Document Type

Article

Publication Date

2023

Abstract

Cryptocurrencies have fueled the growth of online fraud in various forms. They are poorly understood by many users, have value that shifts quickly and unexpectedly, and are easy to move in a digital world without borders. Cryptocurrency is seemingly purpose built as a tool for hucksters and scammers. The Federal Trade Commission claims that 46,000 people reported losing over a billion dollars in cryptocurrency to scammers in the first six months of 2021,1 a figure only including those potentially few people have been brave enough to share that they have been victims. The world of cryptocurrency can be scary for the uninitiated.

One common way in which crypto-fraud is accomplished is through social media and the use of fake accounts. Some accounts purport to be crypto-fans, others make you belive they are experts in crypto-investment and are happy to help you uncover hidden riches. All of them, however, are seeking to take your money and leave you with nothing but fear and regret.

This crypto-bestiary will present you, the neophyte, six of the most terrifying of crypto-creatures seeking to steal your treasure. Heed what we tell you as a lesson, be wary of where you venture and watch for the signs.

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