Regarding crypto scams, Kenya’s cabinet secretary Joe Mucheru said that people do not have much knowledge about cryptocurrencies and due to this they become victims of fraud. He has asked people to give information about fake or suspicious firms so that others can be alerted. Media organizations have also been asked to report such cases of fraud as much as possible. This will make people aware about crypto scams. It is estimated that 8.5 percent of Kenya’s population or more than 4.5 million people hold cryptocurrencies. Bitcoin is more popular among them.
According to research firm Triple-A, Kenya ranks first among African countries in terms of trading volume of cryptocurrencies. It ranks fifth worldwide in total cryptocurrency activity. Due to the high crypto-related activities in Kenya, scammers are always on the lookout for people who have little knowledge of the market.
The activities of crypto scammers have also increased in other countries. A recent report by research firm Chainalysis said that $7.7 billion was defrauded through these scams last year. The US Justice Department recently announced the launch of an FBI unit to investigate blockchain analysis and fraud involving virtual assets. The department had caught a major case of fraud last month. In this, a New York couple is accused of laundering more than $ 4.5 billion (about Rs 33,750 crore) of bitcoins. These bitcoins were stolen by hacking the digital currency exchange Bitfinex about six years ago. Regulators under President Joe Biden have increased scrutiny of the cryptocurrency industry following a cyber attack on America’s largest fuel pipeline network last year.
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