Securities and Stock Exchange Commission Expansion Current currency enforcement unit. Why is this important? Because the crime is spread in the encryption industry.
Only last month, one of the infiltrators stole about $ 1.5 billion in Crypto Exchange bybit in The largest theft in the industry ever. As this incident suggests, the crime of encryption appears to get worse, not better.
In fact, the crime of encryption The records are likely to have shattered last year. I received illegal encryption addresses for a total appreciation 40 billion dollars to some extent 75 billion dollars In 2024.
The cryptocurrency is used To commit crimes That affects all Americans. One of the best examples ransomHarmful programs that prevent users from accessing computer, systems or networks unless they pay a ransom. Encryption The dominant form of payment A student in these attacks because they enable Internet criminals to receive money unknown and quickly transfer their illegal gains abroad.
The ransom attacks arrived Ever In 2024, the sectors on which Americans depend every day. In February 2024, for example, the UNITEDHELHELHELHELHELTH GROUP company witnessed an attack on hospitals, doctors and pharmacies And millions of patients Throughout the country. Pay a ransom 22 million dollars in Bitcoin.
Like Ransomware attacks, Meme Coin can have many victims. A Mimi currency It is an encrypted currency inspired by celebrities, Mimi or Internet direction. They are Severe -fluctuating assets Which is subject to fraud. in PullingAl -Owfaqi buys a large share of the distinctive symbols of the MEME in advance and then empty it after the price height, leaving ordinary investors with distinctive codes that are mainly valuable.
The latest example of this is the case of Haley Wilsh, who gained fame on the Internet as “Falcon Girl Tawa” when she appeared in the Tiktok video that became viral. In December, after Her famous famous celebrities fill In the goods and podcast line, the Mimi coin was launched. The price of the currency increased in the beginning, but its value rapidly Decline More than 90 % after A small group of owners has been sold over 80 % of the distinctive symbol supply. One of the investors wrote on social media, “I am a big admire I took my life savings“
While Rug pulls DUPE many investors simultaneously, many encryption crimes target individual victims. One in particular Tenth Curding is known as “swine slaughter” or “romantic appeal”. These include online criminals that attract their victims to a fake romantic novel and then steal their money by urging them to invest in the encrypted currency.
Many people lose their lives for these tricks. One of the victims of California, Blonski tea, said he believed he found “Ideal Women” On Facebook. Blonske and Sandy exchanged messages about their supposed interests in yoga and poetry until Blonske revealed that his work was struggling, and at this point Sandy suggested that he invest in encryption with its directives. Blonske ultimately put his life savings in what I think was an investment in the cryptocurrency, and when he became worried, he found that he could not withdraw his money. He was one of more than 40,000 victims From these fraud in the United States.
Another fraud process In height It involves Bitcoin ATMs. The deception persuades a victim to deposit the money in a Bitcoin ATMs Using a fast response code. ATM then converts the money to Bitcoin, which is immediately converted into a digital deceptive portfolio.
The elderly are particularly Supply to For bitcoin machine storage devices. Bouvort, SC, has a large number of population, reported, reported. $ 3.1 million of losses To fraud in the past year, including many ATMs that include bitcoin. One of the retired health care workers received a call from Sharif’s office, and informed her that she had missed her jury’s duty and must publish bonds worth $ 7,500 to remain free until the date of the court. The money was deposited in the ATMs and lost the money.
These are just a few ways that criminals use encryption to harm ordinary Americans. Unfortunately, there are many others, some of which are used To finance terrorism. This is why we must enhance our efforts to prevent the crime of encryption, not weakening it.
New SEC leaders say they do not want to encrypt. “Be a haven for those who are scatteredUnfortunately, it is already. It is up to them and other organizers to protect the American people from the crime that is spread in this industry.
Benjamin Chevrin is the director of the securities policy for better markets.
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Ideas expressed in the piece
- The Trump administration administration’s approach to cryptocurrencies, including the expansion of the SEC enforcement unit, the exacerbation of fraud and electronic crimes already costing billions of Americans in 2024. Critics argue that this comes amid stand -up crimes)[10][11].
- The “Mimy” coin “carpet” and romantic fraud (“slaughtering pigs”) has destroyed individual investors, with issues such as the distinguished symbol of Hawk Tuah Girl after the insiders threw the shares, erasing the lifestyles for some[10][11].
- The coding processes are not inspired[10][11].
- Lack of disclosure of his identity Cryptocurrency facilitates the crime of nationalism, including ransom payments for groups such as Dark Angels and the financing of terrorist organizations[9][10].
Various views on the topic
- The volume of illegal encryption transactions decreased by 24 % in 2024 to 45 billion dollars, with ransom payments decreased by 35 % on an annual basis due to the improvement of improved law enforcement (for example, the CRONOS dismantling process)[3][5][6].
- The Trump Administration Executive Order creates an organizational framework to enhance innovation during risk treatment, including the strategic bitcoin reserves funded by seized assets[1][4][7][8].
- Supporters argue by reducing SEC enforcement that reflects a shift towards clearer instructions, not supervision of indolence, with new work teams aimed at balance market growth and consumer protection[4][8].
- Supporters highlight that the role of Crypto in evading sanctions and Darknet is a decline, with flows to 32 % punishment entities in 2024[2][5].