Cryptocurrency and crime explained

Cryptocurrency and crime describe notable examples of cybercrime related to theft (or the otherwise illegal acquisition) of cryptocurrencies and some methods or security vulnerabilities commonly exploited. Cryptojacking is a form of cybercrime specific to cryptocurrencies that have been used on websites to hijack a victim's resources and use them for hashing and mining cryptocurrency.[1]

According to blockchain analysis company Chainalysis, around US$2.5 billion was laundered through Bitcoin between 2009 and 2018, and the fraction of cryptocurrency transactions linked to illicit activities has been on the rise since early 2019.[2] In 2021, 0.15% of known cryptocurrency transactions conducted were involved in illicit activities like cybercrime, money laundering and terrorism financing, representing a total of $14 billion.[3]

Background

There are various types of cryptocurrency wallets available, with different layers of security, including devices, software for different operating systems or browsers, and offline wallets.

Novel exploits unique to blockchain transactions exist, and aim to generate unintended outcomes for those involved. One of the more well-known issues that open the possibility for exploits on Bitcoin is the transaction malleability problem.

The Immunefi Crypto Losses 2022 Report lists industry losses from frauds and hacking as a combined total of for the year, and at for 2021.[4]

Notable thefts

In 2018, around US$1.7 billion in cryptocurrency was lost to scams, theft and fraud. In the first quarter of 2019, the amount of such losses rose to US$1.2 billion.[5] 2022 was a record year for cryptocurrency theft, according to Chainalysis, with [6] stolen worldwide during 125 system hacks,[7] including stolen by "North Korea-linked hackers".

Exchanges

Notable cryptocurrency exchange compromises resulting in the loss of cryptocurrencies include:

Wallets

The Parity Wallet has had two security incidents amounting to 666,773 ETH lost or stolen.[35] In July 2017, due to a bug in the multisignature code, 153,037 ETH (approximately at the time) were stolen.[36] [37] In November 2017, a subsequent multisignature flaw in Parity made 513,774 ETH (about) unreachable;[38] [39] as of March 2019, the funds were still frozen.[40]

Energy

Notable cases of electricity theft to mine proof-of-work cryptocurrencies include:

Blockchains

Bitcoin

There have been many cases of bitcoin theft.[45], around 980,000 bitcoins—over five percent of all bitcoin in circulation—had been lost on cryptocurrency exchanges.[46]

One type of theft involves a third party accessing the private key to a victim's bitcoin address,[47] or of an online wallet.[48] If the private key is stolen, all the bitcoins from the compromised address can be transferred. In that case, the network does not have any provisions to identify the thief, block further transactions of those stolen bitcoins, or return them to the legitimate owner.[49]

Theft also occurs at sites where bitcoins are used to purchase illicit goods. In late November 2013, an estimated in bitcoins were allegedly stolen from the online illicit goods marketplace Sheep Marketplace, which immediately closed. Users tracked the coins as they were processed and converted to cash, but no funds were recovered and no culprits were identified.[50] A different black market, Silk Road 2, stated that during a February 2014 hack, bitcoins valued at $2.7 million were taken from escrow accounts.[51]

Sites where users exchange bitcoins for cash or store them in "wallets" are also targets for theft. Inputs.io, an Australian wallet service, was hacked twice in October 2013 and lost more than $1 million in bitcoins.[52] GBL, a Chinese bitcoin trading platform, suddenly shut down on 26 October 2013; subscribers, unable to log in, lost up to $5 million worth of bitcoin.[53] In late February 2014 Mt. Gox, one of the largest virtual currency exchanges, filed for bankruptcy in Tokyo amid reports that bitcoins worth had been stolen.[54] Flexcoin, a bitcoin storage specialist based in Alberta, Canada, shut down in March 2014 after saying it discovered a theft of about $650,000 in bitcoins.[55] Poloniex, a digital currency exchange, reported in March 2014 that it lost bitcoins valued at around $50,000.[56] In January 2015 UK-based bitstamp, the third busiest bitcoin exchange globally was hacked and in bitcoins were stolen.[57] February 2015 saw a Chinese exchange named BTER lose bitcoins worth nearly $2 million to hackers.[58]

A major bitcoin exchange, Bitfinex, was compromised by the 2016 Bitfinex hack, when nearly 120,000 bitcoins (around) was stolen in 2016.[59] Bitfinex was forced to suspend its trading. The theft was the second-largest bitcoin heist ever, dwarfed only by the Mt. Gox theft in 2014. According to Forbes, "All of Bitfinex's customers... will stand to lose money. The company has announced a cut of 36.067% across the board."[60] Following the hack the company failed to refund customers, though efforts are continuing.[61] In 2022, the US government recovered 94,636 bitcoin (worth approximately $3.6 billion at the time of recovery) from the 2016 thefts of the Bitfinex exchange, reported as the "largest financial seizure" in U.S. history. By February 2022, the amount of bitcoin stolen in 2016 had increased in value to $4.5 billion. Two people were arrested for the thefts[62] in 2022; married couple Ilya “Dutch” Lichtenstein and rapper Heather "Razzlekhan" Morgan were charged with conspiracy to commit money laundering and conspiracy to defraud the United States.[63]

