Cryptocurrency-related crimes have risen exponentially over the past few years. Recently, the cases of close to 30 victims of cryptocurrency-related crimes were backed up by a law firm, with the victims demanding a compensation of $11.2 billion.
The news was first reported by Micky, and the victims were from countries, including the United Kingdom, Italy, Slovakia, Australia, US and more. Dr. Jonathan Levy, the solicitor at the firm Berlad Graham LLP, revealed that the crime involved people from various countries and the jurisdiction of the case fell under EU law.
The original report also claimed that a majority of the highlighted cryptocurrency nodes were controlled by EU nations.
According to Levy, social media is one of the key reasons behind the increase in the number of such crimes. Dr. Levy also noted that criminals “could not function without fintech and blockchain companies, exchanges, banks, and especially social media, which accelerated and facilitated this illicit transfer of wealth”.
Levy claimed that social media was a “silent partner” to such crimes, and added that social media giants were enriched by “setting up the victims and selling their data to crypto criminals”.
According to Michael McKibben, a social media expert with the firm, it was easy for social media platforms to keep a tab on crypto-related crimes. However, they often chose to ignore it.
With the alarming crime rate, there were rumors that the government might classify and regulate cryptocurrencies or even ban it. However, Dr. Levy said that it was unlikely that the government would ban them. However, the government would now look at addressing regulations and accountability in a larger way, he said.
“Obviously Russia and China have taken one route. On the other hand, the US, without answering the big questions seems to be going after criminals selectively. The EU, however, has really done nothing but is the one jurisdiction with supranational money laundering and data rules. I think the EU will set the tone because everyone will need to conform since almost all crypto business touches Europe.”
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