How Can Scams Be Stopped in the Crypto Market

[Nomad]

Studies confirm that one of the great scams occurring in the present time is related to crypto. According to crypto fraud report over $5.6 billions were lost due to scams in 2023, which was up by 45 percent compared to 2022. How do you think this can be stopped. What are the preventive measures

 

[Shoaib5600]

Scams in the crypto market can be reduced through stronger regulatory measures, increased public awareness and education, thorough due diligence, robust security protocols, and industry-wide efforts to identify and eliminate fraudulent schemes. Platforms can also implement KYC and AML policies to enhance security, and users should rely on trusted exchanges and wallets while being cautious of too-good-to-be-true offers.