On May 7, 2019, hackers stole over 7000 Bitcoins from the Binance Cryptocurrency Exchange, at a value of over 40 million US dollars. Binance CEO Zhao Changpeng stated: "The hackers used a variety of techniques, including phishing, viruses, and other attacks... The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time."[64]

Thefts have raised safety concerns. Charles Hayter, founder of the digital currency comparison website CryptoCompare said, "It's a reminder of the fragility of the infrastructure in such a nascent industry."[65] According to the hearing of U.S. House of Representatives Committee on Small Business on April 2, 2014, "these vendors lack regulatory oversight, minimum capital standards and don't provide consumer protection against loss or theft."[66]

Ethereum

In June 2016, hackers exploited a vulnerability in The DAO to steal . Subsequently, the currency was forked into Ethereum Classic, and Ethereum, with the latter continuing with the new blockchain without the exploited translations.[67] [68]

On November 21, 2017, Tether announced that it had been hacked, losing $31 million in USDT from its core treasury wallet.[69] The company has 'tagged' the stolen currency, hoping to 'lock' them in the hacker's wallet (making them unspendable).

In 2022, hackers created a signature account on a blockchain bridge called "Wormhole" and stole more than $300 million worth of ether.[70]

Fraud

Exit scams and ponzi schemes through initial coin offerings (ICOs)

Most exit scams (or rugpulls) as well as many ponzi schemes involving cryptocurrencies are performed through Initial Coin Offerings (ICOs).[71] As an example, according to a report by Satis Group almost 80% of all projects launched through an ICO in 2017 were scams.[72] These scams usually involve attracting investments from mostly retail investors, inflating the price and the perpetrators subsequently abandoning the project in question after selling off their own shares.[73]

The novelty of ICOs accounts for the current lack of governmental regulation.[74] This lack of regulatory measures as well as the pseudonymity of cryptocurrency transactions and their international nature across countless jurisdictions in many different countries can make it much more difficult to identify and take legal action against perpetrators involved in these scams.[75] [76] Since 2017 the SEC has been actively pursuing groups and individuals responsible for ICO-related scams.[77]

Examples of ICO-related scams

Ponzi schemes

Ponzi schemes are another common form of utilizing blockchain based technologies to commit fraud. Most schemes of this sort use multi-level marketing schemes to encourage investors to conduct risky investments.[91] Onecoin is one of the more notable examples of cryptocurrency-ponzi schemes: Founded in 2014 by Ruja Ignatova, OneCoin is estimated to have generated billion in income.[80] While at least in China some of the investors' funds have been recovered and several members of the organisation arrested in the U.S., Ignatova herself is still at large.[92]

Money laundering

See also: Money laundering. Due to the inability of third parties to de-pseudonymize cryptotransactions criminal entities have often resorted to using cryptocurrency to conduct money laundering.[93] Especially ICOs lacking KYC guidelines and anti-money laundering procedures are often used to launder illicit funds due to the pseudonymity offered by them.[94] By using ICOs criminals launder these funds by buying tokens off of legitimate investors and selling them. This issue is intensified through the lack of measures against money laundering implemented by centralized cryptocurrency-exchanges.

A well-known early example of money laundering using cryptocurrencies is Silk Road. Shut down in 2013 with its founder Ross Ulbricht indicted for among other counts a money laundering conspiracy, the website was used for several illicit activities including money laundering solely using Bitcoin as a form of payment.[95]

Apart from traditional cryptocurrencies, Non-Fungible Tokens (NFTs) are also commonly used in connection with money laundering activities.[96] NFTs are often used to perform Wash Trading by creating several different wallets for one individual, generating several fictitious sales and consequently selling the respective NFT to a third party.[97] According to a report by Chainalysis these types of wash trades are becoming increasingly popular among money launderers especially due to the largely anonymous nature of transactions on NFT marketplaces.[98] [99] Auction platforms for NFT sales may face regulatory pressure to comply with anti-money laundering legislation.[100]

Regulatory measures

Canada is generally regarded as the first state-actor implementing regulatory measures dealing with money laundering conducted by usage of cryptocurrencies.[101] By 2013 the Financial Crimes Enforcement Network (FinCEN) — in direct reference to the centralized exchange Mt. Gox — issued regulations making it clear that all crypto-to-fiat exchangers had to apply KYC- as well as anti-money laundering methods.[102] Any suspicious transactions have therefore to be reported to the authorities.[103] Centralized exchanges have to register as money transmitters, with the exact definition of who and what constitutes a money transmitter in the cryptosphere being somewhat blurred and regulations differing between the different states of the U.S.[104] An important exemption from these regulations are decentralized exchanges due to the fact that they do not hold any fiat-currency.[105]

As part of the Fourth Anti-Money Laundering Directive of 2015 and in an effort to combat money laundering and the financing of terrorism, the European Union has issued a directive making all member-states to have to make sure that cryptoexchanges are licensed and registered.[106] The EU is furthermore planning to take measures to ensure that all customers of cryptocurrency-exchanges are to verify their identity as part of the registration process.[107]

