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| Boilerpipe Text | Cryptocurrency and crime
concerns the ways cryptocurrencies are used in, facilitate, or are targeted by criminal activity. Documented areas include investment and romance scams (often called â
pig-butchering
â),
ransomware
payments, thefts and exchange hacks,
money laundering
and sanctions evasion,
darknet
-market transactions, and occasional off-chain coercion to obtain private keys. Law-enforcement assessments emphasize that investment fraud and laundering are frequent contexts for criminal use of crypto assets, while noting that public blockchains can also aid tracing, seizures, and arrests.
[
1
]
[
2
]
Cryptocurrencies
are digital assets transferred on distributed ledgers without a central administrator. Transfers are borderless, typically irreversible, and control depends on possession of
private keys
rather than accounts held by a single intermediary.
[
3
]
Criminals use cryptocurrencies when they make certain offences easier than traditional methods. For example, to move funds quickly across borders, take payment without going through banks, or launder proceeds through lightly regulated services. These traits suit offences such as theft, investment fraud and "
pig-butchering
,"
ransomware
payments, darknet-market trade,
money laundering
and
sanctions
evasion.
[
4
]
[
5
]
[
6
]
Since 2019, authorities have tried to limit the criminal misuse of crypto by bringing "virtual assets" and virtual-asset service providers (VASPs) into anti-money-laundering and counter-terrorist-financing (
AML/CFT
) rules. The standards require licensing or registration, customer due diligence, and the "travel rule" for originator/beneficiary information. Governments pair these with supervision and enforcement (including asset seizures, sanctions, and joint takedowns) and with more cross-border information-sharing among financial-intelligence units and police.
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]
[
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]
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However, offenders still work around these controls. Common methods include routing funds through non-compliant or offshore providers; peer-to-peer transfers and OTC brokers; mixers/tumblers, peel-chain transactions, and cross-chain "hops" via bridges; and other anonymity-enhancing tools, sometimes combined with stolen or synthetic identities at compliant platforms. Uneven implementation of AML/CFT standards (including the travel rule) across jurisdictions remains a widely noted gap, and decentralised or extra-jurisdictional services can be harder to disrupt; many investigations therefore still focus on identifying fiat on-/off-ramps and coordinating across borders.
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]
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The overall scale of crypto-related crime is difficult to measure and figures below are not directly comparable (different geographies, methodologies, and crime types). Still, recent indicators give a sense of order of magnitude.
Indicator
Latest figure (year)
Scope / coverage / source
U.S. consumer fraud where cryptocurrency was the payment method
US$1.42 billion (2024)
FTC Consumer Sentinel Data Book 2024; payment-method breakdown (crypto subtotal).
[
16
]
U.S. investment-fraud losses involving cryptocurrency (IC3)
US$9.27 billion (2024)
FBI Internet Crime Report 2024 (cryptocurrency investment fraud).
[
17
]
Estimated global ransomware payments
~US$813â814 million (2024)
Chainalysis 2025 reporting on 2024 payouts (covered by reliable outlets).
[
18
]
[
19
]
Crypto stolen in hacks (global)
~US$2.2 billion (2024)
Chainalysis year-end estimate for 2024 hacking losses, reported by Reuters.
[
20
]
Value received by identified illicit crypto addresses (global)
US$40.9 billion (2024) (lower-bound)
Chainalysis Crypto Crime report series (value received by addresses classified as illicit; subject to revision as new clusters are identified).
[
21
]
Sanctions-related crypto flows (value received by sanctioned jurisdictions / actors)
âUS$15.8 billion (2024)
Chainalysis estimate for 2024 (â39% of illicit transactions), reported by AP; see also TRM Labs analysis of sanctions-linked activity.
[
22
]
[
23
]
Illegal online gambling via crypto (GGR)
~US$81.4 billion (2024)
Financial Times
, reporting Yield Secâs estimate of gross gaming revenue at crypto casinos (methodology and inference debated).
[
24
]
Darknet-market revenue (global, all goods/services)
~US$1.5 billion (2022)
Chainalysis estimate for annual darknet revenue after the Hydra takedown; provided for scale and historical context.
[
25
]
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]
Illicit/high-risk funds obfuscated via cross-chain swaps/DEXs/bridges (proxy for laundering)
US$21.8 billion (cumulative since 2020; as of May 2025)
Elliptic estimates that >US$21.8 billion of illicit and âhigh-riskâ crypto has been moved via DEXs, cross-chain bridges, and swap services; cumulative and may double-count multi-hop paths.
[
27
]
Exit scams and Ponzi schemes through initial coin offerings (ICOs)
[
edit
]
Most
exit scams
(or
rugpulls
) as well as many ponzi schemes involving cryptocurrencies are performed through
Initial Coin Offerings
(ICOs).
[
28
]
As an example, according to a report by
Satis Group
, almost 80% of all projects launched through an ICO in 2017 were scams.
[
29
]
These scams usually involve attracting investments from mostly retail investors, inflating the price and the perpetrators subsequently abandoning the project in question after selling off their own shares.
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]
The novelty of ICOs accounts for the current lack of governmental regulation.
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]
This lack of regulatory measures as well as the pseudonymity of cryptocurrency transactions and their international nature across countless jurisdictions in many different countries can make it much more difficult to identify and take legal action against perpetrators involved in these scams.
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]
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]
Since 2017 the
SEC
has been actively pursuing groups and individuals responsible for ICO-related scams.
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34
]
Ponzi schemes are another common form of utilizing blockchain-based technologies to commit fraud. Most schemes of this sort use
multi-level marketing
schemes to encourage investors to conduct risky investments.
[
35
]
Onecoin
is one of the more notable examples of cryptocurrency-ponzi schemes: Founded in 2014 by
Ruja Ignatova
, OneCoin is estimated to have generated
US$
4 billion in income.
[
36
]
While at least in China some of the investors' funds have been recovered and several members of the organisation arrested in the U.S., Ignatova herself is still at large.
[
37
]
Quadriga
was another cryptocurrency ponzi scheme--this time in Canada--which involved $190 million US dollars or $250 million Canadian dollars and was investigated by both the
Royal Canadian Mounted Police
and the
Federal Bureau of Investigation
after the death of its owner, Gerald William Cotten, in December 2018.
[
38
]
[
39
]
Due to the inability of third parties to de-pseudonymize crypto transactions criminal entities have often resorted to using cryptocurrency to conduct money laundering.
[
40
]
Especially ICOs lacking
KYC
guidelines and anti-money laundering procedures are often used to launder illicit funds due to the pseudonymity they offer.
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41
]
By using ICOs criminals launder these funds by buying tokens off of legitimate investors and selling them. This issue is intensified by the lack of measures against money laundering implemented by centralized cryptocurrency exchanges.
[
41
]
A well-known early example of money laundering using cryptocurrencies is
Silk Road
. Shut down in 2013 with its founder
Ross Ulbricht
indicted for among other counts a money laundering conspiracy, the website was used for several illicit activities including money laundering solely using Bitcoin as a form of payment.
[
42
]
Apart from traditional cryptocurrencies,
Non-Fungible Tokens
(NFTs) are also commonly used in connection with money laundering activities.
[
43
]
NFTs are often used to perform
Wash Trading
by creating several different
wallets
for one individual, generating several fictitious sales and consequently selling the respective NFT to a third party.
[
44
]
According to a report by
Chainalysis
, these types of wash trades are becoming increasingly popular among money launderers especially due to the largely anonymous nature of transactions on NFT marketplaces.
[
45
]
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46
]
Auction platforms for NFT sales may face regulatory pressure to comply with anti-money laundering legislation.
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47
]
Regulatory measures
[
edit
]
Canada is generally regarded as the first state actor implementing regulatory measures dealing with money laundering conducted by the usage of cryptocurrencies.
[
48
]
By 2013 the
Financial Crimes Enforcement Network
(FinCEN) â in direct reference to the centralized exchange
Mt. Gox
â issued regulations making it clear that all crypto-to-
fiat
exchangers had to apply KYC- as well as anti-money laundering methods.
[
49
]
Any suspicious transactions have therefore to be reported to the authorities.
[
50
]
Centralized exchanges have to register as money transmitters, with the exact definition of who and what constitutes a
money transmitter
in the crypto sphere being somewhat blurred and regulations differing between the different states of the U.S.
[
51
]
An important exemption from these regulations is
decentralized exchanges
due to the fact that they do not hold any fiat currency.
[
52
]
As part of the
Fifth Anti-Money Laundering Directive
of 2018 and in an effort to combat money laundering and the financing of terrorism, the
European Union
has issued a directive making all member-states have to make sure that crypto exchanges are licensed and registered.
[
53
]
The EU is furthermore planning to take measures to ensure that all customers of cryptocurrency exchanges are to verify their identity as part of the registration process.
[
54
]
Auction platforms for NFT sales may face regulatory pressure to comply with anti-money laundering legislation. A February 2022 study from the
United States Treasury
assessed that there was "some evidence of money laundering risk in the high-value art market," including through "the emerging digital art market, such as the use of non-fungible tokens (NFTs)."
[
55
]
The study considered how NFT transactions may be a simpler option for laundering money through art by avoiding transportation or insurance complications in trading physical art. Several NFT exchanges were labeled as virtual asset service providers that may be subject to
Financial Crimes Enforcement Network
regulations.
[
56
]
The
European Union
has yet to establish specific regulations to combat money laundering through NFTs. The
European Commission
announced in July 2022 that it is planning to draw regulations regarding that issue by 2024.
[
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]
[
54
]
A cryptocurrency giveaway scam involves scammers compromising or impersonating celebrities, influencers, or well-known companies to falsely claim they are multiplying cryptocurrency or giving away free cryptocurrency via
airdrop
. A variety of methods are used to promote these scams, primarily through posts and
livestreams
on
social media
.
YouTube
is a platform commonly used to promote this scam. Popular accounts are hacked to stream pre-recorded videos of the impersonated figure, overlaid with fake giveaway announcements that often encourage viewers to visit the scammerâs website.
[
58
]
In July 2020,
Apple
co-founder
Steve Wozniak
and 17 other victims filed a lawsuit against YouTube and its parent company,
Google
, alleging that the platform allowed scammers to use their name, image and likeness in cryptocurrency giveaway scams.
[
59
]
After earlier dismissals based on
Section 230
, a 2024
California Court of Appeal
ruling allowed the case to proceed, finding that YouTubeâs role may fall outside those legal protections, with the case now pending further proceedings in the lower court.
[
60
]
In the
2020 Twitter account hijacking
, 130 high-profile accounts, including those of multi-billionaire
Elon Musk
and then
U.S. president Joe Biden
, were used to promote a bitcoin giveaway scam. Within minutes of the initial
tweets
, more than 320 transactions had been sent to one of the wallet addresses, and over US$110,000 worth of bitcoin had been deposited before the scam messages were removed by
Twitter
.
[
61
]
Coinbase
blacklisted the bitcoin address and said they stopped over 1,000 transactions totaling over US$280,000 from being sent.
[
62
]
Paper wallet generators
[
edit
]
Paper wallet generators allow users to create a wallet address and corresponding private key. While not dubious in itself, fraudsters can create infected generators that secretly communicate the generated keys to the creator, giving them control of the wallet.
[
63
]
In August 2017, a bad actor began advertising an online
IOTA
wallet seed generator. To gain the victim's trust, they linked to a legitimate
GitHub
repository, claiming that their website used the same code. In reality, the website used an intentionally predictable
random number generator
, resulting in the same IOTA wallet seeds being generated. Each of these seeds was logged.
[
64
]
On January 19, 2018, the attacker drained approximately US$3.94 million from wallets created during the six-month period. Profiles associated with the website on GitHub,
Reddit
, and
Quora
that had provided support to users were deleted, and the website was updated to display the message: âTaken down. Apologies.â
[
65
]
In January 2019,
Europol
arrested a 36-year-old man from
Oxford, England
believed to be behind the attack.
[
66
]
Cryptocurrency and crime
Simplified Chinese
æçȘç
Traditional Chinese
æźșè±Źç€
Literal meaning
Killing pig plate
[
67
]
Transcriptions
Standard Mandarin
Hanyu Pinyin
ShÄ zhĆ« pĂĄn
A
pig-butchering scam
is a form of online relationship and investment fraud in which perpetrators cultivate fake romantic or social relationships with victims before persuading them to invest money, often in fraudulent
cryptocurrency
schemes. Law enforcement agencies have increasingly referred to the practice as romance baiting.
[
68
]
Such scams are commonplace on
social media
and
dating apps
, and often involve elements of
catfishing
,
investment fraud
, and
romance scams
.
[
69
]
In February 2014, the Pony virus, which spread to between 100,000 and 200,000 computers through a
botnet
, was reported to have stolen up to US$220,000 in cryptocurrency from 85 wallets.
[
70
]
Researchers later discovered updated versions with the ability to steal 30 types of cryptocurrencies.
[
71
]
A type of Mac malware active in August 2013, Bitvanity posed as a vanity wallet address generator and stole addresses and private keys from other bitcoin client software.
[
72
]
A different trojan for
macOS
, called CoinThief was reported in February 2014 to be responsible for multiple bitcoin thefts.
[
72
]
The software was hidden in versions of some cryptocurrency apps on
Download.com
and
MacUpdate
.
[
72
]
Stealers and drainers
[
edit
]
A stealer, also known as a drainer or
infostealer
, is a type of malware designed to steal private information including private keys from cryptocurrency wallets, enabling attackers to access and transfer the funds to their wallet. The most common infections scan computers for wallet files and upload them to a
remote server
, where they can be cracked.
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73
]
Many stealers also incorporate
keyloggers
to record keystrokes, often bypassing the need to crack the keys.
[
74
]
Clipboard hijacking
[
edit
]
Clipboard hijacking involves a malware that detects when a cryptocurrency address is copied to the
clipboard
, and quickly replacing it to trick victims into sending their cryptocurrency to the attackers address. The method is effective due to the difficulty of memorizing or manually typing wallet addresses, combined with the irreversible nature of cryptocurrency transactions.
