by Disha Ganguli

May 18, 2021

Reports and recent incidents show that cryptocurrency scams are gaining strength in 2021

Cryptocurrency is progressively seizing the media attention in 2021 and so are crypto scams. Cryptocurrency scams have hit an all-time high in 2021. Money laundering in crypto is not a new phenomenon. According to the CipherTrace report, crypto criminals have laundered US$432 million by the end of April. About 56% of the laundered amount was related to DeFi.

Notably, this number has surpassed the whole of 2020 that had witnessed a loss of US$1.9 billion, and 2019 that hit a record of US$4.5 billion in cryptocurrency and bitcoin scam losses.

A recent relevant citation of cryptocurrency scam can be Elon Musk impersonators who executed embezzlement of $2 million. The theft was a…

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