Regarding NFTs

Auction platforms for NFT sales may face regulatory pressure to comply with anti-money laundering legislation. A February 2022 study from the United States Treasury assessed that there was "some evidence of money laundering risk in the high-value art market," including through "the emerging digital art market, such as the use of non-fungible tokens (NFTs)."[108] The study considered how NFT transactions may be a simpler option for laundering money through art by avoiding the transportation or insurance complications in trading physical art. Several NFT exchanges were labeled as virtual asset service providers that may be subject to Financial Crimes Enforcement Network regulations.[109]

The European Union has yet to establish specific regulations to combat money laundering through NFTs. The European Commission announced in July 2022 that it is planning to draw regulations regarding that issue by 2024.[110]

Further examples

Josh Garza, who founded the cryptocurrency startups GAW Miners and ZenMiner in 2014, acknowledged in a plea agreement that the companies were part of a pyramid scheme, and pleaded guilty to wire fraud in 2015. The U.S. Securities and Exchange Commission separately brought a civil enforcement action against Garza, who was eventually ordered to pay a judgment of plus $700,000 in interest. The SEC's complaint stated that Garza, through his companies, had fraudulently sold "investment contracts representing shares in the profits they claimed would be generated" from mining.[111] Garza was later found guilty of fraud and ordered to pay and begin serving a 21-month sentence commencing January 2019 by the U.S. Attorney's Office District of Connecticut.

The cryptocurrency community refers to pre-mining, hidden launches, ICO or extreme rewards for the altcoin founders as deceptive practices.[112] This is at times an inherent part of the cryptocurrency's design.[113] Pre-mining refers to the practice of generating the currency before its released to the public.[114]

FTX and Alameda Research founder and CEO Sam Bankman-Fried was indicted by the U.S. District Court for the Southern District of New York in December 2022 and charged with commodities and wire fraud, securities fraud and money laundering, as well as with violating campaign finance laws.[115] [116]

Malware

Malware attacks

Some malware can steal private keys for bitcoin wallets allowing the bitcoins themselves to be stolen. The most common type searches computers for cryptocurrency wallets to upload to a remote server where they can be cracked and their coins were stolen. Many of these also log keystrokes to record passwords, often avoiding the need to crack the keys.[117] A different approach detects when a bitcoin address is copied to a clipboard and quickly replaces it with a different address, tricking people into sending bitcoins to the wrong address.[118] This method is effective because bitcoin transactions are irreversible.[119]

One virus, spread through the Pony botnet, was reported in February 2014 to have stolen up to $220,000 in cryptocurrencies including bitcoins from 85 wallets.[120] Security company Trustwave, which tracked the malware, reports that its latest version was able to steal 30 types of digital currency.[121]

A type of Mac malware active in August 2013, Bitvanity posed as a vanity wallet address generator and stole addresses and private keys from other bitcoin client software.[122] A different trojan for macOS, called CoinThief was reported in February 2014 to be responsible for multiple bitcoin thefts. The software was hidden in versions of some cryptocurrency apps on Download.com and MacUpdate.

Ransomware

Many types of ransomware demand payment in bitcoin.[123] [124] One program called CryptoLocker, typically spread through legitimate-looking email attachments, encrypts the hard drive of an infected computer, then displays a countdown timer and demands a ransom in bitcoin, to decrypt it.[125] Massachusetts police said they paid a 2 bitcoin ransom in November 2013, worth more than $1,300 at the time, to decrypt one of their hard drives.[126] Bitcoin was used as the ransom medium in the WannaCry ransomware.[127] One ransomware variant disables internet access and demands credit card information to restore it, while secretly mining bitcoins.

, most ransomware attackers preferred to use currencies other than bitcoin, with 44% of attacks in the first half of 2018 demanding Monero, which is highly private and difficult to trace, compared to 10% for bitcoin and 11% for Ether.[128]

Unauthorized mining

Phishing

A phishing website to generate private IOTA wallet seed passphrases, and collected wallet keys, with estimates of up to worth of MIOTA tokens stolen. The malicious website operated for an unknown amount of time and was discovered in January 2018.[129]

Fraud factories

Fraud factories in Asia traffic workers to scam westerners into buying cryptocurrencies online.[130]

Other incidents

In 2015, two members of the Silk Road Task Force—a multi-agency federal task force that carried out the U.S. investigation of Silk Road—were convicted over charges pertaining to corruption.[131] Former DEA agent, Carl Mark Force, had attempted to extort Silk Road founder Ross Ulbricht ("Dread Pirate Roberts") by faking the murder of an informant. He pleaded guilty to money laundering, obstruction of justice, and extortion under color of official right, and was sentenced to 6.5 years in federal prison. Former U.S. Secret Service agent, Shaun Bridges, pleaded guilty to crimes relating to his diversion of $800,000 worth of bitcoins to his personal account during the investigation, and also separately pleaded guilty to money laundering in connection to another cryptocurrency theft. Bridges were sentenced to almost eight years in federal prison.[132]

Gerald Cotten founded QuadrigaCX in 2013, after graduating from the Schulich School of Business in Toronto. Cotten was acting as the sole curator of the exchange. Quadriga had no official bank accounts since banks at the time had no method of managing cryptocurrency. In late 2018, Canada's largest crypto exchange QuadrigaCX lost in cryptocurrency when the owner died; he was the only one with knowledge of the password to a storage wallet. The exchange filed for bankruptcy in 2019.[133]

