Cryptocurrency scams in Asia

Ganesh Ramaswamy

Cryptocurrencies have taken the world by storm, attracting and dragging in both individual and institutional investors. This has also led to an increase in the number of hackers, scammers and other kinds of cyber criminals who are in large numbers in the cryptocurrency marketplace. According to the Crypto Crimes Report published by blockchain analysis company Chainalysis in 2021, the total value of crypto currencies which are held in illicit wallets have risen to US$14bn. These are wallets where scammers deposit the money they have stolen by running Ponzi schemes – decentralised finance hacks (DeFi) etc.