Dancing Queen 👑

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Dancing Queen

Scamming in crypto is one of the hottest plays for those looking to make money in a nefarious manner. From crypto gambling schemes, to hacks, to other routes popping up nearly every day, there’s always a buck to be made. Beyond direct scams or hacks, cryptocurrency has always been a currency of choice for cybercriminals when demanding ransomware payments from companies or even everyday citizens. According to a recent Federal Trade Commission analysis, more than 46,000 people reported losing a combined $1 billion in cryptocurrency to scams between January 2021 and March 2022. Cryptocurrency made up a quarter of all dollars reported lost, more than any other kind of payment method demanded by fraudsters.

Since 2021, more than $575 million of all reported cryptocurrency fraud losses were around fake investment opportunities, where scammers promise huge returns for upfront crypto investments. Most recently, a scammer has come into the limelight for her frauds. Indeed, the FBI added Dr. Ruja Ignatova, the self-proclaimed ‘Cryptoqueen,’ to its list of Ten Most Wanted Fugitives, and is offering a $100,000 reward for information leading to her arrest. The scam she ran was through her role as founder of a cryptocurrency called OneCoin that launched in 2014. The swindler allegedly defrauded investors of more than $4 billion over three years, before disappearing.

What do you think about this scam and will the Cryptoqueen be caught?

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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