In 2018, Ellis Pinsky, 15 years old, was accused of orchestrating a scheme to steal millions of dollars' worth of cryptocurrencies from Michael Terpin, a prominent cryptocurrency investor. The scheme involved a social engineering technique known as the SIM swap scam. The case attracted significant attention due to Pinsky's young age and the substantial amount of money involved. It raised questions about the security of digital assets and the challenges in regulating and prosecuting crimes in the rapidly evolving world of cryptocurrencies. Pinsky later reached a settlement to return $22 million in cryptocurrency to Terpin.[134] [135] [136] [137] [138] In May 2020, Pinsky experienced a home invasion by intruders searching for remaining stolen assets.[139] Michael Terpin, the founder and chief executive officer of Transform Group, a San Juan, Puerto Rico-based company that advises blockchain businesses on public relations and communications, sued Ellis Pinsky in New York on May 7, 2020, for leading a "sophisticated cybercrime spree" that stole in cryptocurrency by hacking into Terpin's phone in 2018.[140] [141] Terpin also sued Nicholas Truglia and won a $75.8 million judgment against Truglia in 2019 in California state court.

On July 15, 2020, Twitter accounts of prominent personalities and firms, including Joe Biden, Barack Obama, Bill Gates, Elon Musk, Jeff Bezos, Apple, Kanye West, Michael Bloomberg and Uber were hacked. Twitter confirmed that it was a coordinated social engineering attack on their own employees. Twitter released its statement six hours after the attack took place. Hackers posted the message to transfer the Bitcoin in a Bitcoin wallet, which would double the amount. The wallet's balance was expected to increase to more than $100,000 as the message spread among the Twitter followers.[142]

In 2021, US Authorities carried out a raid on James Zhong's home in Gainesville, Georgia. Authorities found over 51,000 bitcoin that Zhong had stolen from Silk Road between 2012 and 2013. Through an error on Silk Road, Zhong was able to withdraw more bitcoin than what was initially deposited. He concealed his identity and was able to evade authorities for nearly a decade. Zhong ended up pleading guilty to wire fraud and was sentenced to 1 year and 1 day in prison along with a forfeiture of all bitcoin.[143]

In 2022, the Federal Trade Commission reported that $139 million in cryptocurrency was stolen by romance scammers in 2020.[144] Some scammers targeted dating apps with fake profiles.[145]

In early 2022, the Beanstalk cryptocurrency was stripped of its reserves, which were valued at more than, after attackers had managed to use borrowed in cryptocurrency to buy enough voting rights to transfer the reserves to their own accounts outside the system. It was initially unclear if such an exploit of governance procedures was illegal.[146]