[
75
]
Cryptocurrency is considered to be the "near-universal form of payment" for
ransomware
,
[
76
]
a type of
malware
that
encrypts
a victim's data until a ransom is paid. Ransomware attacks are estimated to have generated US$1.1 billion in 2019, US$999 million in 2020, a record US$1.25 billion in 2023, and US$813 million in 2024.
[
77
]
In 2024, a record breaking US$75 million ransom was paid to the Dark Angels ransomware group by an undisclosed
Fortune 500
company.
[
78
]
Cryptojacking
is the act of exploiting a
computer
to mine
cryptocurrencies
, often through
websites
,
[
79
]
[
80
]
[
81
]
against the user's will or while the user is unaware.
[
82
]
One notable piece of software used for cryptojacking was
Coinhive
, which was used in over two-thirds of cryptojacks before its March 2019 shutdown.
[
83
]
The cryptocurrencies mined the most often are privacy coinsâcoins with hidden transaction historiesâsuch as
Monero
and
Zcash
.
[
80
]
[
84
]
Like most malicious attacks on the computing public, the motive is profit, but unlike other threats, it is designed to remain completely hidden from the user. Cryptojacking
malware
can lead to slowdowns and crashes due to straining of computational resources.
[
85
]
Bitcoin mining by personal computers infected with malware is being challenged by dedicated hardware, such as
FPGA
and
ASIC
platforms, which are more efficient in terms of power consumption and thus may have lower costs than theft of computing resources.
[
86
]
Some mainstream news outlets have described cases in which kidnappers have targeted cryptocurrency holders in order to compel them to turn over access to their digital wallets. According to reporting citing data from blockchain analysis firm Chainalysis, more than 30 such incidents were recorded in 2025, though the firm noted that many crimes may go unreported. One widely reported case involved a cryptocurrency investor who escaped from an apartment in Manhattan after allegedly being held captive for weeks, during which he was beaten and threatened with death in an attempt to force the transfer of digital assets.
[
87
]
[
88
]
Electricity theft associated with proof-of-work cryptocurrency mining has been reported in multiple countries, with operators illegally bypassing or tampering with meters and power lines to reduce operating costs. In Malaysia, Reuters reported that the national utility Tenaga Nasional Bhd estimated electricity losses of about 4.6 billion ringgit (US$1.11 billion) from power theft linked to illegal cryptocurrency mining between 2020 and August 2025, citing a parliamentary reply from the energy ministry.
[
89
]
Fraud factories
in Asia traffic workers to scam Westerners into buying cryptocurrencies online.
[
90
]
Law-enforcement use
[
edit
]
Law-enforcement agencies and financial-intelligence units report using public-blockchain records to trace illicit flows, identify counterparties at service providers, and recover assets through seizure and forfeiture.
[
91
]
[
92
]
In recent operations, tracing supported large seizures linked to investment-fraud schemes; seized assets are typically managed and disposed of by custodial authorities such as the U.S. Marshals Service.
[
93
]
[
94
]
Regulators and standard-setters note that FATF Recommendation 15 and related guidance shape cooperation with virtual-asset service providers, while also acknowledging barriers from privacy-enhancing techniques such as mixers and privacy coins.
[
95
]
[
96
]
U.S. oversight bodies have likewise highlighted both the promise of on-chain transparency and persistent challenges in sanctions and AML enforcement.
[
97
]
In 2018, around US$1.7 billion in cryptocurrency was lost to scams, theft and fraud. In the first quarter of 2019, such losses rose to US$1.2 billion.
[
98
]
2022 was a record year for cryptocurrency theft, according to
Chainalysis
, with
US$3.8 billion
[
99
]
stolen worldwide during 125 system hacks,
[
100
]
including
US$1.7 billion
stolen by "
North Korea
-linked hackers".
[
99
]
AriseCoin (AriseBank):
AriseBank
marketed itself as the world's first
decentralized bank
, falsely claiming to be able to offer
FDIC
-insured accounts,
VISA
cards as well as services related to cryptocurrency and making other false statements.
[
101
]
AriseBank
promoted its
AriseCoin
through celebrity endorsement and social media in order to raise the
US$
1 billion the company was aiming for.
[
41
]
Their ICO was halted by the SEC in early 2018 with their
CEO
and
COO
receiving a fine of
US$
2.7 million.
[
102
]
BitConnect
: Bitconnect was among the highest-performing cryptocurrencies in 2017, promising investors enormous returns through a trading bot.
[
36
]
At its height, it reached a market capitalization of
US$
3.4 billion.
[
103
]
In early 2018 the exchanged ceased to operate with investors losing millions of dollars, amounting to a total of
US$
14.5 million.
[
104
]
It later turned out that the initial profits were generated through a Ponzi scheme by paying earlier customers with money made through newer customers.
[
105
]
Legal action against the perpetrators was taken on an international scale.
[
106
]
Centra: Centra was a Miami-based company that claimed to offer a cryptocurrency-based debit card backed by a VISA and
Mastercard
. The company raised
US$
32 million by October 2017 through an ICO and, f few months later, performed an exit scam. In April 2018 two of the founders were arrested. It was soon revealed that neither Mastercard nor VISA backed the company in their alleged efforts.
[
104
]
Modern Tech (PinCoin/iFan): Based in Vietnam, Modern Tech hosted two separate ICOs for
PinCoin
as well as
iFan
promising monthly returns of 48%.
[
104
]
After the initial success, the founders ran off with approximately
US$
660 million raised from 32,000 investors.
[
107
]
The founders are still at large and none of the funds have been retrieved.
[
108
]
PlexCoin: After Dominic Lacroix and Sabrina Paradis-Rogers (the founders of
PlexCoin
) had officially raised around
US$
15 million through a fraudulent ICO in August 2017 while promising a return of 1,354Â % within a month, the SEC filed a civil complaint in December of the same year against them and sought an injunction to cease those sales, freeze the assets involved, pay civil penalties and prohibit the ones responsible behind the token launch from participating in any future offerings of cryptocurrency.
[
109
]
Shortly after Lacroix was sentenced to two months in prison and fined
CA$
110,000 by the
Quebec Superior Court
.
[
110
]
The SEC's proceedings led to seven-figure fines for the defendants in 2019 and a retrieval of the investors' funds.
[
111
]
During the proceedings, the SEC was able to prove that the success of the ICO was inflated by the founders who in fact had raised
US$
8.5 million instead of the
US$
15 million they had announced.
[
112
]
Notable cryptocurrency exchange compromises resulting in the loss of cryptocurrencies include:
Between 2011 and 2014,
US$350 million
worth of bitcoin was stolen from
Mt. Gox
.
[
113
]
In 2016,
US$72 million
was stolen
through exploiting
Bitfinex
's exchange wallet, users were refunded.
[
114
]
On December 7, 2017, Slovenian cryptocurrency exchange
NiceHash
reported that hackers had stolen over $70 million using a hijacked company computer.
[
115
]
[
116
]
On December 19, 2017, Yapian, the owner of South Korean exchange Youbit, filed for bankruptcy after suffering two hacks that year.
[
117
]
[
118
]
Customers were still granted access to 75% of their assets.
[
119
]
In 2018, cryptocurrencies worth
US$400 million
were stolen from
Coincheck
.
[
120
]
In May 2018,
Bitcoin Gold
had its transactions hijacked and abused by unknown hackers.
[
121
]
Exchanges lost an estimated $18 m and Bitcoin Gold was delisted from Bittrex after it refused to pay its share of the damages.
In June 2018, South Korean exchange Coinrail was hacked, losing over $37M worth of crypto.
[
122
]
The hack worsened an already ongoing cryptocurrency selloff by an additional $42 billion.
[
123
]
On July 9, 2018, the exchange Bancor, whose code and fundraising had been subjects of controversy, had $23.5 million in cryptocurrency stolen.
[
124
]
[
125
]
Zaif
US$60 million
in Bitcoin,
Bitcoin Cash
and
Monacoin
was stolen in September 2018
[
126
]
Binance In 2019 cryptocurrencies worth
US$40 million
were stolen.
[
120
]
[
127
]
Africrypt founders are suspected of absconding in June 2021 with US$3.6 billion worth of Bitcoin
[
128
]
PolyNetwork (DeFi) suffered a loss of US$611 million in a theft in August 2021.
[
129
]
Japanese cryptocurrency exchange Liquid was compromised in August 2021 resulting in a loss of US$97 million worth of digital coins
[
130
]
Cream Finance was subject to a US$29 million theft in August 2021
[
131
]
and $130 million on October 28, 2021.
[
132
]
On December 2, 2021, users of the BadgerDAO DeFi lost around $118,500,000 worth of bitcoin and $679,000 worth of ethereum tokens in a front-end attack. A compromised API key of the
Cloudflare
content delivery network account allowed the injecting of a malicious script into the web interface. BadgerDAO "paused" all
smart contracts
due to user complaints.
[
133
]
On December 6, 2021, the cryptocurrency exchange
Bitmart
lost around $135M worth of Ethereum and an estimated $46 million in other cryptocurrencies due to a breach of two of its wallets.
[
134
]
Although BitMart stated that it would reimburse its clients, many BitMart clients have not received any money from the exchange as of January 2022.
[
135
]
On December 12, 2021, users of VulcanForge lost around $135M worth of PYR due to breaches of multiple wallets. Partnering centralized exchanges had been notified of the hack and they have pledged to seize any stolen funds upon deposit.
[
136
]
On January 27, 2022, Qubit Finance (DeFi) lost around $80M worth of Binance Coin due to a flaw in the smart contract that enabled the withdrawal of the said amount in exchange for a deposit of 0 ETH.
[
137
]
In March 2022,
[
138
]
the largest cryptocurrency theft of the year,
US$625 million
in ether and USD coin was stolen from the
Ronin Network
. Hacked nodes were finally discovered when a user reported being unable to withdraw funds. The heist was later linked to
Lazarus Group
, a
North Korean
state-backed hacking collective, by the
U.S. Treasury Department
.
[
100
]
On September 20, 2022, Wintermute was hacked resulting in theft of
US$160 million
. The company attributed the vulnerability to a service used by the platform that generates vanity addresses for digital accounts.
[
100
]
On September 25, 2023, it was reported that $200 million was stolen by hackers from Hong Kong-based crypto firm Mixin Network. The company suspended deposits and withdrawals, stating that the database of its network's cloud service provider was attacked by hackers resulting in the loss of the assets.
[
139
]
[
140
]
On February 21, 2025 the exchange
Bybit
reported the theft of $1.5 billion in ether, estimated at the time to be the largest crypto heist in history. A blockchain analysis firm linked the attack to the
Lazarus Group
which exploited security features transferring the money to multiply unidentified addresses
[
141
]
On June 17, 2025 it was reported that there was cyberattack on Iran's biggest cryptocurrency exchange, Nobitex. The attack was done during the
IranâIsrael War
. The attack, blamed on the Israel-linked hacker group
Gonjeshke Darande
(also called "Predatory Sparrow"), led to the theft of more than $90 million in digital assets, mostly Tether (USDT) on the Tron network.
[
142
]
25 June 2025, law enforcement officials from the Spanish Guardia Civil, Europol and other European countries identified and arrested perpetrators of a cryptocurrency scheme that had laundered EUR 460 million in illicit profits stolen from over 5 000 victims.
[
143
]
Leaders of the scam reportedly used a net of associates spread around the world to raise funds through cash withdrawals, bank transfers and crypto-transfers.
[
144
]
The
Parity Wallet
has had two security incidents amounting to 666,773
ETH
lost or stolen.
[
145
]
In July 2017, due to a bug in the
multi-signature
code, 153,037 ETH (approximately
US$32 million
at the time) were stolen.
[
146
]
[
147
]
In November 2017, a subsequent multisignature
[
clarification needed
]
flaw in
Parity
made 513,774 ETH (about
US$150 million
) unreachable;
[
148
]
[
149
]
as of March 2019, the funds were still frozen.
[
150
]
Notable cases of electricity theft to mine proof-of-work cryptocurrencies include:
In February 2021 Malaysian police arrested six men involved in a Bitcoin mining operation which had stolen US$2 million in electricity
[
151
]
Ukraine authorities shut down an underground gaming and cryptocurrency farm in July 2021, accused of stealing $259,300 of electricity each month
[
152
]
In July 2021 Malaysian authorities destroyed 1,069 cryptocurrency mining systems accused of stealing electricity from the grid
[
153
]
In May 2021 UK authorities closed a suspected bitcoin mine after
Western Power Distribution
found an illegal connection to the electricity supply
[
154
]
There have been many cases of bitcoin theft.
[
155
]
As of December 2017
, around 980,000 bitcoinsâover five percent of all bitcoin in circulation
[
a
]
âhad been lost on
cryptocurrency exchanges
.
[
156
]
One type of theft involves a third party accessing the
private key
to a victim's bitcoin address,
[
157
]
or an
online wallet
.
[
158
]
If the private key is stolen, all the bitcoins from the compromised address can be transferred. In that case, the network does not have any provisions to identify the thief, block further transactions of those stolen bitcoins, or return them to the legitimate owner.
[
159
]
Theft also occurs at sites where bitcoins are used to purchase illicit goods. In late November 2013, an estimated
US$100 million
in bitcoins were allegedly stolen from the online illicit goods marketplace
Sheep Marketplace
, which immediately closed.
[
160
]
Users tracked the coins as they were processed and converted to cash, but no funds were recovered and no culprits were identified.
[
160
]
A different black market,
Silk Road 2
, stated that during a February 2014 hack, bitcoins valued at $2.7 million were taken from
escrow accounts
.
[
161
]
Sites where users exchange bitcoins for cash or store them in "wallets" are also targets for theft. Inputs.io, an Australian wallet service, was hacked twice in October 2013 and lost more than $1 million in bitcoins.
[
162
]
GBL, a Chinese bitcoin trading platform, suddenly shut down on 26 October 2013; subscribers, unable to log in, lost up to $5 million worth of bitcoin.
[
163
]
In late February 2014
Mt. Gox
, one of the largest virtual currency exchanges, filed for bankruptcy in Tokyo amid reports that bitcoins worth
US$350 million
had been stolen.
