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Cryptocurrencies and blockchain technology has opened doors to many new innovations and has positively impacted people all over the world. Along with the positive roles it’s played in this world, the crypto sphere has brought a few problems.

Cryptocurrency related crimes have been on the rise over the last several years. The anonymity of these transactions has attracted the attention of many criminal organizations in order to utilize these little nuggets of digital gold as an opportunity for kidnapping, money laundering and other illegal activity.

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Law enforcement agencies around the world are trying hard to find a way to track and stop these criminal activities. We’ll share with you a few cases studies where law enforcement handled such issues.

ICO Scams (Initial Coin Offerings)

This is one of the most popular crypto crimes in the world of today. Criminals create a fake project to attract willing investors, pretend to launch an ICO, and collect money in the form of BTC/ETH or other digital currency and inevitably take off with the investors’ money.

To pull these off, they create fictitious project names, sometimes even pretending to have a few big name investors or team members etc. to gain credibility. Once they receive the money, they leave the project behind and vanish like a thief in the night.

One scam artist used the photo of Ryan Gosling for his profile picture and called himself “Kevin Belanger”, a graphic designer. The Miroskii ICO is suspected to have raised around $830,000 from unsuspecting investors. No one knows what happened to the funds after the project closed, however their website is still running. There is little that local law enforcement can do in most of these cases as some of them may be in different geographic locations and the anonymity of a bitcoin wallet makes it READ THE FULL STORY