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The current president of the United States, Donald Trump, has publicly expressed his support for cryptocurrencies and expressed his desire for fewer regulations to govern them. Earlier, President Donald Trump was very doubtful about cryptocurrencies during his first term. Trump and many of his tech bro friends are now big fans of crypto technology.
Daria Solovieva wrote and discussed scammers as a possible problem with Trump’s “embrace of crypto” and “shift toward deregulation” of the technology.
Trump’s Crypto Love May Help Cheaters
Solovieva says that Trump’s push for less regulation of crypto “comes at a time when the number of scams is set to rise.”
“Crypto investors lost at least $9.9 billion last year as a result of scams, according to the latest data compiled by Chainalysis, a New York City-based blockchain analysis firm,” Solovieva says. “That estimate is expected to rise as more illicit addresses associated with fraud are identified in the coming months.”
Eric Jardine, who works at Chainalysis and studies and has deep expertise in cybercrime, says that as the use of cryptocurrency continues to increase, cybercriminals will keep trying more and more to fool people using AI technology.
“Adoption, which drives crypto activity, will grow this year,” Jardine told a known news website. Therefore, the number of scams is expected to increase each year, even if the rate remains constant. “I also think that volumes will go through the roof because the ecosystem is becoming more professional and AI technologies are being used by more people.”
Crypto Users, Stay Alert: More Tricks Coming
Philadelphia-based Terence Grugan, an attorney who is with the Market Street firm Ballard Spahr, urges cryptocurrency users to exercise extreme caution while verifying and using everything as technology develops.
Grugan told a known news website, “Fewer laws or rules in the crypto market do not mean all crypto products, exchanges, or companies are fake, but it means fake products may increase. So, it has become critical for traders to be more careful.” As with any investment or product whose value changes over time, people who want to buy or use crypto should learn as much as they can about it before they exchange their money for it.
Scams are likely to increase in number as the use of cryptocurrencies becomes more widespread and the number of regulations that govern them decreases. Before investing money, users need to make sure they clearly understand cryptocurrency and check it out, just as we choose things in the market with caution to avoid being cheated.