[
164
]
Flexcoin
, a bitcoin storage specialist based in
Alberta, Canada
, shut down in March 2014 after saying it discovered a theft of about $650,000 in bitcoins.
[
165
]
Poloniex, a digital currency exchange, reported in March 2014 that it lost bitcoins valued at around $50,000.
[
166
]
In January 2015 UK-based
bitstamp
, the third busiest bitcoin exchange globally was hacked and
US$5 million
in bitcoins were stolen.
[
167
]
In February 2015, a Chinese exchange named BTER lost bitcoins worth nearly $2 million to hackers.
[
168
]
A major bitcoin exchange,
Bitfinex
, was compromised by the
2016 Bitfinex hack
, when nearly 120,000 bitcoins (around
US$71 million
) were stolen in 2016.
[
169
]
Bitfinex was forced to suspend its trading. The theft was the second-largest bitcoin heist ever, dwarfed only by the Mt. Gox theft in 2014. According to
Forbes
, "All of Bitfinex's customers... will stand to lose money. The company has announced a cut of 36.067% across the board."
[
170
]
Following the hack the company failed to refund customers, though efforts are continuing.
[
171
]
In 2022, the US government recovered 94,636 bitcoin (worth approximately $3.6 billion at the time of recovery) from the 2016 thefts of the Bitfinex exchange, reported as the "largest financial seizure" in U.S. history.
[
172
]
By February 2022, the amount of bitcoin stolen in 2016 had increased in value to $4.5 billion. Two people were arrested for the thefts
[
173
]
in 2022; married couple Ilya âDutchâ Lichtenstein and rapper
Heather "Razzlekhan" Morgan
were charged with conspiracy to commit money laundering and conspiracy to defraud the United States.
[
172
]
On May 7, 2019, hackers stole over 7000 Bitcoins from the Binance Cryptocurrency Exchange, at a value of over 40 million US dollars. Binance CEO Zhao Changpeng stated: "The hackers used a variety of techniques, including phishing, viruses, and other attacks... The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time."
[
174
]
Thefts have raised safety concerns. Charles Hayter, founder of the digital currency comparison website CryptoCompare said, "It's a reminder of the fragility of the infrastructure in such a nascent industry."
[
175
]
According to the hearing of the U.S. House of Representatives Committee on Small Business on April 2, 2014, "these vendors lack regulatory oversight, minimum capital standards and don't provide consumer protection against loss or theft."
[
176
]
Japan
and the
United States
have accused North Korean hackers of stealing
cryptocurrency
worth over $300 million from the Japan-based exchange DMM Bitcoin. The theft was attributed to the TraderTraitor group, believed to be part of the Lazarus Group, which is allegedly linked to North Korean authorities. The incident occurred in late May 2024, involving the theft of 4,502.9
Bitcoin
. The theft involved the hackers using
social engineering
tactics to impersonate a recruiter on
LinkedIn
and send a malicious pre-employment test to an employee at a
crypto
wallet software company. This allowed them to compromise the employee's system and manipulate a legitimate transaction request from DMM, resulting in the loss of 4,502.9
Bitcoin
. The
FBI
and Japan's National Police Agency are collaborating to combat North Korea's cybercrime activities, which date back to the mid-1990s and include a cyber-warfare unit known as
Bureau 121
. The Lazarus Group has previously gained notoriety for its involvement in high-profile hacks, including the attack on
Sony Pictures
in retaliation for the film "The Interview."
In June 2016, hackers exploited a vulnerability in
The DAO
to steal
US$50 million
. Subsequently, the currency was forked into
Ethereum Classic
, and Ethereum, with the latter continuing with the new blockchain without the exploited translations.
[
177
]
[
178
]
On November 21, 2017,
Tether
announced that it had been hacked, losing $31 million in USDT from its core treasury wallet.
[
179
]
The company has 'tagged' the stolen currency, hoping to 'lock' them in the hacker's wallet (making them unspendable).
[
180
]
In 2022, hackers created a signature account on a blockchain bridge called "Wormhole" and stole more than $300 million worth of ether.
[
181
]
In 2015, two members of the Silk Road Task Forceâa multi-agency federal task force that carried out the U.S. investigation of
Silk Road
âwere convicted over charges pertaining to corruption.
[
182
]
Former
DEA
agent, Carl Mark Force, had attempted to extort Silk Road founder
Ross Ulbricht
("Dread Pirate Roberts") by faking the murder of an informant. He pleaded guilty to money laundering,
obstruction of justice
, and extortion under color of official right, and was sentenced to 6.5 years in federal prison.
[
182
]
Former
U.S. Secret Service
agent, Shaun Bridges, pleaded guilty to crimes relating to his diversion of $800,000 worth of bitcoins to his personal account during the investigation, and also separately pleaded guilty to money laundering in connection to another cryptocurrency theft. Bridges was sentenced to almost eight years in federal prison.
[
183
]
Gerald Cotten
founded QuadrigaCX in 2013, after graduating from the Schulich School of Business in Toronto. Cotten was acting as the sole curator of the exchange. Quadriga had no official bank accounts since banks at the time had no method of managing cryptocurrency. In late 2018, Canada's largest crypto exchange
QuadrigaCX
lost
US$190 million
in cryptocurrency when the owner died; he was the only one with knowledge of the password to a storage wallet. The exchange filed for bankruptcy in 2019.
[
184
]
In 2018, Ellis Pinsky, 15 years old, was accused of orchestrating a scheme to steal millions of dollars' worth of cryptocurrencies from Michael Terpin, a prominent cryptocurrency investor. The scheme involved a social engineering technique known as the
SIM swap scam
. The case attracted significant attention due to Pinsky's young age and the substantial amount of money involved. It raised questions about the security of digital assets and the challenges in regulating and prosecuting crimes in the rapidly evolving world of cryptocurrencies. Pinsky later reached a settlement to return $22 million in cryptocurrency to Terpin.
[
185
]
[
186
]
[
187
]
[
188
]
[
189
]
In May 2020, Pinsky experienced a home invasion by intruders searching for remaining stolen assets.
[
186
]
Michael Terpin, the founder and chief executive officer of Transform Group, a
San Juan
,
Puerto Rico
-based company that advises blockchain businesses on public relations and communications, sued Ellis Pinsky in New York on May 7, 2020, for leading a "sophisticated cybercrime spree" that stole
US$24 million
in cryptocurrency by hacking into Terpin's phone in 2018.
[
190
]
[
191
]
Terpin also sued Nicholas Truglia and won a $75.8 million judgment against Truglia in 2019 in California state court.
[
191
]
On July 15, 2020,
Twitter
accounts of prominent personalities and firms, including
Joe Biden
,
Barack Obama
,
Bill Gates
,
Elon Musk
,
Jeff Bezos
,
Apple
,
Kanye West
,
Michael Bloomberg
and
Uber
were
hacked
. Twitter confirmed that it was a coordinated
social engineering
attack on their own employees. Twitter released its statement six hours after the attack took place. Hackers posted the message to transfer the
Bitcoin
to a Bitcoin wallet, which would double the amount. The wallet's balance was expected
[
according to whom?
]
to increase to more than $100,000 as the message spread among Twitter followers.
[
192
]
In 2021, US Authorities carried out a raid on
James Zhong
's home in Gainesville, Georgia. Authorities found over 51,000 bitcoin that Zhong had stolen from
Silk Road
between 2012 and 2013. Through an error on Silk Road, Zhong was able to withdraw more bitcoin than what was initially deposited. He concealed his identity and was able to evade authorities for nearly a decade. Zhong ended up pleading guilty to wire fraud and was sentenced to 1 year and 1 day in prison along with a forfeiture of all bitcoin.
[
193
]
In 2022, the
Federal Trade Commission
reported that $139 million in cryptocurrency was stolen by
romance scammers
in 2020.
[
194
]
Some scammers target dating apps with fake profiles.
[
195
]
In early 2022, the Beanstalk cryptocurrency was stripped of its reserves, which were valued at more than
US$180 million
, after attackers had managed to use borrowed
US$80 million
in cryptocurrency to buy enough voting rights to transfer the reserves to their own accounts outside the system. It was initially unclear if such an exploit of governance procedures was illegal.
[
196
]
In 2025, A Nigerian scammer impersonated Trump ally
Steve Witkoff
by creating a nearly identical email address to solicit a $250,000 cryptocurrency donation from a political donor intended for the Trump-Vance Inaugural Committee. The donor, deceived by the subtle change in the email domain, transferred 250,300 USDT.ETH, which was quickly laundered through multiple wallets. The FBI, with help from
Tether
and
Binance
, managed to recover and freeze about $40,300 of the stolen funds, but over $210,000 remains missing. Officials warn that the complexity of blockchain transactions makes recovering stolen crypto extremely difficult.
[
197
]
Josh Garza, who founded the cryptocurrency startups GAW Miners and ZenMiner in 2014, acknowledged in a
plea agreement
that the companies were part of a
pyramid scheme
, and pleaded guilty to
wire fraud
in 2015. The U.S.
Securities and Exchange Commission
separately brought a civil enforcement action against Garza, who was eventually ordered to pay a judgment of
US$9.1 million
plus $700,000 in interest. The SEC's complaint stated that Garza, through his companies, had fraudulently sold "investment contracts representing shares in the profits they claimed would be generated" from mining.
[
198
]
Garza was later found guilty of fraud and ordered to pay
US$9 million
and begin serving a 21-month sentence commencing January 2019 by the U.S. Attorney's Office District of Connecticut.
[
199
]
The cryptocurrency community refers to pre-mining, hidden launches,
ICO
or extreme rewards for the altcoin founders as deceptive practices.
[
200
]
This is at times an inherent part of the cryptocurrency's design.
[
201
]
Pre-mining refers to the practice of generating the currency before its released to the public.
[
202
]
FTX
and
Alameda Research
founder and
CEO
Sam Bankman-Fried
was indicted by the
U.S. District Court for the Southern District of New York
in December 2022 and charged with commodities and
wire fraud
,
securities fraud
and
money laundering
, as well as with violating
campaign finance
laws.
[
203
]
[
204
]
In 2025, U.S. authorities led by the Department of Justice and the FBIâs San Diego Field Office have seized approximately $2.5 million in cryptocurrency linked to a series of sophisticated fraud schemes. The forfeiture, approved by U.S. District Court, targets criminals who exploited digital financial platforms to defraud victims, often through so-called "confidence schemes." The crackdown involved collaboration with various agencies and support from Tether, a crypto industry company, and aims to both compensate victims and deter future online fraud.
[
205
]
Bitcoin network § Alleged criminal activity
Computer security
Cryptocurrency bubble
Terrorism financing
^
As of supply count of Bitcoin, 2021-09-23
^
Internet Organised Crime Threat Assessment (IOCTA) 2024
(Report). Europol. 2024
. Retrieved
October 30,
2025
.
^
Cryptocurrencies: Tracing the evolution of criminal finances
(PDF)
(Report). Europol. 2021
. Retrieved
October 30,
2025
.
^
"Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers"
. Financial Action Task Force. 28 October 2021
. Retrieved
31 October
2025
.
^
"Internet Organised Crime Threat Assessment (IOCTA) 2024"
. Europol. 2024
. Retrieved
31 October
2025
.
^
"Money laundering through cryptocurrencies"
. UNODC
. Retrieved
31 October
2025
.
^
"A race against time: Recommendations from the 7th Global Conference on Criminal Finances and Cryptoassets"
(PDF)
. Basel Institute on Governance and Europol. 2024
. Retrieved
31 October
2025
.
^
"Virtual assets"
. Financial Action Task Force
. Retrieved
31 October
2025
.
^
"Virtual Assets: Targeted update on implementation of the FATF Standards on VAs and VASPs"
(PDF)
. Financial Action Task Force. 9 July 2024
. Retrieved
31 October
2025
.
^
"Targeted Update on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers"
(PDF)
. Financial Action Task Force. June 2025
. Retrieved
31 October
2025
.
^
"2024 National Strategy for Combating Terrorist and Other Illicit Financing"
(PDF)
. U.S. Department of the Treasury. 16 May 2024
. Retrieved
31 October
2025
.
^
"One of the darkweb's largest cryptocurrency "laundromats" washed out"
. Europol. 15 March 2023
. Retrieved
31 October
2025
.
^
"Cryptocurrencies â Tracing the evolution of criminal finances"
. Europol. 26 January 2022
. Retrieved
31 October
2025
.
^
"Money laundering through cryptocurrencies"
. United Nations Office on Drugs and Crime
. Retrieved
31 October
2025
.
^
"Virtual Assets: Targeted update on implementation of the FATF Standards on VAs and VASPs"
. Financial Action Task Force. 9 July 2024
. Retrieved
31 October
2025
.
^
"Targeted Update on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers"
(PDF)
. Financial Action Task Force. June 2025
. Retrieved
31 October
2025
.
^
"Consumer Sentinel Network Data Book 2024"
(PDF)
. Federal Trade Commission. 2025. p. 8
. Retrieved
March 18,
2026
.
^
"2024 Internet Crime Report"
(PDF)
. Federal Bureau of Investigation (IC3). 2025. p. 34
. Retrieved
March 18,
2026
.
^
"Global ransomware payments plunge by a third amid crackdown"
.
The Guardian
. 2025-02-05
. Retrieved
March 18,
2026
.
^
"Ransomware Payments Hit a Record $1.1 Billion in 2023"
.
Wired
. 2024-02-07
. Retrieved
March 18,
2026
.
^
"Losses from crypto hacks jump to $2.2 bln in 2024, report says"
.
Reuters
. 2024-12-19
. Retrieved
March 18,
2026
.
^
"2025 Crypto Crime Trends"
. Chainalysis. 2025-01-15
. Retrieved
March 18,
2026
.
^
"US weighs lifting sanctions on Tornado Cash privacy tool as it seeks new crypto rules"
.
Associated Press
. 2025-02-05
. Retrieved
March 18,
2026
.
^
"Illicit finance increasingly turns to stablecoins"
. TRM Labs. 2025-05-07
. Retrieved
March 18,
2026
.
^
Nilsson, Pamela (2025-02-27).
