Ubiquitous And Creative Fraud Is Regular Feature Of DeFi

If you read the hype, then you will have read that lack of regulation, speed of transactions, irreversibility of trades, and hidden identities are positive features of the crypto world. Crypto enthusiasts say that finance can only be improved by avoiding banks, regulators, and rules. But faster and looser isn't always better when we are talking about your investments. In fact, it is a recipe for you to be defrauded out of your money.

Moving money quickly is the essence of crypto.  It is also the essence of any organized fraud scheme.  And once taken, cryptocurrency can be moved quickly and laundered to avoid detection.

CNBC reports that fraud and scams in crypto took $14 billion in 2021 "thanks in a large part to the rise of decentralized finance (DeFi) platforms." This is separate from the $3.2 billion of cryptocurrency stolen in straight crypto theft hacking schemes.  "More than $2.8 billion of this [fraud] total came from a relatively new but very popular