{"id":6628,"date":"2021-10-05T17:16:02","date_gmt":"2021-10-05T17:16:02","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=6628"},"modified":"2021-10-21T09:42:05","modified_gmt":"2021-10-21T09:42:05","slug":"fighting-the-crypto-scammers","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2021\/10\/05\/fighting-the-crypto-scammers\/","title":{"rendered":"Fighting the crypto scammers"},"content":{"rendered":"

\u201cWe\u2019ve never been so busy,\u201d says Nick Furneaux, a digital forensic investigator who specialises in cryptocurrency crime.<\/p>\n

Furneaux, our guest on the latest New Money Review<\/em> podcast<\/a>, works with law enforcement bodies and large corporates around the world, training investigators to follow cryptocurrency money trails and retrieve assets stolen through scams, ransomware and phishing attacks.<\/p>\n

\"\"<\/p>\n

Nick Furneaux<\/em><\/p>\n

Listen to the podcast<\/a> to hear Nick and New Money Review<\/em> editor Paul Amery discuss:<\/p>\n

How cryptocurrency created new avenues for crime<\/strong><\/p>\n

\u201cWhat bitcoin did was to provide a method of transaction that at its core is anonymous. This has given the criminal a new method to mix and hide funds. It\u2019s more challenging for law enforcement to deal with.\u201d<\/p>\n

\u201c70-80 percent of arrested criminals have cryptocurrency wallets on their phones or computers. Our phone rings off the hook with calls from people who have lost money in scams, frauds and phishing attacks. On the ground, we\u2019ve never been so busy.\u201d<\/p>\n

\u201cA sizeable percentage of bitcoin traffic\u2014high teens\u2014comes through the TOR network. One has to ask why. I\u2019d suggest that the number of people using TOR for libertarian reasons is small in comparison to the number of criminals using TOR to obfuscate the movement of funds.\u201d<\/p>\n

\u201cOn the ground, we\u2019ve never been so busy\u201d<\/p><\/blockquote>\n

How criminals launder cryptocurrency<\/strong><\/p>\n

\u201cThere are people who are willing to launder crypto for you. They\u2019ll just charge a huge percentage and give you the cash.\u201d<\/p>\n

The continuing frictions between cryptocurrency and banks<\/strong><\/p>\n

\u201cWe had to buy \u00a3500 of ethereum the other day for a class I\u2019m teaching on DeFi and decentralised exchanges\u2014the bank froze my business bank account until I could explain why. The banks are very twitchy with any sort of crypto movement.\u201d<\/p>\n

\u201cIf you cannot understand that, do not get into crypto\u2014you will just have \u2018victim\u2019 tattooed on your forehead\u201d<\/p><\/blockquote>\n

Why retail investors need to practise self-defence<\/strong><\/p>\n

\u201cIf you go back five years, an awful lot of the money in crypto was criminal. Now there\u2019s a lot of retail money. And people are going to want to deal with companies that will make restitution if things go wrong.\u201d<\/p>\n

\u201cIf you\u2019re going to get into cryptocurrency, make sure you understand the technology. Make sure you know the difference between a public and private key, and what a bitcoin address is compared to the private key that controls it. If you cannot understand that, do not get into crypto\u2014you will just have \u2018victim\u2019 tattooed on your forehead.\u201d<\/p>\n

\u201cIf a criminal stakes money into a DeFi contract and does so-called yield farming, they are earning clean money\u201d<\/p><\/blockquote>\n

The global challenge of solving cryptocurrency crimes<\/strong><\/p>\n

\u201cI don\u2019t know how we solve the international issue. We\u2019ve got countries that don\u2019t care, and other countries that don\u2019t have the people or the funds to train their law enforcement and legislators. We get calls from police forces around the world who can\u2019t afford the blockchain forensic tools.\u201d<\/p>\n

Why ethereum, DeFi and NFTs are the new frontier of crypto fraud<\/strong><\/p>\n

\u201cThe biggest issue we are seeing criminally is what we generically term \u2018crypto 2.0\u2019\u2014the ethereum blockchain with all of its tokens, and then the DeFi contracts. If a criminal stakes money into a DeFi contract and does so-called yield farming, they are earning clean money.\u201d<\/p>\n

\u201cWe\u2019re seeing art fraud associated with non-fungible tokens (NFTs). You take a picture you own to auction, buy it from yourself for $100k, pay the commission, then put it back up for sale for $60k and sell it to a third party who thinks it\u2019s cheap.\u201d<\/p>\n

Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n

Related content from New Money Review<\/em><\/span><\/p>\n

To be human is to deceive<\/a><\/p>\n

Let the bad guys in<\/a><\/p>\n

Fighting the enablers of financial crime<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cWe\u2019ve never been so busy,\u201d says Nick Furneaux, a digital forensic investigator who specialises in cryptocurrency crime. Furneaux, our guest on the latest New Money Review podcast, works with law […]<\/p>\n","protected":false},"author":4,"featured_media":6627,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1013,1012,1053,1014,1011],"tags":[2061,2060],"class_list":{"0":"post-6628","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-account","8":"category-exchange","9":"category-featured-1","10":"category-payment","11":"category-value","12":"tag-cryptocurrency-crime","13":"tag-nick-furneaux"},"yoast_head":"\nFighting the crypto scammers - New Money Review<\/title>\n<meta name=\"description\" content=\"We've never been so busy, says a forensic investigator specialising in cryptocurrency-related crime\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2021\/10\/05\/fighting-the-crypto-scammers\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fighting the crypto scammers - 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