"Crypto casinos are the fastest growing sector of online gambling"
.
Financial Times
. Retrieved
March 18,
2026
.
^
"Crypto Crime Trends for 2023: Darknet markets after Hydra"
. Chainalysis. 2023-01-12
. Retrieved
March 18,
2026
.
^
"U.S. Treasury Sanctions Russia-Based Hydra Market"
. U.S. Department of the Treasury. 2022-04-05
. Retrieved
March 18,
2026
.
^
"Cross-chain money laundering reaches $22 billion"
.
Elliptic
. Elliptic Enterprises Limited. 17 July 2025
. Retrieved
March 18,
2026
.
^
Hou, Greg (2022). "Cryptocurrency money laundering and exit scams: Cases, regulatory responses and issue". In Corbet, Shaen (ed.).
Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies
. Boston/Berlin: De Gruyter. p. 83.
ISBN
Â
978-3-11-071688-7
.
^
Cryptoasset Market Coverage Initiation: Network Creation
(Report). Satis Group. 11 July 2018. p. 24.
Archived
from the original on 16 February 2023
. Retrieved
15 February
2023
.
See
Nestarcova, Dominika (2019).
A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"
. Leiden/Boston: Brill. p. 43.
ISBN
Â
978-90-04-41657-4
.
^
This phenomenon is described in detail at the hand of several examples in
Hou, Greg (2022). "Cryptocurrency money laundering and exit scams: Cases, regulatory responses and issue". In Corbet, Shaen (ed.).
Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies
. Boston/Berlin: De Gruyter. pp.Â
85â
87.
ISBN
Â
978-3-11-071688-7
.
See also the sources cited there.
^
Nestarcova, Dominika (2019).
A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"
. Leiden/Boston: Brill. pp. 43 f.
ISBN
Â
978-90-04-41657-4
.
^
Rao, Sandeep (2022). "Mt. Gox â The fall of a giant". In Corbet, Shaen (ed.).
Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies
. Boston/Berlin: De Gruyter. p. 80.
ISBN
Â
978-3-11-071688-7
.
^
Nestarcova, Dominika (2019).
A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"
. Leiden/Boston: Brill. pp. 43 f.
ISBN
Â
978-90-04-41657-4
.
Cf.
Clayton, Jay
(11 December 2017).
"Statement on Cryptocurrencies and Initial Coin Offerings"
. U.S. Securities and Exchange Commission (SEC).
Archived
from the original on 31 January 2023
. Retrieved
15 February
2023
.
Please also recognize that these markets span national borders and that significant trading may occur on systems and platforms outside the United States. Your invested funds may quickly travel overseas without your knowledge. As a result, risks can be amplified, including the risk that market regulators, such as the SEC, may not be able to effectively pursue bad actors or recover funds.
^
Johnstone, Syren (2021).
Rethinking the Regulation of Cryptoassets. Cryptographic Consensus Technology and the New Prospect
. Cheltenham/Northampton: Edward Elgar. pp. 61 f.
ISBN
Â
9781800886780
.
^
Mukherjee, Sanmoy; Larkin, Charles; Corbet, Shaen (2022). "Cryptocurrency Ponzi schemes". In Corbet, Shaen (ed.).
Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies
. Boston/Berlin: De Gruyter. p. 118.
ISBN
Â
978-3-11-071688-7
.
^
a
b
Conlon, Thomas; McGee, Richard J. (2022). "ICO fraud and regulation". In Corbet, Shaen (ed.).
Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies
. Boston/Berlin: De Gruyter. p. 46.
ISBN
Â
978-3-11-071688-7
.
^
See
Mukherjee, Sanmoy; Larkin, Charles; Corbet, Shaen (2022). "Cryptocurrency Ponzi schemes". In Corbet, Shaen (ed.).
Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies
. Boston/Berlin: De Gruyter. p. 112.
ISBN
Â
978-3-11-071688-7
.
as well as
Bartlett, Jamie (24 November 2019).
"Cryptoqueen: How this woman scammed the world, then vanished"
.
BBC News
.
Archived
from the original on 21 December 2020
. Retrieved
15 February
2023
.
^
Tara Deschamps
Crypto exchange Quadriga was a fraud and founder was running Ponzi scheme, OSC report finds
June 11, 2020,
CBC
^
Ligaya, Armina (4 February 2019).
"Canada's largest cryptocurrency exchange Quadriga seeks creditor protection"
.
CTV News
. BellMedia.
Archived
from the original on 5 February 2019
. Retrieved
5 February
2019
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^
Albrecht, Chad; Duffin, Kristopher McKay; Hawkins, Steven; Rocha, Victor Manuel Morales (2019). "The use of cryptocurrencies in the money laundering process".
Journal of Money Laundering Control
.
22
(2): 213.
doi
:
10.1108/JMLC-12-2017-0074
.
S2CID
Â
159087019
.
^
a
b
c
Nestarcova, Dominika (2019).
A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"
. Leiden/Boston: Brill. p. 44.
ISBN
Â
978-90-04-41657-4
.
^
Stabile, Daniel T.; Prior, Kimberly A.; Hinkes, Andrew M. (2020).
Digital Assets and Blockchain Technology. US Law and Regulation
. Cheltenham/Northampton: Edward Elgar Publishing. pp.Â
299â
301.
ISBN
Â
978-1-78990-743-8
.
^
Owen, Allison; Chase, Isabella (December 2, 2021).
NFTs: A New Frontier for Money Laundering?
(Report). Royal United Services Institute.
Archived
from the original on 16 January 2022
. Retrieved
15 February
2023
.
^
Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art
(PDF)
(Report).
United States Department of the Treasury
. 2022. p. 27.
Archived
(PDF)
from the original on 13 April 2022
. Retrieved
15 February
2023
.
^
Quiroz-Gutierrez, Marco (February 4, 2022).
"A handful of NFT users are making big money off of a stealth scam. Here's how 'wash trading' works"
.
Fortune
.
Archived
from the original on 15 December 2022
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^
"Crime and NFTs: Chainalysis Detects Significant Wash Trading and Some NFT Money Laundering In this Emerging Asset Class"
. Chainalysis. February 2, 2022.
Archived
from the original on 6 December 2022
. Retrieved
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.
^
Cf.
Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art
(PDF)
(Report). United States Department of the Treasury. 2022. p. 26.
Archived
(PDF)
from the original on 13 April 2022
. Retrieved
15 February
2023
.
^
Johnstone, Syren (2021).
Rethinking the Regulation of Cryptoassets. Cryptographic Consensus Technology and the New Prospect
. Cheltenham/Northampton: Edward Elgar. p. 61.
ISBN
Â
9781800886780
.
^
Dwyer, Gerald P. (2022). "Regulation of cryptocurrencies". In Corbet, Shaen (ed.).
Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies
. Boston/Berlin: De Gruyter. pp. 201 f.
ISBN
Â
978-3-11-071688-7
.
^
Dwyer, Gerald P. (2022). "Regulation of cryptocurrencies". In Corbet, Shaen (ed.).
Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies
. Boston/Berlin: De Gruyter. p. 202.
ISBN
Â
978-3-11-071688-7
.
^
Dwyer, Gerald P. (2022). "Regulation of cryptocurrencies". In Corbet, Shaen (ed.).
Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies
. Boston/Berlin: De Gruyter. pp.Â
202â
204.
ISBN
Â
978-3-11-071688-7
.
^
Dwyer, Gerald P. (2022). "Regulation of cryptocurrencies". In Corbet, Shaen (ed.).
Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies
. Boston/Berlin: De Gruyter. pp. 204 f.
ISBN
Â
978-3-11-071688-7
.
^
"Directive - 2018/843 - EN - aml directive - EUR-Lex"
.
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a
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Schickler, Jack (September 2, 2022).
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.
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.
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"Treasury Releases Study on Illicit Finance in the High-Value Art Market"
.
U.S. Department of the Treasury
.
Archived
from the original on 4 February 2022
. Retrieved
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.
^
Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art
(PDF)
(Report). United States Department of the Treasury. 2022. p. 26.
Archived
(PDF)
from the original on 13 April 2022
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15 February
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^
Reiche, Matthias (July 12, 2022).
"Umgang mit Bitcoin & Co. Wie die EU den Kryptomarkt reguliert"
(in German).
Archived
from the original on 14 December 2022
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## Contents
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- [(Top)](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime)
- [1 Background](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Background)
- [2 Scope and impact](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Scope_and_impact)
- [3 Crime Methods](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Crime_Methods)
Toggle Crime Methods subsection
- [3\.1 Fraud](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Fraud)
- [3\.1.1 Exit scams and Ponzi schemes through initial coin offerings (ICOs)](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Exit_scams_and_Ponzi_schemes_through_initial_coin_offerings_\(ICOs\))
- [3\.1.2 Ponzi schemes](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Ponzi_schemes)
- [3\.1.3 Money laundering](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Money_laundering)
- [3\.1.3.1 Regulatory measures](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Regulatory_measures)
- [3\.1.3.1.1 Regarding NFTs](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Regarding_NFTs)
- [3\.1.4 Giveaway scam](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Giveaway_scam)
- [3\.1.5 Paper wallet generators](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Paper_wallet_generators)
- [3\.1.6 Pig butchering](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Pig_butchering)
- [3\.2 Malware](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Malware)
- [3\.2.1 Malware attacks](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Malware_attacks)
- [3\.2.2 Stealers and drainers](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Stealers_and_drainers)
- [3\.2.3 Clipboard hijacking](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Clipboard_hijacking)
- [3\.2.4 Ransomware](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Ransomware)
- [3\.2.5 Cryptojacking](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Cryptojacking)
- [3\.3 Off-chain](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Off-chain)
- [3\.3.1 Violent crime](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Violent_crime)
- [3\.3.2 Energy Theft](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Energy_Theft)
- [3\.4 Fraud factories](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Fraud_factories)
- [4 Law-enforcement use](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Law-enforcement_use)
- [5 Notable cases](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Notable_cases)
Toggle Notable cases subsection
- [5\.1 ICO-related scams](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#ICO-related_scams)
- [5\.2 Exchanges](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Exchanges)
- [5\.3 Wallets](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Wallets)
- [5\.4 Energy](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Energy)
- [5\.5 Blockchains](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Blockchains)
- [5\.5.1 Bitcoin](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Bitcoin)
- [5\.5.2 Ethereum](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Ethereum)
- [5\.6 Other incidents](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Other_incidents)
- [6 See also](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#See_also)
- [7 Notes](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#Notes)
- [8 References](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#References)
- [9 External links](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#External_links)
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# Cryptocurrency and crime
5 languages
- [ۧÙŰč۱ۚÙŰ©](https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9_%D8%A7%D9%84%D9%85%D8%B9%D9%85%D8%A7%D8%A9_%D9%88%D8%A7%D9%84%D8%AC%D8%B1%D8%A7%D8%A6%D9%85 "ۧÙŰčÙ
ÙŰ© ۧÙÙ
ŰčÙ
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â Arabic")
- [Hausa](https://ha.wikipedia.org/wiki/Cryptocurrency_da_aikata_laifuka "Cryptocurrency da aikata laifuka â Hausa")
- [íê”ìŽ](https://ko.wikipedia.org/wiki/%EC%95%94%ED%98%B8%ED%99%94%ED%8F%90%EC%99%80_%EB%B2%94%EC%A3%84 "ìížííì ëČìŁ â Korean")
- [SlovenĆĄÄina](https://sl.wikipedia.org/wiki/Varnost_kriptovalut "Varnost kriptovalut â Slovenian")
- [àčàžàžą](https://th.wikipedia.org/wiki/%E0%B8%84%E0%B8%A3%E0%B8%B4%E0%B8%9B%E0%B9%82%E0%B8%97%E0%B9%80%E0%B8%84%E0%B8%AD%E0%B8%A3%E0%B9%8C%E0%B9%80%E0%B8%A3%E0%B8%99%E0%B8%8B%E0%B8%B5%E0%B9%81%E0%B8%A5%E0%B8%B0%E0%B8%84%E0%B8%A7%E0%B8%B2%E0%B8%A1%E0%B8%9B%E0%B8%A5%E0%B8%AD%E0%B8%94%E0%B8%A0%E0%B8%B1%E0%B8%A2 "àžàžŁàžŽàžàčàžàčàžàžàžŁàčàčàžŁàžàžàž”àčàž„àž°àžàž§àžČàžĄàžàž„àžàžàž àž±àžą â Thai")
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From Wikipedia, the free encyclopedia
Use of cryptocurrencies in criminal activity
**Cryptocurrency and crime** concerns the ways cryptocurrencies are used in, facilitate, or are targeted by criminal activity. Documented areas include investment and romance scams (often called â[pig-butchering](https://en.wikipedia.org/wiki/Pig_butchering_scam "Pig butchering scam")â), [ransomware](https://en.wikipedia.org/wiki/Ransomware "Ransomware") payments, thefts and exchange hacks, [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering") and sanctions evasion, [darknet](https://en.wikipedia.org/wiki/Darknet "Darknet")\-market transactions, and occasional off-chain coercion to obtain private keys. Law-enforcement assessments emphasize that investment fraud and laundering are frequent contexts for criminal use of crypto assets, while noting that public blockchains can also aid tracing, seizures, and arrests.[\[1\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-1)[\[2\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-2)
## Background
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=1 "Edit section: Background")\]
[Cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrencies "Cryptocurrencies") are digital assets transferred on distributed ledgers without a central administrator. Transfers are borderless, typically irreversible, and control depends on possession of [private keys](https://en.wikipedia.org/wiki/Private_keys "Private keys") rather than accounts held by a single intermediary.[\[3\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-3)
Criminals use cryptocurrencies when they make certain offences easier than traditional methods. For example, to move funds quickly across borders, take payment without going through banks, or launder proceeds through lightly regulated services. These traits suit offences such as theft, investment fraud and "[pig-butchering](https://en.wikipedia.org/wiki/Pig_butchering_scam "Pig butchering scam")," [ransomware](https://en.wikipedia.org/wiki/Ransomware "Ransomware") payments, darknet-market trade, [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering") and [sanctions](https://en.wikipedia.org/wiki/Economic_sanctions "Economic sanctions") evasion.[\[4\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-4)[\[5\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-5)[\[6\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-6)
Since 2019, authorities have tried to limit the criminal misuse of crypto by bringing "virtual assets" and virtual-asset service providers (VASPs) into anti-money-laundering and counter-terrorist-financing ([AML/CFT](https://en.wikipedia.org/wiki/Anti%E2%80%93money_laundering "Antiâmoney laundering")) rules. The standards require licensing or registration, customer due diligence, and the "travel rule" for originator/beneficiary information. Governments pair these with supervision and enforcement (including asset seizures, sanctions, and joint takedowns) and with more cross-border information-sharing among financial-intelligence units and police.[\[7\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-7)[\[8\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-8)[\[9\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-9)[\[10\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-10)[\[11\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-11)
However, offenders still work around these controls. Common methods include routing funds through non-compliant or offshore providers; peer-to-peer transfers and OTC brokers; mixers/tumblers, peel-chain transactions, and cross-chain "hops" via bridges; and other anonymity-enhancing tools, sometimes combined with stolen or synthetic identities at compliant platforms. Uneven implementation of AML/CFT standards (including the travel rule) across jurisdictions remains a widely noted gap, and decentralised or extra-jurisdictional services can be harder to disrupt; many investigations therefore still focus on identifying fiat on-/off-ramps and coordinating across borders.[\[12\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-12)[\[13\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-13)[\[14\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-14)[\[15\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-15)
## Scope and impact
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=2 "Edit section: Scope and impact")\]
The overall scale of crypto-related crime is difficult to measure and figures below are not directly comparable (different geographies, methodologies, and crime types). Still, recent indicators give a sense of order of magnitude.
