Have crypto currencies provided a safe haven for scammers?

[Shigobad2020]

Bitcoin and other crypto currencies offer some level of anonymity and I think this is somehow an avenue for scammers to find things easy, since they cannot be easily traced and arrested. Corrupt politicians in some countries can also store their stolen funds in crypto currency wallets.
What do you think?

Crypto currency is just like a game of chess and numbers , there are scammers everywhere scamming people out of their hard earned crypto coin, and they are going free .

 

[Elfinito]

I think yes, now they can carry out a lot of huge many transaction using crypto currency and they are untraceable and the government would never sue them for money laundering

 

[Hojo]

Well, it's heaven to some politicain who steals and store in crypto but ion think it's heaven to this scammers because the security is now very tight

 

[GoldenLady]

Even when they know they could be traced, scammers still acted confidently. The untraceable nature of cryptocurrency transactions will surely make this worse.

 

[Sotherefore]

Sometimes it is difficult for the transaction done in cryptocurrency to be trace. It might provide an opportunity for them to carry out the transaction without being tracked. But even with this we still need to be careful to avoid being scammed.

 

[greenie]

You are not far from the thruth though, Crypto currency create an avenue to make transactions and at the same time remain anonymous, places where illegal activities are carried out sooner than later will start using Crypto. Hopefully there will be a way to curb the development.

 

[Toyoabasi]

Bitcoin and other crypto currencies offer some level of anonymity and I think this is somehow an avenue for scammers to find things easy, since they cannot be easily traced and arrested. Corrupt politicians in some countries can also store their stolen funds in crypto currency wallets.
What do you think?

I think you're making a point here.
The rate of cyber crimes is on the increase. Unlike the local banks where fraud can be traced, I don't think the crypto system offers such, thus encouraging these scammers.

 

[HayKay]

Well in a way since the activities of transactions there cannot be traced but I still have this guy feeling that if the governments or agencies want to track the activities of individuals on the blockchain, they can do so.

 

[ganibade]

Any body that is trading with cryptocurrencies on any platform must be extra ordinary careful,this is because scamer are in every where. To cash out your money from your platform must monitor not to transfer money to scamer thought peer to peer system of payment to local account.

 

[Grandeur]

I think safe haven for scammers is one of the reason why India placed a ban in crypto currency because of the increase of fraud and untraceable transactions carried out on the platform.

 

[eLdavis]

I think safe haven for scammers is one of the reason why India placed a ban in crypto currency because of the increase of fraud and untraceable transactions carried out on the platform.

Its also the same reason the Nigerian government placed a ban on crypto currency as well, they believe crypto currency is mainly used for fraudulent activities hence they do not want it.

 

[Grandeur]

Its also the same reason the Nigerian government placed a ban on crypto currency as well, they believe crypto currency is mainly used for fraudulent activities hence they do not want it.

That's one of the reasons but many people are not aware of cryptocurrency as at the time it was banned then, infact the ban led to more awareness, I would say it's because the government doesn't want something to compete with their bank

 

[Bousine123]

Tha

To some extent, cryptocurrencies created safe heaven for scammers and illegal activities without being traced. But with the invention of KYC on some crypto platforms, there won't be complete anonymousity if you were to use those platforms.

Yes... Politicians can easily hide huge sum of money in their cryptocurrency wallet without being traced by the government.

That is very true, many rich men love crypto currencies, instead of hiding stolen money in their house, they prefer to hide it as an investment in crypto currencies, it help them to be faceless.

 

[eLdavis]

That's one of the reasons but many people are not aware of cryptocurrency as at the time it was banned then, infact the ban led to more awareness, I would say it's because the government doesn't want something to compete with their bank

That's also another issue, let's take international transactions for example. Normally one would have to make use of Western Union or money gram and the likes, which in turn creates revenue. With the introduction of crypto currency, alot of persons have started making use of crypto for international transactions, which has completely reduced the amount of revenue they get.

 

[Grandeur]

That's also another issue, let's take international transactions for example. Normally one would have to make use of Western Union or money gram and the likes, which in turn creates revenue. With the introduction of crypto currency, alot of persons have started making use of crypto for international transactions, which has completely reduced the amount of revenue they get.

That's very true, it's one of the things that is forcing the government to want to out a stop to the crypto market transactions because we trade in us dollars which affects our external reserves.

 

[kayode10]

Majority of the scammers I know keep their fund in cryptocurrency wallet. But it is not entirely safe as other scammers are also hacking into different wallets to steal cryptocurrency.

 

[eLdavis]

That's very true, it's one of the things that is forcing the government to want to out a stop to the crypto market transactions because we trade in us dollars which affects our external reserves.

Exactly, I can understand their concern about crypto currency though, but I just feel instead of them completely placing a restriction on it and stoping the masses from benefiting from it without any replacement on what they should invest in is not the right step. Instead they should work on ways on how they can regulate it.

 

[Grandeur]

Exactly, I can understand their concern about crypto currency though, but I just feel instead of them completely placing a restriction on it and stoping the masses from benefiting from it without any replacement on what they should invest in is not the right step. Instead they should work on ways on how they can regulate it.

That's the problem, they do not want to regulate it they want to control something that can't be controlled that's why they came up with this e naira software which didn't work out

 

[eLdavis]

That's the problem, they do not want to regulate it they want to control something that can't be controlled that's why they came up with this e naira software which didn't work out

I pity them if they honestly think they can control it, crypto currency is way beyond them, other countries have not been able to do this, what makes them think they can. Is the eNaira still working? Or is it finally a dead project?

 

[Lens]

The level of popularity gained by the crypto space makes very easy for the scammers to penetrate. This is the reason why the cyber criminals keep developing different malware.