See also

External links

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Notes and References

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  43. Web site: Police steamroll 1,000 bitcoin mines after 'electricity theft' prompts power outages . 2021-08-31 . finance.yahoo.com . 20 July 2021 . en-US . 2022-09-02 . https://web.archive.org/web/20220902213617/https://finance.yahoo.com/news/police-steamroll-1-000-bitcoin-181547805.html . live .
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  47. News: Jeffries . Adrianne . 19 December 2013 . How to steal Bitcoin in three easy steps . The Verge . 17 January 2014 . 10 May 2021 . https://web.archive.org/web/20210510195348/https://www.theverge.com/2013/12/19/5183356/how-to-steal-bitcoin-in-three-easy-steps . live .
  48. News: Everett . David . April 2012 . So how can you steal Bitcoins . Smartcard & Identity News . 17 January 2014 . 18 October 2016 . https://web.archive.org/web/20161018080331/http://www.smartcard.co.uk/articles/so_how_can_you_steal_bitcoins.php . dead .
  49. Grocer, Stephen . 2 July 2013 . Beware the Risks of the Bitcoin: Winklevii Outline the Downside . The Wall Street Journal . Moneybeat . 21 October 2013 . 31 January 2021 . https://web.archive.org/web/20210131152320/https://blogs.wsj.com/moneybeat/2013/07/02/beware-the-risks-of-the-bitcoin-winklevii-outline-the-downside/ . live .
  50. News: Hern . Alex . 9 December 2013 . Recovering stolen bitcoin: a digital wild goose chase . The Guardian . 6 March 2014 . 9 July 2019 . https://web.archive.org/web/20190709185910/https://www.theguardian.com/technology/2013/dec/09/recovering-stolen-bitcoin-sheep-marketplace-trading-digital-currency-money . live .
  51. News: 14 February 2014 . Silk Road 2 loses $2.7m in bitcoins in alleged hack . BBC News . 15 February 2014 . 15 October 2022 . https://web.archive.org/web/20221015160521/https://www.bbc.co.uk/news/technology-26187725 . live .
  52. News: Hern . Alex . 8 November 2013 . Bitcoin site Inputs.io loses £1m after hackers strike twice . The Guardian . 18 September 2015 . 26 July 2019 . https://web.archive.org/web/20190726122329/https://www.theguardian.com/technology/2013/nov/08/hackers-steal-1m-from-bitcoin-tradefortress-site . live .
  53. News: When bitcoins go bad: 4 stories of fraud, hacking, and digital currencies. . . live . 6 March 2015 . https://web.archive.org/web/20150101090127/http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/26/when-bitcoins-go-bad-4-stories-of-fraud-and-hacking/ . 1 January 2015.
  54. Web site: 28 February 2014 . MtGox bitcoin exchange files for bankruptcy . 18 April 2014 . bbc.com . BBC . 6 June 2019 . https://web.archive.org/web/20190606051848/https://www.bbc.com/news/technology-25233230 . live .
  55. News: Ligaya . Armina . 5 March 2014 . After Alberta's Flexcoin, Mt. Gox hacked, Bitcoin businesses face sting of free-wheeling ways . Financial Post . 7 March 2014 . 7 March 2014 . https://web.archive.org/web/20140307072707/http://business.financialpost.com/2014/03/05/after-albertas-flexcoin-mt-gox-hacked-bitcoin-businesses-face-sting-of-free-wheeling-ways/ . live .
  56. News: Truong . Alice . 6 March 2014 . Another Bitcoin exchange, another heist . Fast Company . 7 March 2014 . 10 July 2017 . https://web.archive.org/web/20170710130104/https://www.fastcompany.com/3027373/fast-feed/another-bitcoin-exchange-another-heist . live .
  57. Web site: Whittaker . Zack . 5 January 2015 . Bitstamp exchange hacked, $5M worth of bitcoin stolen . 6 January 2015 . Zdnet . CBS Interactive. . 16 October 2016 . https://web.archive.org/web/20161016122825/http://www.zdnet.com/article/bitstamp-bitcoin-exchange-suspended-amid-hack-concerns-heres-what-we-know/ . live .
  58. Web site: Millward, Steven . 16 February 2015 . Nearly $2M in bitcoins feared lost after Chinese cryptocurrency exchange hack . 18 February 2015 . techinasia.com . Tech In Asia . 30 May 2019 . https://web.archive.org/web/20190530190912/https://www.techinasia.com/bitcoins-lost-after-china-cryptocurrency-exchange-hack-bter . live .
  59. Web site: Samira Sadeque and agencies . February 8, 2022 . US married couple arrested for allegedly conspiring to launder $4.5bn in bitcoin . February 9, 2022 . www.theguardian.com . June 29, 2022 . https://web.archive.org/web/20220629213659/https://www.theguardian.com/technology/2022/feb/08/us-married-couple-arrested-allegedly-conspiring-launder-45bn-bitcoin . live .
  60. News: Coppola . Frances . 6 August 2016 . Theft And Mayhem In The Bitcoin World . Forbes . 15 August 2016 . 7 August 2016 . https://web.archive.org/web/20160807023213/http://www.forbes.com/sites/francescoppola/2016/08/06/theft-and-mayhem-in-the-bitcoin-world/#3adc93c251ae . live .
  61. News: Kharif . Olga . Who will get crypto back after arrests in $3.6-billion bitcoin hack? . LA Times . 10 February 2022 . 2024-05-06 . 2024-05-06 . https://web.archive.org/web/20240506164646/https://www.latimes.com/business/story/2022-02-09/bitfinex-who-will-get-crypto-back-after-arrests-in-3-6-billion-bitcoin-hack . live .
  62. News: Vigna . Paul . 9 February 2022 . How the Feds Tracked Down $3.6 Billion in Stolen Bitcoin . The Wall Street Journal . 3 March 2022 . 11 September 2022 . https://web.archive.org/web/20220911090407/https://www.wsj.com/articles/how-the-feds-tracked-down-3-6-billion-in-stolen-bitcoin-11644447110 . live .