| Indicator | Latest figure (year) | Scope / coverage / source |
|---|---|---|
| U.S. consumer fraud where cryptocurrency was the payment method | US\$1.42 billion (2024) | FTC Consumer Sentinel Data Book 2024; payment-method breakdown (crypto subtotal).[\[16\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-16) |
| U.S. investment-fraud losses involving cryptocurrency (IC3) | US\$9.27 billion (2024) | FBI Internet Crime Report 2024 (cryptocurrency investment fraud).[\[17\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-17) |
| Estimated global ransomware payments | ~US\$813â814 million (2024) | Chainalysis 2025 reporting on 2024 payouts (covered by reliable outlets).[\[18\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-18)[\[19\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-19) |
| Crypto stolen in hacks (global) | ~US\$2.2 billion (2024) | Chainalysis year-end estimate for 2024 hacking losses, reported by Reuters.[\[20\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-20) |
| Value received by identified illicit crypto addresses (global) | US\$40.9 billion (2024) (lower-bound) | Chainalysis Crypto Crime report series (value received by addresses classified as illicit; subject to revision as new clusters are identified).[\[21\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-21) |
| Sanctions-related crypto flows (value received by sanctioned jurisdictions / actors) | âUS\$15.8 billion (2024) | Chainalysis estimate for 2024 (â39% of illicit transactions), reported by AP; see also TRM Labs analysis of sanctions-linked activity.[\[22\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-22)[\[23\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-23) |
| Illegal online gambling via crypto (GGR) | ~US\$81.4 billion (2024) | *Financial Times*, reporting Yield Secâs estimate of gross gaming revenue at crypto casinos (methodology and inference debated).[\[24\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-24) |
| Darknet-market revenue (global, all goods/services) | ~US\$1.5 billion (2022) | Chainalysis estimate for annual darknet revenue after the Hydra takedown; provided for scale and historical context.[\[25\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-25)[\[26\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-26) |
| Illicit/high-risk funds obfuscated via cross-chain swaps/DEXs/bridges (proxy for laundering) | US\$21.8 billion (cumulative since 2020; as of May 2025) | Elliptic estimates that \>US\$21.8 billion of illicit and âhigh-riskâ crypto has been moved via DEXs, cross-chain bridges, and swap services; cumulative and may double-count multi-hop paths.[\[27\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-27) |
## Crime Methods
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=3 "Edit section: Crime Methods")\]
### Fraud
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=4 "Edit section: Fraud")\]
#### Exit scams and Ponzi schemes through initial coin offerings (ICOs)
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=5 "Edit section: Exit scams and Ponzi schemes through initial coin offerings (ICOs)")\]
Most [exit scams](https://en.wikipedia.org/wiki/Exit_scam "Exit scam") (or *rugpulls*) as well as many ponzi schemes involving cryptocurrencies are performed through [Initial Coin Offerings](https://en.wikipedia.org/wiki/Initial_Coin_Offering "Initial Coin Offering") (ICOs).[\[28\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-28) As an example, according to a report by [Satis Group](https://en.wikipedia.org/w/index.php?title=Satis_Group&action=edit&redlink=1 "Satis Group (page does not exist)"), almost 80% of all projects launched through an ICO in 2017 were scams.[\[29\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-29) These scams usually involve attracting investments from mostly retail investors, inflating the price and the perpetrators subsequently abandoning the project in question after selling off their own shares.[\[30\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-30)
The novelty of ICOs accounts for the current lack of governmental regulation.[\[31\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-31) This lack of regulatory measures as well as the pseudonymity of cryptocurrency transactions and their international nature across countless jurisdictions in many different countries can make it much more difficult to identify and take legal action against perpetrators involved in these scams.[\[32\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-32)[\[33\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-33) Since 2017 the [SEC](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") has been actively pursuing groups and individuals responsible for ICO-related scams.[\[34\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-34)
#### Ponzi schemes
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=6 "Edit section: Ponzi schemes")\]
Ponzi schemes are another common form of utilizing blockchain-based technologies to commit fraud. Most schemes of this sort use [multi-level marketing](https://en.wikipedia.org/wiki/Multi-level_marketing "Multi-level marketing") schemes to encourage investors to conduct risky investments.[\[35\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-35) [Onecoin](https://en.wikipedia.org/wiki/Onecoin "Onecoin") is one of the more notable examples of cryptocurrency-ponzi schemes: Founded in 2014 by [Ruja Ignatova](https://en.wikipedia.org/wiki/Ruja_Ignatova "Ruja Ignatova"), OneCoin is estimated to have generated [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")4 billion in income.[\[36\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-De_Gruyter-36) While at least in China some of the investors' funds have been recovered and several members of the organisation arrested in the U.S., Ignatova herself is still at large.[\[37\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-37) [Quadriga](https://en.wikipedia.org/wiki/Quadriga_\(company\) "Quadriga (company)") was another cryptocurrency ponzi scheme--this time in Canada--which involved \$190 million US dollars or \$250 million Canadian dollars and was investigated by both the [Royal Canadian Mounted Police](https://en.wikipedia.org/wiki/Royal_Canadian_Mounted_Police "Royal Canadian Mounted Police") and the [Federal Bureau of Investigation](https://en.wikipedia.org/wiki/Federal_Bureau_of_Investigation "Federal Bureau of Investigation") after the death of its owner, Gerald William Cotten, in December 2018.[\[38\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-38)[\[39\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-39)
#### Money laundering
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=7 "Edit section: Money laundering")\]
See also: [Money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering")
Due to the inability of third parties to de-pseudonymize crypto transactions criminal entities have often resorted to using cryptocurrency to conduct money laundering.[\[40\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-40) Especially ICOs lacking [KYC](https://en.wikipedia.org/wiki/Know_your_customer "Know your customer") guidelines and anti-money laundering procedures are often used to launder illicit funds due to the pseudonymity they offer.[\[41\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-nestarcova44-41) By using ICOs criminals launder these funds by buying tokens off of legitimate investors and selling them. This issue is intensified by the lack of measures against money laundering implemented by centralized cryptocurrency exchanges.[\[41\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-nestarcova44-41)
A well-known early example of money laundering using cryptocurrencies is [Silk Road](https://en.wikipedia.org/wiki/Silk_Road_\(marketplace\) "Silk Road (marketplace)"). Shut down in 2013 with its founder [Ross Ulbricht](https://en.wikipedia.org/wiki/Ross_Ulbricht "Ross Ulbricht") indicted for among other counts a money laundering conspiracy, the website was used for several illicit activities including money laundering solely using Bitcoin as a form of payment.[\[42\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-42)
Apart from traditional cryptocurrencies, [Non-Fungible Tokens](https://en.wikipedia.org/wiki/NFT "NFT") (NFTs) are also commonly used in connection with money laundering activities.[\[43\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-43) NFTs are often used to perform [Wash Trading](https://en.wikipedia.org/wiki/Wash_Trade "Wash Trade") by creating several different [wallets](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet") for one individual, generating several fictitious sales and consequently selling the respective NFT to a third party.[\[44\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-44) According to a report by [Chainalysis](https://en.wikipedia.org/wiki/Chainalysis "Chainalysis"), these types of wash trades are becoming increasingly popular among money launderers especially due to the largely anonymous nature of transactions on NFT marketplaces.[\[45\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-45)[\[46\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-46) Auction platforms for NFT sales may face regulatory pressure to comply with anti-money laundering legislation.[\[47\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-47)
##### Regulatory measures
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=8 "Edit section: Regulatory measures")\]
Canada is generally regarded as the first state actor implementing regulatory measures dealing with money laundering conducted by the usage of cryptocurrencies.[\[48\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-48) By 2013 the [Financial Crimes Enforcement Network](https://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network "Financial Crimes Enforcement Network") (FinCEN) â in direct reference to the centralized exchange [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox") â issued regulations making it clear that all crypto-to-[fiat](https://en.wikipedia.org/wiki/Fiat_money "Fiat money") exchangers had to apply KYC- as well as anti-money laundering methods.[\[49\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-49) Any suspicious transactions have therefore to be reported to the authorities.[\[50\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-50) Centralized exchanges have to register as money transmitters, with the exact definition of who and what constitutes a *money transmitter* in the crypto sphere being somewhat blurred and regulations differing between the different states of the U.S.[\[51\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-51) An important exemption from these regulations is [decentralized exchanges](https://en.wikipedia.org/wiki/Decentralized_finance#Decentralized_exchanges "Decentralized finance") due to the fact that they do not hold any fiat currency.[\[52\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-52)
As part of the *Fifth Anti-Money Laundering Directive* of 2018 and in an effort to combat money laundering and the financing of terrorism, the [European Union](https://en.wikipedia.org/wiki/European_Union "European Union") has issued a directive making all member-states have to make sure that crypto exchanges are licensed and registered.[\[53\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-53) The EU is furthermore planning to take measures to ensure that all customers of cryptocurrency exchanges are to verify their identity as part of the registration process.[\[54\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-schickleryahoo-54)
###### Regarding NFTs
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=9 "Edit section: Regarding NFTs")\]
Auction platforms for NFT sales may face regulatory pressure to comply with anti-money laundering legislation. A February 2022 study from the [United States Treasury](https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury "United States Department of the Treasury") assessed that there was "some evidence of money laundering risk in the high-value art market," including through "the emerging digital art market, such as the use of non-fungible tokens (NFTs)."[\[55\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-55) The study considered how NFT transactions may be a simpler option for laundering money through art by avoiding transportation or insurance complications in trading physical art. Several NFT exchanges were labeled as virtual asset service providers that may be subject to [Financial Crimes Enforcement Network](https://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network "Financial Crimes Enforcement Network") regulations.[\[56\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-56)
The [European Union](https://en.wikipedia.org/wiki/European_Union "European Union") has yet to establish specific regulations to combat money laundering through NFTs. The [European Commission](https://en.wikipedia.org/wiki/European_Commission "European Commission") announced in July 2022 that it is planning to draw regulations regarding that issue by 2024.[\[57\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-57)[\[54\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-schickleryahoo-54)
#### Giveaway scam
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=10 "Edit section: Giveaway scam")\]
A cryptocurrency giveaway scam involves scammers compromising or impersonating celebrities, influencers, or well-known companies to falsely claim they are multiplying cryptocurrency or giving away free cryptocurrency via [airdrop](https://en.wikipedia.org/wiki/Airdrop_\(cryptocurrency\) "Airdrop (cryptocurrency)"). A variety of methods are used to promote these scams, primarily through posts and [livestreams](https://en.wikipedia.org/wiki/Livestreams "Livestreams") on [social media](https://en.wikipedia.org/wiki/Social_media "Social media").
