Summer Heats Up in Crypto Crime Craze

The only thing hotter than the temperature this July is the crypto crime spree impacting the world of decentralized finance (DeFi), especially DeFi’s foundational components — crypto coin offerings and NFTs. In just the last month we have witnessed a visible spike in the amount of fraud, deception and money laundering activity reported by the media. Either the amount of crypto crimes are increasing, which is both imaginable and ludicrous at the same time, or the media’s coverage of these crimes is rapidly increasing. I’m going to put my fiat money on the latter.

In my opinion, cryptocurrency and its ilk, NFTs, are wide open for interpretation. Some users of internet related things hide behind the web’s anonymity and commit crimes they would or could never commit offline. These people might be executives of big corporations, your kid’s soccer coach or even the president of your wife’s book club. The rest of us understand good versus evil and choose the side of good, even when offered potential anonymity to commit virtual crimes or abuses. Most of us don’t cross that line.

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Richard Paxton

CEO of the Alacer Group. Sharing the latest news in financial crimes and best practices that enable financial institutions to prevent money laundering.

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