Feb 18, 05:17 AM

Crypto Fraud Surges as $114 Million Lost in ATMs and $65 Million in 2024; Norway Charges Four in $87 Million Scheme

Fraud in the cryptocurrency sector is escalating, with reports indicating that $114 million was lost to crypto ATM scams in 2023, and an additional $65 million in the first half of 2024. This surge in scams has been attributed to a perceived lack of regulatory oversight by the U.S. Securities and Exchange Commission (SEC) under Chairman Gary Gensler, whose tenure is criticized for failing to establish clear rules for the industry. Observers highlight a correlation between the SEC's ineffective regulation and a 160% increase in crypto-related crime, particularly following the transition to a new administration. In Norway, four individuals have been charged in connection with an $87 million investment fraud scheme, which involved misleading promises and no actual investments. The global impact of crypto fraud is staggering, with an estimated $1 trillion lost to fraud in 2023 alone, underscoring the urgent need for regulatory reform and consumer protection measures in the crypto space.

#SEC #Gary Gensler #Norway

Written with ChatGPT (GPT-4o mini).

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Crypto Fraud Surges as $114 Million Lost in ATMs and $65 Million in 2024; Norway Charges Four in $87 Million Scheme

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