[YouTube](https://en.wikipedia.org/wiki/YouTube "YouTube") is a platform commonly used to promote this scam. Popular accounts are hacked to stream pre-recorded videos of the impersonated figure, overlaid with fake giveaway announcements that often encourage viewers to visit the scammerâs website.[\[58\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-58) In July 2020, [Apple](https://en.wikipedia.org/wiki/Apple_Inc. "Apple Inc.") co-founder [Steve Wozniak](https://en.wikipedia.org/wiki/Steve_Wozniak "Steve Wozniak") and 17 other victims filed a lawsuit against YouTube and its parent company, [Google](https://en.wikipedia.org/wiki/Google "Google"), alleging that the platform allowed scammers to use their name, image and likeness in cryptocurrency giveaway scams.[\[59\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-59) After earlier dismissals based on [Section 230](https://en.wikipedia.org/wiki/Section_230 "Section 230"), a 2024 [California Court of Appeal](https://en.wikipedia.org/wiki/California_Courts_of_Appeal "California Courts of Appeal") ruling allowed the case to proceed, finding that YouTubeâs role may fall outside those legal protections, with the case now pending further proceedings in the lower court.[\[60\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-60)
In the [2020 Twitter account hijacking](https://en.wikipedia.org/wiki/2020_Twitter_account_hijacking "2020 Twitter account hijacking"), 130 high-profile accounts, including those of multi-billionaire [Elon Musk](https://en.wikipedia.org/wiki/Elon_Musk "Elon Musk") and then [U.S. president Joe Biden](https://en.wikipedia.org/wiki/U.S._President_Joe_Biden "U.S. President Joe Biden"), were used to promote a bitcoin giveaway scam. Within minutes of the initial [tweets](https://en.wikipedia.org/wiki/Tweet_\(social_media\) "Tweet (social media)"), more than 320 transactions had been sent to one of the wallet addresses, and over US\$110,000 worth of bitcoin had been deposited before the scam messages were removed by [Twitter](https://en.wikipedia.org/wiki/Twitter "Twitter").[\[61\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-61) [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase") blacklisted the bitcoin address and said they stopped over 1,000 transactions totaling over US\$280,000 from being sent.[\[62\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-62)
#### Paper wallet generators
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=11 "Edit section: Paper wallet generators")\]
Paper wallet generators allow users to create a wallet address and corresponding private key. While not dubious in itself, fraudsters can create infected generators that secretly communicate the generated keys to the creator, giving them control of the wallet.[\[63\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-63)
In August 2017, a bad actor began advertising an online [IOTA](https://en.wikipedia.org/wiki/IOTA_\(technology\) "IOTA (technology)") wallet seed generator. To gain the victim's trust, they linked to a legitimate [GitHub](https://en.wikipedia.org/wiki/GitHub "GitHub") repository, claiming that their website used the same code. In reality, the website used an intentionally predictable [random number generator](https://en.wikipedia.org/wiki/Random_number_generation "Random number generation"), resulting in the same IOTA wallet seeds being generated. Each of these seeds was logged.[\[64\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-64) On January 19, 2018, the attacker drained approximately US\$3.94 million from wallets created during the six-month period. Profiles associated with the website on GitHub, [Reddit](https://en.wikipedia.org/wiki/Reddit "Reddit"), and [Quora](https://en.wikipedia.org/wiki/Quora "Quora") that had provided support to users were deleted, and the website was updated to display the message: âTaken down. Apologies.â[\[65\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-65) In January 2019, [Europol](https://en.wikipedia.org/wiki/Europol "Europol") arrested a 36-year-old man from [Oxford, England](https://en.wikipedia.org/wiki/Oxford,_England "Oxford, England") believed to be behind the attack.[\[66\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-66)
#### Pig butchering
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=12 "Edit section: Pig butchering")\]
This section is an excerpt from [Pig butchering scam](https://en.wikipedia.org/wiki/Pig_butchering_scam "Pig butchering scam").\[[edit](https://en.wikipedia.org/w/index.php?title=Pig_butchering_scam&action=edit)\]
| Cryptocurrency and crime | |
|---|---|
| [Simplified Chinese](https://en.wikipedia.org/wiki/Simplified_Chinese_characters "Simplified Chinese characters") | æçȘç |
| [Traditional Chinese](https://en.wikipedia.org/wiki/Traditional_Chinese_characters "Traditional Chinese characters") | æźșè±Źç€ |
| Literal meaning | Killing pig plate[\[67\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Pig_butchering_scam_TN-67) |
| Transcriptions | |
| [Standard Mandarin](https://en.wikipedia.org/wiki/Standard_Chinese "Standard Chinese") | |
| [Hanyu Pinyin](https://en.wikipedia.org/wiki/Hanyu_Pinyin "Hanyu Pinyin") | ShÄ zhĆ« pĂĄn |
A [pig-butchering scam](https://en.wikipedia.org/wiki/Pig_butchering_scam "Pig butchering scam") is a form of online relationship and investment fraud in which perpetrators cultivate fake romantic or social relationships with victims before persuading them to invest money, often in fraudulent [cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") schemes. Law enforcement agencies have increasingly referred to the practice as romance baiting.[\[68\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Pig_butchering_scam_INTERPOL-romance-baiting-68) Such scams are commonplace on [social media](https://en.wikipedia.org/wiki/Social_media "Social media") and [dating apps](https://en.wikipedia.org/wiki/Dating_app "Dating app"), and often involve elements of [catfishing](https://en.wikipedia.org/wiki/Catfishing "Catfishing"), [investment fraud](https://en.wikipedia.org/wiki/Investment_fraud "Investment fraud"), and [romance scams](https://en.wikipedia.org/wiki/Romance_scam "Romance scam").[\[69\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Pig_butchering_scam_aura-69)
### Malware
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=13 "Edit section: Malware")\]
#### Malware attacks
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=14 "Edit section: Malware attacks")\]
In February 2014, the Pony virus, which spread to between 100,000 and 200,000 computers through a [botnet](https://en.wikipedia.org/wiki/Botnet "Botnet"), was reported to have stolen up to US\$220,000 in cryptocurrency from 85 wallets.[\[70\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-70) Researchers later discovered updated versions with the ability to steal 30 types of cryptocurrencies.[\[71\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-71)
A type of Mac malware active in August 2013, Bitvanity posed as a vanity wallet address generator and stole addresses and private keys from other bitcoin client software.[\[72\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-southurst2014-72) A different trojan for [macOS](https://en.wikipedia.org/wiki/MacOS "MacOS"), called CoinThief was reported in February 2014 to be responsible for multiple bitcoin thefts.[\[72\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-southurst2014-72) The software was hidden in versions of some cryptocurrency apps on [Download.com](https://en.wikipedia.org/wiki/Download.com "Download.com") and [MacUpdate](https://en.wikipedia.org/wiki/MacUpdate "MacUpdate").[\[72\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-southurst2014-72)
#### Stealers and drainers
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=15 "Edit section: Stealers and drainers")\]
A stealer, also known as a drainer or [infostealer](https://en.wikipedia.org/wiki/Infostealer "Infostealer"), is a type of malware designed to steal private information including private keys from cryptocurrency wallets, enabling attackers to access and transfer the funds to their wallet. The most common infections scan computers for wallet files and upload them to a [remote server](https://en.wikipedia.org/wiki/Remote_server "Remote server"), where they can be cracked.[\[73\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-73) Many stealers also incorporate [keyloggers](https://en.wikipedia.org/wiki/Keyloggers "Keyloggers") to record keystrokes, often bypassing the need to crack the keys.[\[74\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-74)
#### Clipboard hijacking
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=16 "Edit section: Clipboard hijacking")\]
Clipboard hijacking involves a malware that detects when a cryptocurrency address is copied to the [clipboard](https://en.wikipedia.org/wiki/Clipboard_\(computing\) "Clipboard (computing)"), and quickly replacing it to trick victims into sending their cryptocurrency to the attackers address. The method is effective due to the difficulty of memorizing or manually typing wallet addresses, combined with the irreversible nature of cryptocurrency transactions.[\[75\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-75)
#### Ransomware
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=17 "Edit section: Ransomware")\]
Cryptocurrency is considered to be the "near-universal form of payment" for [ransomware](https://en.wikipedia.org/wiki/Ransomware "Ransomware"),[\[76\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-76) a type of [malware](https://en.wikipedia.org/wiki/Malware "Malware") that [encrypts](https://en.wikipedia.org/wiki/Encrypts "Encrypts") a victim's data until a ransom is paid. Ransomware attacks are estimated to have generated US\$1.1 billion in 2019, US\$999 million in 2020, a record US\$1.25 billion in 2023, and US\$813 million in 2024.[\[77\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-77) In 2024, a record breaking US\$75 million ransom was paid to the Dark Angels ransomware group by an undisclosed [Fortune 500](https://en.wikipedia.org/wiki/Fortune_500 "Fortune 500") company.[\[78\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-78)
#### Cryptojacking
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=18 "Edit section: Cryptojacking")\]
This section is an excerpt from [Cryptojacking](https://en.wikipedia.org/wiki/Cryptojacking "Cryptojacking").\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptojacking&action=edit)\]
[Cryptojacking](https://en.wikipedia.org/wiki/Cryptojacking "Cryptojacking") is the act of exploiting a [computer](https://en.wikipedia.org/wiki/Computer "Computer") to mine [cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrencies "Cryptocurrencies"), often through [websites](https://en.wikipedia.org/wiki/Website "Website"),[\[79\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-79)[\[80\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Cryptojacking_mm-80)[\[81\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-81) against the user's will or while the user is unaware.[\[82\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-82) One notable piece of software used for cryptojacking was [Coinhive](https://en.wikipedia.org/wiki/Coinhive "Coinhive"), which was used in over two-thirds of cryptojacks before its March 2019 shutdown.[\[83\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-83) The cryptocurrencies mined the most often are privacy coinsâcoins with hidden transaction historiesâsuch as [Monero](https://en.wikipedia.org/wiki/Monero "Monero") and [Zcash](https://en.wikipedia.org/wiki/Zcash "Zcash").[\[80\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Cryptojacking_mm-80)[\[84\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-84)
Like most malicious attacks on the computing public, the motive is profit, but unlike other threats, it is designed to remain completely hidden from the user. Cryptojacking [malware](https://en.wikipedia.org/wiki/Malware "Malware") can lead to slowdowns and crashes due to straining of computational resources.[\[85\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Cryptojacking_urlBrutal_cryptocurrency_mining_malware_crashes_your_PC_when_discovered_|_ZDNet-85)
Bitcoin mining by personal computers infected with malware is being challenged by dedicated hardware, such as [FPGA](https://en.wikipedia.org/wiki/Field-programmable_gate_array "Field-programmable gate array") and [ASIC](https://en.wikipedia.org/wiki/Application-specific_integrated_circuit "Application-specific integrated circuit") platforms, which are more efficient in terms of power consumption and thus may have lower costs than theft of computing resources.[\[86\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-86)
### Off-chain
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=19 "Edit section: Off-chain")\]
#### Violent crime
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=20 "Edit section: Violent crime")\]
Some mainstream news outlets have described cases in which kidnappers have targeted cryptocurrency holders in order to compel them to turn over access to their digital wallets. According to reporting citing data from blockchain analysis firm Chainalysis, more than 30 such incidents were recorded in 2025, though the firm noted that many crimes may go unreported. One widely reported case involved a cryptocurrency investor who escaped from an apartment in Manhattan after allegedly being held captive for weeks, during which he was beaten and threatened with death in an attempt to force the transfer of digital assets.[\[87\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-87)[\[88\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-88)
#### Energy Theft
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=21 "Edit section: Energy Theft")\]
Electricity theft associated with proof-of-work cryptocurrency mining has been reported in multiple countries, with operators illegally bypassing or tampering with meters and power lines to reduce operating costs. In Malaysia, Reuters reported that the national utility Tenaga Nasional Bhd estimated electricity losses of about 4.6 billion ringgit (US\$1.11 billion) from power theft linked to illegal cryptocurrency mining between 2020 and August 2025, citing a parliamentary reply from the energy ministry.[\[89\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-89)
### Fraud factories
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=22 "Edit section: Fraud factories")\]
[Fraud factories](https://en.wikipedia.org/wiki/Fraud_factories "Fraud factories") in Asia traffic workers to scam Westerners into buying cryptocurrencies online.[\[90\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-90)
## Law-enforcement use
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=23 "Edit section: Law-enforcement use")\]
Law-enforcement agencies and financial-intelligence units report using public-blockchain records to trace illicit flows, identify counterparties at service providers, and recover assets through seizure and forfeiture.[\[91\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-91)[\[92\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-92) In recent operations, tracing supported large seizures linked to investment-fraud schemes; seized assets are typically managed and disposed of by custodial authorities such as the U.S. Marshals Service.[\[93\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-93)[\[94\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-94) Regulators and standard-setters note that FATF Recommendation 15 and related guidance shape cooperation with virtual-asset service providers, while also acknowledging barriers from privacy-enhancing techniques such as mixers and privacy coins.[\[95\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-95)[\[96\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-96) U.S. oversight bodies have likewise highlighted both the promise of on-chain transparency and persistent challenges in sanctions and AML enforcement.[\[97\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-97)
## Notable cases
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=24 "Edit section: Notable cases")\]
In 2018, around US\$1.7 billion in cryptocurrency was lost to scams, theft and fraud. In the first quarter of 2019, such losses rose to US\$1.2 billion.[\[98\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-98) 2022 was a record year for cryptocurrency theft, according to [Chainalysis](https://en.wikipedia.org/wiki/Chainalysis "Chainalysis"), with US\$3.8 billion[\[99\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:2-99) stolen worldwide during 125 system hacks,[\[100\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Forbes-100) including US\$1.7 billion stolen by "[North Korea](https://en.wikipedia.org/wiki/North_Korea "North Korea")\-linked hackers".[\[99\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:2-99)
### ICO-related scams
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=25 "Edit section: ICO-related scams")\]
- AriseCoin (AriseBank): *AriseBank* marketed itself as the world's first *decentralized bank*, falsely claiming to be able to offer [FDIC](https://en.wikipedia.org/wiki/FDIC "FDIC")\-insured accounts, [VISA](https://en.wikipedia.org/wiki/VISA "VISA") cards as well as services related to cryptocurrency and making other false statements.[\[101\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-101) *AriseBank* promoted its *AriseCoin* through celebrity endorsement and social media in order to raise the [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")1 billion the company was aiming for.[\[41\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-nestarcova44-41) Their ICO was halted by the SEC in early 2018 with their [CEO](https://en.wikipedia.org/wiki/CEO "CEO") and [COO](https://en.wikipedia.org/wiki/Chief_operating_officer "Chief operating officer") receiving a fine of [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")2\.7 million.[\[102\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-102)
- [BitConnect](https://en.wikipedia.org/wiki/BitConnect "BitConnect"): Bitconnect was among the highest-performing cryptocurrencies in 2017, promising investors enormous returns through a trading bot.[\[36\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-De_Gruyter-36) At its height, it reached a market capitalization of [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")3\.4 billion.[\[103\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-103) In early 2018 the exchanged ceased to operate with investors losing millions of dollars, amounting to a total of [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")14\.5 million.[\[104\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-hou86-104) It later turned out that the initial profits were generated through a Ponzi scheme by paying earlier customers with money made through newer customers.[\[105\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-105) Legal action against the perpetrators was taken on an international scale.[\[106\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-106)
- Centra: Centra was a Miami-based company that claimed to offer a cryptocurrency-based debit card backed by a VISA and [Mastercard](https://en.wikipedia.org/wiki/Mastercard "Mastercard"). The company raised [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")32 million by October 2017 through an ICO and, f few months later, performed an exit scam. In April 2018 two of the founders were arrested. It was soon revealed that neither Mastercard nor VISA backed the company in their alleged efforts.[\[104\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-hou86-104)
- Modern Tech (PinCoin/iFan): Based in Vietnam, Modern Tech hosted two separate ICOs for *PinCoin* as well as *iFan* promising monthly returns of 48%.[\[104\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-hou86-104) After the initial success, the founders ran off with approximately [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")660 million raised from 32,000 investors.[\[107\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-107) The founders are still at large and none of the funds have been retrieved.[\[108\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-108)
- PlexCoin: After Dominic Lacroix and Sabrina Paradis-Rogers (the founders of *PlexCoin*) had officially raised around [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")15 million through a fraudulent ICO in August 2017 while promising a return of 1,354 % within a month, the SEC filed a civil complaint in December of the same year against them and sought an injunction to cease those sales, freeze the assets involved, pay civil penalties and prohibit the ones responsible behind the token launch from participating in any future offerings of cryptocurrency.[\[109\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-109) Shortly after Lacroix was sentenced to two months in prison and fined [CA\$](https://en.wikipedia.org/wiki/Canadian_dollar "Canadian dollar")110,000 by the [Quebec Superior Court](https://en.wikipedia.org/wiki/Quebec_Superior_Court "Quebec Superior Court").[\[110\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-110) The SEC's proceedings led to seven-figure fines for the defendants in 2019 and a retrieval of the investors' funds.[\[111\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-111) During the proceedings, the SEC was able to prove that the success of the ICO was inflated by the founders who in fact had raised [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")8\.5 million instead of the [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")15 million they had announced.[\[112\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-112)
### Exchanges
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=26 "Edit section: Exchanges")\]
Notable cryptocurrency exchange compromises resulting in the loss of cryptocurrencies include:
- Between 2011 and 2014, US\$350 million worth of bitcoin was stolen from [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox").[\[113\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-zdnet-113)
- In 2016, US\$72 million [was stolen](https://en.wikipedia.org/wiki/2016_Bitfinex_hack "2016 Bitfinex hack") through exploiting [Bitfinex](https://en.wikipedia.org/wiki/Bitfinex "Bitfinex")'s exchange wallet, users were refunded.[\[114\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-114)
- On December 7, 2017, Slovenian cryptocurrency exchange [NiceHash](https://en.wikipedia.org/wiki/NiceHash "NiceHash") reported that hackers had stolen over \$70 million using a hijacked company computer.[\[115\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-115)[\[116\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-116)
- On December 19, 2017, Yapian, the owner of South Korean exchange Youbit, filed for bankruptcy after suffering two hacks that year.[\[117\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-117)[\[118\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-118) Customers were still granted access to 75% of their assets.[\[119\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-119)
- In 2018, cryptocurrencies worth US\$400 million were stolen from [Coincheck](https://en.wikipedia.org/wiki/Coincheck "Coincheck").[\[120\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:1-120)
- In May 2018, [Bitcoin Gold](https://en.wikipedia.org/wiki/Bitcoin_Gold "Bitcoin Gold") had its transactions hijacked and abused by unknown hackers.[\[121\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-121) Exchanges lost an estimated \$18 m and Bitcoin Gold was delisted from Bittrex after it refused to pay its share of the damages.
