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Blockchain and Cryptocurrency Frauds: Emerging Concern

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Financial Crimes

Abstract

Technology has taken the financial markets and its instruments to new heights. With the change in technology, its working new dimensions are being introduced to the financial sector. As we all know that technology is a double-edged sword, thus it needs to be perfect and in sync with the need of the hour. With the concept of e-currency, the hype in cryptocurrency has taken over the world with storm. Blockchain is also not behind and has made the security to a new dimension. Thus, in the said article, the author has tried to give an insight of how blockchain and cryptocurrency can be used in both in favor and against the system.

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Notes

  1. 1.

    Al-Laham, M., Al-Tarwneh, H., & Abdallat, N. (2009). “Development of Electronic Money and Its Impact on the Central Bank Role and Monetary Policy.” Issues in Informing Science and Information Technology, 6, 339–349. https://doi.org/10.28945/1063

  2. 2.

    Committee on Payments and Market Infrastructures, (November 2015) “Digital Currencies”

  3. 3.

    Shafi, M. (2021, November 28). “The emergence of crypto currency” - Kashmir Reader. Retrieved on December 19, 2022, from https://kashmirreader.com/2021/11/29/the-emergence-of-crypto-currency/

  4. 4.

    G., Chakraborty, S., & Patil, S. “Emergence of crypto-currencies” Retrieved on December 19, 2022, from https://www.gatewayhouse.in/emergence-crypto-currency/

  5. 5.

    Anu Singhal and Aqila Rafiuddin, (2014) “Role of Bitcoin on Economy by– World Congress on Engineering and Computer Science,” San Francisco, Vol. II

  6. 6.

    Badev, A. I., & Chen, M. (2014). “Bitcoin: Technical Background and Data Analysis.” SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2544331

  7. 7.

    Rappa, A. L. (2020). “The Politics of Finance: FinTech and Bitcoin in Late Modernity.” Journal of Stock & Forex Trading, 1

  8. 8.

    Ibid

  9. 9.

    Ibid

  10. 10.

    Ibid

  11. 11.

    What Is Cryptocurrency: Types, Benefits, History and More,” Retrieved on December 21, 2022, from https://www.simplilearn.com/

  12. 12.

    Ibid

  13. 13.

    Reports show scammers cashing in on crypto craze,” Federal Trade Commission, Retrieved on December 21, 2022, from https://www.ftc.gov/

  14. 14.

    Bitcoin Scams: How to Spot Them, Report Them, and Avoid Them.” (2022, August 23). Investopedia. Retrieved December 21, 2022, from https://www.investopedia.com/articles/forex/042315/beware-these-five-bitcoin-scams.asp

  15. 15.

    Abraham, C. (2018, October 13). “The Origin Story of the Initial Coin Offering (ICO)”, from https://perma.cc/SYD8-VCRE

  16. 16.

    Ibid

  17. 17.

    Alexandre, A. (2018). “New Study Says 80 Percent of ICOs Conducted in 2017 were Scams”, from https://cointelegraph.com/news/new-study-says-80-percent-of-icos-conducted-in-2017-were-scams

  18. 18.

    Davis, C. (2022). “Five Takeaways from the FTX Cryptocurrency Exchange Fallout.” The Texas Lawbook

  19. 19.

    Trautman, L. J. (2022, November 30). The FTX Crypto Debacle: Largest Fraud Since Madoff? https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4290093

  20. 20.

    Ibid

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Cite this chapter

Thakur, A. (2023). Blockchain and Cryptocurrency Frauds: Emerging Concern. In: Gupta, C.M. (eds) Financial Crimes. Springer, Cham. https://doi.org/10.1007/978-3-031-29090-9_9

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  • DOI: https://doi.org/10.1007/978-3-031-29090-9_9

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