  63. 2022-08-16 . The Ballad of Razzlekhan and Dutch, Bitcoin's Bonnie and Clyde . 2023-06-04 . Vanity Fair . en-US . 2023-05-24 . https://web.archive.org/web/20230524172356/https://www.vanityfair.com/news/2022/08/the-ballad-of-razzlekhan-and-dutch-bitcoins-bonnie-and-clyde . live .
  64. Barrett . Brian . 2019-05-08 . Hack Brief: Hackers Stole $40 Million from Binance Cryptocurrency Exchange . Wired . 2019-05-08 . 2022-10-12 . https://web.archive.org/web/20221012140114/https://www.wired.com/story/hack-binance-cryptocurrency-exchange/ . live .
  65. News: Heller . Matthew . 4 August 2016 . Bitfinex Hack Fuels Bitcoin Security Concerns - . en-US . CFO . 11 January 2017 . 29 January 2017 . https://web.archive.org/web/20170129130817/http://ww2.cfo.com/cyber-security-technology/2016/08/bitfinex-hack-fuels-bitcoin-security-concerns/ . live .
  66. Web site: 2 April 2014 . Testimony of Mark T. Williams Bitcoin: Examining the Benefits and Risks for Small Business . dead . https://web.archive.org/web/20180923065035/https://smallbusiness.house.gov/uploadedfiles/4-2-2014_williams_final_testimony.pdf . 23 September 2018 . 10 January 2017 . U.S. House of Representatives Committee on Small Business Hearing.
  67. Popper, Nathaniel: "Hacker May Have Taken $50 Million From Cybercurrency Project" The New York Times. June 18, 2016. (Archived from the original June 20, 2017.) Retrieved January 7, 2023.
  68. Price, Rob: "Digital Currency Ethereum is Cratering Amid Claims of a $50 Million Hack" Business Insider. June 17, 2016. (Archived from the original June 11, 2017.) Retrieved January 7, 2023.
  69. News: Russell . Jon . Tether, a startup that works with bitcoin exchanges, claims a hacker stole $31M . TechCrunch . live . 22 November 2017 . https://web.archive.org/web/20171121105158/https://techcrunch.com/2017/11/20/tether-claims-a-hacker-stole-31m/ . 21 November 2017.
  70. Web site: Goodin . Dan . 2022-02-04 . How $323M in crypto was stolen from a blockchain bridge called Wormhole . 2022-03-03 . Ars Technica . en-us . 2022-10-09 . https://web.archive.org/web/20221009104040/https://arstechnica.com/information-technology/2022/02/how-323-million-in-crypto-was-stolen-from-a-blockchain-bridge-called-wormhole/ . live .
  71. Book: Hou, Greg . Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies . 2022 . De Gruyter . 978-3-11-071688-7 . Corbet . Shaen . Boston/Berlin . 83 . Cryptocurrency money laundering and exit scams: Cases, regulatory responses and issue.
  72. 11 July 2018 . Cryptoasset Market Coverage Initiation: Network Creation . Satis Group . 24 . 15 February 2023 . 16 February 2023 . https://web.archive.org/web/20230216090001/https://research.bloomberg.com/pub/res/d28giW28tf6G7T_Wr77aU0gDgFQ . live . See Book: Nestarcova, Dominika . A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil" . 2019 . Brill . 978-90-04-41657-4 . Leiden/Boston . 43.
  73. This phenomenon is described in detail at the hand of several examples in Book: Hou, Greg . Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies . 2022 . De Gruyter . 978-3-11-071688-7 . Corbet . Shaen . Boston/Berlin . 85–87 . Cryptocurrency money laundering and exit scams: Cases, regulatory responses and issue. See also the sources cited there.
  74. Book: Nestarcova, Dominika . A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil" . 2019 . Brill . 978-90-04-41657-4 . Leiden/Boston . 43 f.
  75. Book: Rao, Sandeep . Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies . 2022 . De Gruyter . 978-3-11-071688-7 . Corbet . Shaen . Boston/Berlin . 80 . Mt. Gox – The fall of a giant.
  76. Book: Nestarcova, Dominika . 2019 . A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil" . Leiden/Boston . Brill . 43 f . 978-90-04-41657-4. Cf. Web site: Clayton . Jay . Jay Clayton (attorney) . 11 December 2017 . Statement on Cryptocurrencies and Initial Coin Offerings . 15 February 2023 . U.S. Securities and Exchange Commission (SEC) . Please also recognize that these markets span national borders and that significant trading may occur on systems and platforms outside the United States. Your invested funds may quickly travel overseas without your knowledge. As a result, risks can be amplified, including the risk that market regulators, such as the SEC, may not be able to effectively pursue bad actors or recover funds. . 31 January 2023 . https://web.archive.org/web/20230131105924/https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11 . live .
  77. Book: Johnstone, Syren . Rethinking the Regulation of Cryptoassets. Cryptographic Consensus Technology and the New Prospect . 2021 . Edward Elgar . 9781800886780 . Cheltenham/Northampton . 61 f.
  78. See Book: Girasa, Rosario . Regulation of Cryptocurrencies and Blockchain Technologies. National and International Perspectives . 2018 . Palgrave . 978-3-319-78508-0 . Pleasantville . 156 f.
  79. Book: Conlon . Thomas . Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies . McGee . Richard J. . 2022 . De Gruyter . 978-3-11-071688-7 . Corbet . Shaen . Boston/Berlin . 47 . ICO fraud and regulation. Cf. Web site: . 30 January 2018 . SEC Halts Alleged Initial Coin Offering Scam . 15 February 2023 . U.S. Securities and Exchange Commission (SEC) . 10 March 2023 . https://web.archive.org/web/20230310081000/https://www.sec.gov/news/press-release/2018-8 . live .