- In June 2018, South Korean exchange Coinrail was hacked, losing over \$37M worth of crypto.[\[122\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-122) The hack worsened an already ongoing cryptocurrency selloff by an additional \$42 billion.[\[123\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-123)
- On July 9, 2018, the exchange Bancor, whose code and fundraising had been subjects of controversy, had \$23.5 million in cryptocurrency stolen.[\[124\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Bancorhack-124)[\[125\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-125)
- Zaif US\$60 million in Bitcoin, [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash") and [Monacoin](https://en.wikipedia.org/w/index.php?title=Monacoin&action=edit&redlink=1 "Monacoin (page does not exist)") was stolen in September 2018[\[126\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-126)
- Binance In 2019 cryptocurrencies worth US\$40 million were stolen.[\[120\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:1-120)[\[127\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-127)
- Africrypt founders are suspected of absconding in June 2021 with US\$3.6 billion worth of Bitcoin[\[128\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-128)
- PolyNetwork (DeFi) suffered a loss of US\$611 million in a theft in August 2021.[\[129\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-129)
- Japanese cryptocurrency exchange Liquid was compromised in August 2021 resulting in a loss of US\$97 million worth of digital coins[\[130\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-130)
- Cream Finance was subject to a US\$29 million theft in August 2021[\[131\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-131) and \$130 million on October 28, 2021.[\[132\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-132)
- On December 2, 2021, users of the BadgerDAO DeFi lost around \$118,500,000 worth of bitcoin and \$679,000 worth of ethereum tokens in a front-end attack. A compromised API key of the [Cloudflare](https://en.wikipedia.org/wiki/Cloudflare#Content_Distribution_Network "Cloudflare") content delivery network account allowed the injecting of a malicious script into the web interface. BadgerDAO "paused" all [smart contracts](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") due to user complaints.[\[133\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-133)
- On December 6, 2021, the cryptocurrency exchange [Bitmart](https://en.wikipedia.org/wiki/Bitmart "Bitmart") lost around \$135M worth of Ethereum and an estimated \$46 million in other cryptocurrencies due to a breach of two of its wallets.[\[134\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-134) Although BitMart stated that it would reimburse its clients, many BitMart clients have not received any money from the exchange as of January 2022.[\[135\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-135)
- On December 12, 2021, users of VulcanForge lost around \$135M worth of PYR due to breaches of multiple wallets. Partnering centralized exchanges had been notified of the hack and they have pledged to seize any stolen funds upon deposit.[\[136\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-136)
- On January 27, 2022, Qubit Finance (DeFi) lost around \$80M worth of Binance Coin due to a flaw in the smart contract that enabled the withdrawal of the said amount in exchange for a deposit of 0 ETH.[\[137\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-137)
- In March 2022,[\[138\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-138) the largest cryptocurrency theft of the year, US\$625 million in ether and USD coin was stolen from the [Ronin Network](https://en.wikipedia.org/wiki/Ronin_Network "Ronin Network"). Hacked nodes were finally discovered when a user reported being unable to withdraw funds. The heist was later linked to [Lazarus Group](https://en.wikipedia.org/wiki/Lazarus_Group "Lazarus Group"), a [North Korean](https://en.wikipedia.org/wiki/North_Korea "North Korea") state-backed hacking collective, by the [U.S. Treasury Department](https://en.wikipedia.org/wiki/U.S._Treasury_Department "U.S. Treasury Department").[\[100\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Forbes-100)
- On September 20, 2022, Wintermute was hacked resulting in theft of US\$160 million. The company attributed the vulnerability to a service used by the platform that generates vanity addresses for digital accounts.[\[100\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Forbes-100)
- On September 25, 2023, it was reported that \$200 million was stolen by hackers from Hong Kong-based crypto firm Mixin Network. The company suspended deposits and withdrawals, stating that the database of its network's cloud service provider was attacked by hackers resulting in the loss of the assets.[\[139\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-139)[\[140\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-140)
- On February 21, 2025 the exchange [Bybit](https://en.wikipedia.org/wiki/Bybit "Bybit") reported the theft of \$1.5 billion in ether, estimated at the time to be the largest crypto heist in history. A blockchain analysis firm linked the attack to the [Lazarus Group](https://en.wikipedia.org/wiki/Lazarus_Group "Lazarus Group") which exploited security features transferring the money to multiply unidentified addresses[\[141\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-141)
- On June 17, 2025 it was reported that there was cyberattack on Iran's biggest cryptocurrency exchange, Nobitex. The attack was done during the [IranâIsrael War](https://en.wikipedia.org/wiki/Iran%E2%80%93Israel_war "IranâIsrael war"). The attack, blamed on the Israel-linked hacker group [Gonjeshke Darande](https://en.wikipedia.org/wiki/Predatory_Sparrow "Predatory Sparrow") (also called "Predatory Sparrow"), led to the theft of more than \$90 million in digital assets, mostly Tether (USDT) on the Tron network.[\[142\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:02-142)
- 25 June 2025, law enforcement officials from the Spanish Guardia Civil, Europol and other European countries identified and arrested perpetrators of a cryptocurrency scheme that had laundered EUR 460 million in illicit profits stolen from over 5 000 victims.[\[143\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-143) Leaders of the scam reportedly used a net of associates spread around the world to raise funds through cash withdrawals, bank transfers and crypto-transfers.[\[144\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-144)
### Wallets
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=27 "Edit section: Wallets")\]
The *Parity Wallet* has had two security incidents amounting to 666,773 [ETH](https://en.wikipedia.org/wiki/Ethereum#Ether "Ethereum") lost or stolen.[\[145\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-145) In July 2017, due to a bug in the [multi-signature](https://en.wikipedia.org/wiki/Multisignature "Multisignature") code, 153,037 ETH (approximately US\$32 million at the time) were stolen.[\[146\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-146)[\[147\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-147) In November 2017, a subsequent multisignature\[*[clarification needed](https://en.wikipedia.org/wiki/Wikipedia:Please_clarify "Wikipedia:Please clarify")*\] flaw in *Parity* made 513,774 ETH (about US\$150 million) unreachable;[\[148\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-148)[\[149\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-149) as of March 2019, the funds were still frozen.[\[150\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-150)
### Energy
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=28 "Edit section: Energy")\]
Notable cases of electricity theft to mine proof-of-work cryptocurrencies include:
- In February 2021 Malaysian police arrested six men involved in a Bitcoin mining operation which had stolen US\$2 million in electricity[\[151\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-151)
- Ukraine authorities shut down an underground gaming and cryptocurrency farm in July 2021, accused of stealing \$259,300 of electricity each month[\[152\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-152)
- In July 2021 Malaysian authorities destroyed 1,069 cryptocurrency mining systems accused of stealing electricity from the grid[\[153\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-153)
- In May 2021 UK authorities closed a suspected bitcoin mine after [Western Power Distribution](https://en.wikipedia.org/wiki/Western_Power_Distribution "Western Power Distribution") found an illegal connection to the electricity supply[\[154\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-154)
### Blockchains
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=29 "Edit section: Blockchains")\]
#### Bitcoin
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=30 "Edit section: Bitcoin")\]
There have been many cases of bitcoin theft.[\[155\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Economist113013Pressure-155) As of December 2017[\[update\]](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit), around 980,000 bitcoinsâover five percent of all bitcoin in circulation[\[a\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-156)âhad been lost on [cryptocurrency exchanges](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange").[\[156\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-157)
One type of theft involves a third party accessing the [private key](https://en.wikipedia.org/wiki/Private_key "Private key") to a victim's bitcoin address,[\[157\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-158) or an [online wallet](https://en.wikipedia.org/wiki/Online_wallet "Online wallet").[\[158\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-159) If the private key is stolen, all the bitcoins from the compromised address can be transferred. In that case, the network does not have any provisions to identify the thief, block further transactions of those stolen bitcoins, or return them to the legitimate owner.[\[159\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-winkles-160)
Theft also occurs at sites where bitcoins are used to purchase illicit goods. In late November 2013, an estimated US\$100 million in bitcoins were allegedly stolen from the online illicit goods marketplace [Sheep Marketplace](https://en.wikipedia.org/wiki/Sheep_Marketplace "Sheep Marketplace"), which immediately closed.[\[160\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-hern2013-161) Users tracked the coins as they were processed and converted to cash, but no funds were recovered and no culprits were identified.[\[160\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-hern2013-161) A different black market, [Silk Road 2](https://en.wikipedia.org/wiki/Silk_Road_2 "Silk Road 2"), stated that during a February 2014 hack, bitcoins valued at \$2.7 million were taken from [escrow accounts](https://en.wikipedia.org/wiki/Escrow_account "Escrow account").[\[161\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-silk2-162)
Sites where users exchange bitcoins for cash or store them in "wallets" are also targets for theft. Inputs.io, an Australian wallet service, was hacked twice in October 2013 and lost more than \$1 million in bitcoins.[\[162\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-163) GBL, a Chinese bitcoin trading platform, suddenly shut down on 26 October 2013; subscribers, unable to log in, lost up to \$5 million worth of bitcoin.[\[163\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-gbl3-164) In late February 2014 [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox"), one of the largest virtual currency exchanges, filed for bankruptcy in Tokyo amid reports that bitcoins worth US\$350 million had been stolen.[\[164\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-GoxBankrupt-165) [Flexcoin](https://en.wikipedia.org/wiki/Flexcoin "Flexcoin"), a bitcoin storage specialist based in [Alberta, Canada](https://en.wikipedia.org/wiki/Alberta,_Canada "Alberta, Canada"), shut down in March 2014 after saying it discovered a theft of about \$650,000 in bitcoins.[\[165\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-ligaya2014-166) Poloniex, a digital currency exchange, reported in March 2014 that it lost bitcoins valued at around \$50,000.[\[166\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-truong2014-167) In January 2015 UK-based [bitstamp](https://en.wikipedia.org/wiki/Bitstamp "Bitstamp"), the third busiest bitcoin exchange globally was hacked and US\$5 million in bitcoins were stolen.[\[167\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-168) In February 2015, a Chinese exchange named BTER lost bitcoins worth nearly \$2 million to hackers.[\[168\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-169)
A major bitcoin exchange, [Bitfinex](https://en.wikipedia.org/wiki/Bitfinex "Bitfinex"), was compromised by the [2016 Bitfinex hack](https://en.wikipedia.org/wiki/2016_Bitfinex_hack "2016 Bitfinex hack"), when nearly 120,000 bitcoins (around US\$71 million) were stolen in 2016.[\[169\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:3-170) Bitfinex was forced to suspend its trading. The theft was the second-largest bitcoin heist ever, dwarfed only by the Mt. Gox theft in 2014. According to *[Forbes](https://en.wikipedia.org/wiki/Forbes "Forbes")*, "All of Bitfinex's customers... will stand to lose money. The company has announced a cut of 36.067% across the board."[\[170\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-bitfinexheist-171) Following the hack the company failed to refund customers, though efforts are continuing.[\[171\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-172) In 2022, the US government recovered 94,636 bitcoin (worth approximately \$3.6 billion at the time of recovery) from the 2016 thefts of the Bitfinex exchange, reported as the "largest financial seizure" in U.S. history.[\[172\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:4-173) By February 2022, the amount of bitcoin stolen in 2016 had increased in value to \$4.5 billion. Two people were arrested for the thefts[\[173\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-174) in 2022; married couple Ilya âDutchâ Lichtenstein and rapper [Heather "Razzlekhan" Morgan](https://en.wikipedia.org/wiki/Heather_R._Morgan "Heather R. Morgan") were charged with conspiracy to commit money laundering and conspiracy to defraud the United States.[\[172\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:4-173)
On May 7, 2019, hackers stole over 7000 Bitcoins from the Binance Cryptocurrency Exchange, at a value of over 40 million US dollars. Binance CEO Zhao Changpeng stated: "The hackers used a variety of techniques, including phishing, viruses, and other attacks... The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time."[\[174\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-175)
Thefts have raised safety concerns. Charles Hayter, founder of the digital currency comparison website CryptoCompare said, "It's a reminder of the fragility of the infrastructure in such a nascent industry."[\[175\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-176) According to the hearing of the U.S. House of Representatives Committee on Small Business on April 2, 2014, "these vendors lack regulatory oversight, minimum capital standards and don't provide consumer protection against loss or theft."[\[176\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-177)
[Japan](https://en.wikipedia.org/wiki/Japan "Japan") and the [United States](https://en.wikipedia.org/wiki/United_States "United States") have accused North Korean hackers of stealing [cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") worth over \$300 million from the Japan-based exchange DMM Bitcoin. The theft was attributed to the TraderTraitor group, believed to be part of the Lazarus Group, which is allegedly linked to North Korean authorities. The incident occurred in late May 2024, involving the theft of 4,502.9 [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin"). The theft involved the hackers using [social engineering](https://en.wikipedia.org/wiki/Social_engineering_\(security\) "Social engineering (security)") tactics to impersonate a recruiter on [LinkedIn](https://en.wikipedia.org/wiki/LinkedIn "LinkedIn") and send a malicious pre-employment test to an employee at a [crypto](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") wallet software company. This allowed them to compromise the employee's system and manipulate a legitimate transaction request from DMM, resulting in the loss of 4,502.9 [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin"). The [FBI](https://en.wikipedia.org/wiki/Federal_Bureau_of_Investigation "Federal Bureau of Investigation") and Japan's National Police Agency are collaborating to combat North Korea's cybercrime activities, which date back to the mid-1990s and include a cyber-warfare unit known as [Bureau 121](https://en.wikipedia.org/wiki/Bureau_121 "Bureau 121"). The Lazarus Group has previously gained notoriety for its involvement in high-profile hacks, including the attack on [Sony Pictures](https://en.wikipedia.org/wiki/Sony_Pictures "Sony Pictures") in retaliation for the film "The Interview."
