numerous cryptocurrency firm meltdowns as well as by the recent spate of misuse of investor funds by centralized cryptocurrency exchanges, including the now infamous implosion of FTX, with early estimates of 1 million creditors impacted and representing a potential shortfall range between $8 to $10 billion. Many are falling victim to classic frauds updated for the Web3 age: crypto investment schemes promoted by fake influencers or scammers posing as investment advisors. Other new types of hacks, thefts or fraud are focusing on the continued rise of decentralized finance, in which criminals try to exploit a decentralized system, blockchain or smart contract.

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