Since its inception, crypto has often been perceived as the currency of the criminal. High-profile scandals are often splashed across the headlines, which at times have overshadowed the asset’s use as a viable alternative fiscal product, daring to push the boundaries of traditional fiat finance. For instance, in May, two men from the South West of England pleaded guilty to three counts of conspiracy to commit fraud after the pair admitted to spoofing the crypto-exchange website Blockchain.com and stealing in excess of £5.7m worth of cryptocurrency.
Their scheme allowed the men to access bitcoin wallets, drain the wallets of their funds, and take user login details. During its investigation, the South West Regional Organised Crime Unit identified 55 victims of the fraud in 26 countries, with 11 of those victims being UK based. This recent case again highlights the global magnitude of the problem.
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