  80. Book: Conlon . Thomas . Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies . McGee . Richard J. . 2022 . De Gruyter . 978-3-11-071688-7 . Corbet . Shaen . Boston/Berlin . 46 . ICO fraud and regulation.
  81. Book: Girasa, Rosario . Regulation of Cryptocurrencies and Blockchain Technologies. National and International Perspectives . 2022 . Palgrave . 978-3-319-78508-0 . Pleasantville . 184 . Criminal Prosecutions and Civil Litigation Concerning Blockchain Technologies . 10.1007/978-3-319-78509-7.
  82. Book: Hou, Greg . Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies . 2022 . De Gruyter . 978-3-11-071688-7 . Corbet . Shaen . Boston/Berlin . 86 . Cryptocurrency money laundering and exit scams: Cases, regulatory responses and issue.
  83. Book: Girasa, Rosario . Regulation of Cryptocurrencies and Blockchain Technologies. National and International Perspectives . 2022 . Palgrave . 978-3-319-78508-0 . Pleasantville . 185 . Criminal Prosecutions and Civil Litigation Concerning Blockchain Technologies . 10.1007/978-3-319-78509-7.
  84. See Book: Conlon . Thomas . Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies . McGee . Richard J. . 2022 . De Gruyter . 978-3-11-071688-7 . Corbet . Shaen . Boston/Berlin . 46 . ICO fraud and regulation. Cf. News: Michaels . Dave . 1 September 2021 . SEC Sues BitConnect and Founder, Alleging Massive Cryptocurrency Scam of World-Wide Investors . The Wall Street Journal . 15 February 2023 . 6 March 2023 . https://web.archive.org/web/20230306215912/https://www.wsj.com/articles/sec-sues-bitconnect-and-founder-alleging-massive-cryptocurrency-scam-of-world-wide-investors-11630535853 . live .
  85. Book: Nestarcova, Dominika . A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil" . 2019 . Brill . 978-90-04-41657-4 . Leiden/Boston . 43.
  86. Book: Conlon . Thomas . Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies . McGee . Richard J. . 2022 . De Gruyter . 978-3-11-071688-7 . Corbet . Shaen . Boston/Berlin . 45 f . ICO fraud and regulation.
  87. Book: Girasa, Rosario . Regulation of Cryptocurrencies and Blockchain Technologies. National and International Perspectives . 2022 . Palgrave . 978-3-319-78508-0 . Pleasantville . 212 . Criminal Prosecutions and Civil Litigation Concerning Blockchain Technologies . 10.1007/978-3-319-78509-7. Cf. Web site: . SEC v. PlexCorps, Dominic LaCroix, and Sabrina Paradis-Royer Case No. 17-cv-7007 (CBA) (RML) (E.D.N.Y.) . 15 February 2023 . U.S. Securities and Exchange Commission (SEC) . 10 February 2023 . https://web.archive.org/web/20230210095234/https://www.sec.gov/enforcement/information-for-harmed-investors/plexcorps . live .
  88. Book: Girasa, Rosario . Regulation of Cryptocurrencies and Blockchain Technologies. National and International Perspectives . 2022 . Palgrave . 978-3-319-78508-0 . Pleasantville . 212 . Criminal Prosecutions and Civil Litigation Concerning Blockchain Technologies . 10.1007/978-3-319-78509-7.
  89. Book: Girasa, Rosario . Regulation of Cryptocurrencies and Blockchain Technologies. National and International Perspectives . 2022 . Palgrave . 978-3-319-78508-0 . Pleasantville . 213 . Criminal Prosecutions and Civil Litigation Concerning Blockchain Technologies . 10.1007/978-3-319-78509-7.
  90. Book: Conlon . Thomas . Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies . McGee . Richard J. . 2022 . De Gruyter . 978-3-11-071688-7 . Corbet . Shaen . Boston/Berlin . 47 . ICO fraud and regulation.
  91. Book: Mukherjee . Sanmoy . Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies . Larkin . Charles . Corbet . Shaen . 2022 . De Gruyter . 978-3-11-071688-7 . Corbet . Shaen . Boston/Berlin . 118 . Cryptocurrency Ponzi schemes.
  92. See Book: Mukherjee . Sanmoy . Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies . Larkin . Charles . Corbet . Shaen . 2022 . De Gruyter . 978-3-11-071688-7 . Corbet . Shaen . Boston/Berlin . 112 . Cryptocurrency Ponzi schemes. as well as News: Bartlett . Jamie . 24 November 2019 . Cryptoqueen: How this woman scammed the world, then vanished . BBC News . 15 February 2023 . 21 December 2020 . https://web.archive.org/web/20201221235010/https://www.bbc.com/news/stories-50435014 . live .
  93. Albrecht . Chad . Duffin . Kristopher McKay . Hawkins . Steven . Rocha . Victor Manuel Morales . 2019 . The use of cryptocurrencies in the money laundering process . Journal of Money Laundering Control . 22 . 2 . 213 . 10.1108/JMLC-12-2017-0074 . 159087019.
  94. Book: Nestarcova, Dominika . A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil" . 2019 . Brill . 978-90-04-41657-4 . Leiden/Boston . 44.
  95. Book: Stabile . Daniel T. . Digital Assets and Blockchain Technology. US Law and Regulation . Prior . Kimberly A. . Hinkes . Andrew M. . 2020 . Edward Elgar Publishing . 978-1-78990-743-8 . Cheltenham/Northampton . 299–301.
