Ponzi

Shift

Cryptocurrency

<p>“According to a recent report from CipherTrace, cryptocurrency crimes have resulted in losses of $1.36 billion in the first five months of 2020. This is on track to be the second-costliest year in the history of crypto, behind 2019. The report also noted a major shift away from outright thefts and towards deceptive practices, such as Ponzi schemes involving crypto. One of the biggest scams was the infamous Wotoken, which stole over $1 billion from investors. The report also highlighted the increasing use of privacy coins for illegal purposes. CipherTrace estimates that 22% of transactions in 2020 will use privacy coins, up from 4% in 2019.”</p>
<h2 id="key-points">Key Points</h2>
<li>Cryptocurrency crimes have led to losses of $1.36 billion in the first five months of 2020, according to a CipherTrace report.</li>
<li>The report indicates a shift towards deceptive practices like Ponzi schemes and an increased use of privacy coins for illegal purposes.</li>
<p>Recent findings from CipherTrace reveal that the first five months of 2020 saw losses of $1.36 billion due to cryptocurrency crimes.</p>
<p>If this trend continues, 2020 could be the second most expensive year in crypto history, just behind 2019.</p>
<h2 id="shift-in-crypto-crime-trends">Shift in Crypto Crime Trends</h2>
<p>The report indicates a significant transition from direct thefts to more deceptive criminal methods.</p>
<p>These include Ponzi schemes that involve cryptocurrencies.</p>
<p>One of the most notorious scams was the Wotoken scam, which managed to defraud investors of over $1 billion.</p>
<p>The report also underscores the growing use of privacy coins for illicit activities.</p>
<p>According to CipherTrace, it’s anticipated that privacy coins will be used in 22% of transactions in 2020, a significant increase from 4% in 2019.</p>

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