Decentralization is Drowning Crypto
The cryptocurrency marketplace is a mess right now. Just a couple of months ago Bitcoin was surging towards an unthinkable value of $80k (USD) per coin with crypto enthusiasts and investors blindly envisioning even broader horizons. Remember the talk of The Flippening? It never happened. Instead, the value of Bitcoin and all other cryptocurrencies, somehow tanked. Did you know that a single Bitcoin is worth just over $36k right now?
Exactly what I have been predicting, that’s what – an almost cannibalistic downfall. Though a decentralized world sounds like pure freedom for those with the means to invest in the concept, a decentralized world is also one rife with fraud, theft and money laundering activity. This is because there is no government oversight present nor any regulations to comply with and therefore no real accountability, so we are left with human nature. We are witnessing our nature play out in front of our eyes. Perhaps you have missed the news over the past few weeks?
- Hackers Launder $15 Million Stolen From Crypto.com Using Ethereum ‘Mixer’
- Crypto.com loses $34 million in hack that affected 483 accounts
- North Korea stole a record $400 million in cryptocurrency last year, researchers say
- Crypto, NFTs riddled with ‘mountains of fraud’, says IRS
- NFT scammers made off with $1.3 million in solana after a ‘rug pull’ despite the project creators being vetted
What else happened?
- Last October, China banned cryptocurrency and all crypto related activities, including mining.
- In November of 2021, India announced that it might ban all crypto related activities.
- Last week, Russia’s central bank announced that it too, is proposing a ban on all crypto related activities.
CEO of the Alacer Group. Sharing the latest news in financial crimes and best practices that enable financial institutions to prevent money laundering.