  96. NFTs: A New Frontier for Money Laundering? . Owen . Allison . Chase . Isabella . December 2, 2021 . Royal United Services Institute . 15 February 2023 . 16 January 2022 . https://web.archive.org/web/20220116131322/https://rusi.org/explore-our-research/publications/commentary/nfts-new-frontier-money-laundering/ . live .
  97. Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art . . 27 . 15 February 2023 . 2022 . 13 April 2022 . https://web.archive.org/web/20220413071205/https://home.treasury.gov/system/files/136/Treasury_Study_WoA.pdf . live .
  98. Web site: Quiroz-Gutierrez . Marco . February 4, 2022 . A handful of NFT users are making big money off of a stealth scam. Here's how 'wash trading' works . 15 February 2023 . Fortune . 15 December 2022 . https://web.archive.org/web/20221215090338/https://fortune.com/2022/02/04/nft-wash-trade-scam-millions/ . live .
  99. Web site: February 2, 2022 . Crime and NFTs: Chainalysis Detects Significant Wash Trading and Some NFT Money Laundering In this Emerging Asset Class . 15 February 2023 . Chainalysis . 6 December 2022 . https://web.archive.org/web/20221206010533/https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering/ . live .
  100. Cf. Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art . United States Department of the Treasury . 26 . 15 February 2023 . 2022 . 13 April 2022 . https://web.archive.org/web/20220413071205/https://home.treasury.gov/system/files/136/Treasury_Study_WoA.pdf . live .
  101. Book: Johnstone, Syren . Rethinking the Regulation of Cryptoassets. Cryptographic Consensus Technology and the New Prospect . 2021 . Edward Elgar . 9781800886780 . Cheltenham/Northampton . 61.
  102. Book: Dwyer, Gerald P. . Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies . 2022 . De Gruyter . 978-3-11-071688-7 . Corbet . Shaen . Boston/Berlin . 201 f . Regulation of cryptocurrencies.
  103. Book: Dwyer, Gerald P. . Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies . 2022 . De Gruyter . 978-3-11-071688-7 . Corbet . Shaen . Boston/Berlin . 202 . Regulation of cryptocurrencies.
  104. Book: Dwyer, Gerald P. . Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies . 2022 . De Gruyter . 978-3-11-071688-7 . Corbet . Shaen . Boston/Berlin . 202–204 . Regulation of cryptocurrencies.
  105. Book: Dwyer, Gerald P. . Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies . 2022 . De Gruyter . 978-3-11-071688-7 . Corbet . Shaen . Boston/Berlin . 204 f . Regulation of cryptocurrencies.
  106. Book: Girasa, Rosario . Regulation of Cryptocurrencies and Blockchain Technologies. National and International Perspectives . 2022 . Palgrave . 978-3-319-78508-0 . Pleasantville . 315 . Criminal Prosecutions and Civil Litigation Concerning Blockchain Technologies . 10.1007/978-3-319-78509-7.
  107. Web site: Schickler . Jack . September 2, 2022 . Money Laundering via Metaverse, DeFi, NFTs Targeted by EU Lawmakers' Latest Draft . 15 February 2023 . 15 December 2022 . https://web.archive.org/web/20221215091828/https://finance.yahoo.com/news/money-laundering-via-metaverse-defi-134732625.html . live .
  108. Web site: Treasury Releases Study on Illicit Finance in the High-Value Art Market . 15 February 2023 . U.S. Department of the Treasury . en . 4 February 2022 . https://web.archive.org/web/20220204234141/https://home.treasury.gov/news/press-releases/jy0588 . live .
  109. Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art . United States Department of the Treasury . 26 . 15 February 2023 . 2022 . 13 April 2022 . https://web.archive.org/web/20220413071205/https://home.treasury.gov/system/files/136/Treasury_Study_WoA.pdf . live .
  110. Web site: Reiche . Matthias . July 12, 2022 . Umgang mit Bitcoin & Co. Wie die EU den Kryptomarkt reguliert . 15 February 2023 . German . 14 December 2022 . https://web.archive.org/web/20221214152120/https://www.tagesschau.de/wirtschaft/finanzen/eu-kryptomarkt-101.html . live .
  111. Book: Farivar, Cyris . GW Miners founder owes nearly $10 million to SEC over Bitcoin fraud ]. October 5, 2017 . Ars Technica . https://web.archive.org/web/20171229112405/https://arstechnica.com/tech-policy/2017/10/bitcoin-fraudster-hit-with-9-1m-civil-judgment-on-top-of-criminal-guilty-plea/ . 2017-12-29.
  112. Web site: August 2013 . Scamcoins . live . https://web.archive.org/web/20140201051133/http://altcoins.com/scamcoins . 1 February 2014.
  113. News: Bradbury . Danny . 25 June 2013 . Bitcoin's successors: from Litecoin to Freicoin and onwards . The Guardian . live . 15 February 2023 . https://web.archive.org/web/20140110172029/http://www.theguardian.com/technology/2013/jun/25/bitcoin-successors-litecoin-freicoin . 10 January 2014.
  114. News: Morris . David Z . 24 December 2013 . Beyond bitcoin: Inside the cryptocurrency ecosystem . Fortune . live . 15 February 2023 . https://web.archive.org/web/20180127202338/http://fortune.com/2013/12/24/beyond-bitcoin-inside-the-cryptocurrency-ecosystem/ . 27 January 2018.
  115. Web site: Department of Justice, Office of Public Affairs . December 13, 2022 . FTX Founder Indicted for Fraud, Money Laundering, and Campaign Finance Offenses . 15 February 2023 . 28 December 2022 . https://web.archive.org/web/20221228003609/https://www.justice.gov/opa/pr/ftx-founder-indicted-fraud-money-laundering-and-campaign-finance-offenses . live .
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