#### Ethereum
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=31 "Edit section: Ethereum")\]
See also: [Ethereum § Launch and the DAO event (2014â2016)](https://en.wikipedia.org/wiki/Ethereum#Launch_and_the_DAO_event_\(2014%E2%80%932016\) "Ethereum")
In June 2016, hackers exploited a vulnerability in [The DAO](https://en.wikipedia.org/wiki/The_DAO_\(organization\) "The DAO (organization)") to steal US\$50 million. Subsequently, the currency was forked into [Ethereum Classic](https://en.wikipedia.org/wiki/Ethereum_Classic "Ethereum Classic"), and Ethereum, with the latter continuing with the new blockchain without the exploited translations.[\[177\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-178)[\[178\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-179)
On November 21, 2017, [Tether](https://en.wikipedia.org/wiki/Tether_\(cryptocurrency\) "Tether (cryptocurrency)") announced that it had been hacked, losing \$31 million in USDT from its core treasury wallet.[\[179\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-180) The company has 'tagged' the stolen currency, hoping to 'lock' them in the hacker's wallet (making them unspendable).[\[180\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-181)
In 2022, hackers created a signature account on a blockchain bridge called "Wormhole" and stole more than \$300 million worth of ether.[\[181\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-182)
### Other incidents
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=32 "Edit section: Other incidents")\]
In 2015, two members of the Silk Road Task Forceâa multi-agency federal task force that carried out the U.S. investigation of [Silk Road](https://en.wikipedia.org/wiki/Silk_Road_\(marketplace\) "Silk Road (marketplace)")âwere convicted over charges pertaining to corruption.[\[182\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Jeong-183) Former [DEA](https://en.wikipedia.org/wiki/Drug_Enforcement_Administration "Drug Enforcement Administration") agent, Carl Mark Force, had attempted to extort Silk Road founder [Ross Ulbricht](https://en.wikipedia.org/wiki/Ross_Ulbricht "Ross Ulbricht") ("Dread Pirate Roberts") by faking the murder of an informant. He pleaded guilty to money laundering, [obstruction of justice](https://en.wikipedia.org/wiki/Obstruction_of_justice "Obstruction of justice"), and extortion under color of official right, and was sentenced to 6.5 years in federal prison.[\[182\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Jeong-183) Former [U.S. Secret Service](https://en.wikipedia.org/wiki/United_States_Secret_Service "United States Secret Service") agent, Shaun Bridges, pleaded guilty to crimes relating to his diversion of \$800,000 worth of bitcoins to his personal account during the investigation, and also separately pleaded guilty to money laundering in connection to another cryptocurrency theft. Bridges was sentenced to almost eight years in federal prison.[\[183\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-184)
[Gerald Cotten](https://en.wikipedia.org/wiki/Gerald_Cotten "Gerald Cotten") founded QuadrigaCX in 2013, after graduating from the Schulich School of Business in Toronto. Cotten was acting as the sole curator of the exchange. Quadriga had no official bank accounts since banks at the time had no method of managing cryptocurrency. In late 2018, Canada's largest crypto exchange [QuadrigaCX](https://en.wikipedia.org/wiki/QuadrigaCX "QuadrigaCX") lost US\$190 million in cryptocurrency when the owner died; he was the only one with knowledge of the password to a storage wallet. The exchange filed for bankruptcy in 2019.[\[184\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-185)
In 2018, Ellis Pinsky, 15 years old, was accused of orchestrating a scheme to steal millions of dollars' worth of cryptocurrencies from Michael Terpin, a prominent cryptocurrency investor. The scheme involved a social engineering technique known as the [SIM swap scam](https://en.wikipedia.org/wiki/SIM_swap_scam "SIM swap scam"). The case attracted significant attention due to Pinsky's young age and the substantial amount of money involved. It raised questions about the security of digital assets and the challenges in regulating and prosecuting crimes in the rapidly evolving world of cryptocurrencies. Pinsky later reached a settlement to return \$22 million in cryptocurrency to Terpin.[\[185\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-186)[\[186\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-El_Pa%C3%ADs-187)[\[187\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-188)[\[188\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-189)[\[189\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-190) In May 2020, Pinsky experienced a home invasion by intruders searching for remaining stolen assets.[\[186\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-El_Pa%C3%ADs-187) Michael Terpin, the founder and chief executive officer of Transform Group, a [San Juan](https://en.wikipedia.org/wiki/San_Juan,_Puerto_Rico "San Juan, Puerto Rico"), [Puerto Rico](https://en.wikipedia.org/wiki/Cryptocurrencies_in_Puerto_Rico "Cryptocurrencies in Puerto Rico")\-based company that advises blockchain businesses on public relations and communications, sued Ellis Pinsky in New York on May 7, 2020, for leading a "sophisticated cybercrime spree" that stole US\$24 million in cryptocurrency by hacking into Terpin's phone in 2018.[\[190\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-191)[\[191\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:0-192) Terpin also sued Nicholas Truglia and won a \$75.8 million judgment against Truglia in 2019 in California state court.[\[191\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:0-192)
On July 15, 2020, [Twitter](https://en.wikipedia.org/wiki/Twitter "Twitter") accounts of prominent personalities and firms, including [Joe Biden](https://en.wikipedia.org/wiki/Joe_Biden "Joe Biden"), [Barack Obama](https://en.wikipedia.org/wiki/Barack_Obama "Barack Obama"), [Bill Gates](https://en.wikipedia.org/wiki/Bill_Gates "Bill Gates"), [Elon Musk](https://en.wikipedia.org/wiki/Elon_Musk "Elon Musk"), [Jeff Bezos](https://en.wikipedia.org/wiki/Jeff_Bezos "Jeff Bezos"), [Apple](https://en.wikipedia.org/wiki/Apple_Inc. "Apple Inc."), [Kanye West](https://en.wikipedia.org/wiki/Kanye_West "Kanye West"), [Michael Bloomberg](https://en.wikipedia.org/wiki/Michael_Bloomberg "Michael Bloomberg") and [Uber](https://en.wikipedia.org/wiki/Uber "Uber") were [hacked](https://en.wikipedia.org/wiki/2020_Twitter_account_hijacking "2020 Twitter account hijacking"). Twitter confirmed that it was a coordinated [social engineering](https://en.wikipedia.org/wiki/Social_engineering_\(security\) "Social engineering (security)") attack on their own employees. Twitter released its statement six hours after the attack took place. Hackers posted the message to transfer the [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") to a Bitcoin wallet, which would double the amount. The wallet's balance was expected\[*[according to whom?](https://en.wikipedia.org/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Unsupported_attributions "Wikipedia:Manual of Style/Words to watch")*\] to increase to more than \$100,000 as the message spread among Twitter followers.[\[192\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-193)
In 2021, US Authorities carried out a raid on [James Zhong](https://en.wikipedia.org/wiki/James_Zhong "James Zhong")'s home in Gainesville, Georgia. Authorities found over 51,000 bitcoin that Zhong had stolen from [Silk Road](https://en.wikipedia.org/wiki/Silk_Road_\(marketplace\) "Silk Road (marketplace)") between 2012 and 2013. Through an error on Silk Road, Zhong was able to withdraw more bitcoin than what was initially deposited. He concealed his identity and was able to evade authorities for nearly a decade. Zhong ended up pleading guilty to wire fraud and was sentenced to 1 year and 1 day in prison along with a forfeiture of all bitcoin.[\[193\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-194)
In 2022, the [Federal Trade Commission](https://en.wikipedia.org/wiki/Federal_Trade_Commission "Federal Trade Commission") reported that \$139 million in cryptocurrency was stolen by [romance scammers](https://en.wikipedia.org/wiki/Romance_scam "Romance scam") in 2020.[\[194\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-VergeScam-195) Some scammers target dating apps with fake profiles.[\[195\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-196)
In early 2022, the Beanstalk cryptocurrency was stripped of its reserves, which were valued at more than US\$180 million, after attackers had managed to use borrowed US\$80 million in cryptocurrency to buy enough voting rights to transfer the reserves to their own accounts outside the system. It was initially unclear if such an exploit of governance procedures was illegal.[\[196\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-197)
In 2025, A Nigerian scammer impersonated Trump ally [Steve Witkoff](https://en.wikipedia.org/wiki/Steve_Witkoff "Steve Witkoff") by creating a nearly identical email address to solicit a \$250,000 cryptocurrency donation from a political donor intended for the Trump-Vance Inaugural Committee. The donor, deceived by the subtle change in the email domain, transferred 250,300 USDT.ETH, which was quickly laundered through multiple wallets. The FBI, with help from [Tether](https://en.wikipedia.org/wiki/Tether_\(cryptocurrency\) "Tether (cryptocurrency)") and [Binance](https://en.wikipedia.org/wiki/Binance "Binance"), managed to recover and freeze about \$40,300 of the stolen funds, but over \$210,000 remains missing. Officials warn that the complexity of blockchain transactions makes recovering stolen crypto extremely difficult.[\[197\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-198)
Josh Garza, who founded the cryptocurrency startups GAW Miners and ZenMiner in 2014, acknowledged in a [plea agreement](https://en.wikipedia.org/wiki/Plea_agreement "Plea agreement") that the companies were part of a [pyramid scheme](https://en.wikipedia.org/wiki/Pyramid_scheme "Pyramid scheme"), and pleaded guilty to [wire fraud](https://en.wikipedia.org/wiki/Wire_fraud "Wire fraud") in 2015. The U.S. [Securities and Exchange Commission](https://en.wikipedia.org/wiki/Securities_and_Exchange_Commission "Securities and Exchange Commission") separately brought a civil enforcement action against Garza, who was eventually ordered to pay a judgment of US\$9.1 million plus \$700,000 in interest. The SEC's complaint stated that Garza, through his companies, had fraudulently sold "investment contracts representing shares in the profits they claimed would be generated" from mining.[\[198\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-199) Garza was later found guilty of fraud and ordered to pay US\$9 million and begin serving a 21-month sentence commencing January 2019 by the U.S. Attorney's Office District of Connecticut.[\[199\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-200)
The cryptocurrency community refers to pre-mining, hidden launches, [ICO](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") or extreme rewards for the altcoin founders as deceptive practices.[\[200\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-201) This is at times an inherent part of the cryptocurrency's design.[\[201\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-202) Pre-mining refers to the practice of generating the currency before its released to the public.[\[202\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-203)
[FTX](https://en.wikipedia.org/wiki/FTX_\(company\) "FTX (company)") and [Alameda Research](https://en.wikipedia.org/wiki/Alameda_Research "Alameda Research") founder and [CEO](https://en.wikipedia.org/wiki/Chief_executive_officer "Chief executive officer") [Sam Bankman-Fried](https://en.wikipedia.org/wiki/Sam_Bankman-Fried "Sam Bankman-Fried") was indicted by the [U.S. District Court for the Southern District of New York](https://en.wikipedia.org/wiki/United_States_District_Court_for_the_Southern_District_of_New_York "United States District Court for the Southern District of New York") in December 2022 and charged with commodities and [wire fraud](https://en.wikipedia.org/wiki/Wire_fraud "Wire fraud"), [securities fraud](https://en.wikipedia.org/wiki/Securities_fraud "Securities fraud") and [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering"), as well as with violating [campaign finance](https://en.wikipedia.org/wiki/Campaign_finance "Campaign finance") laws.[\[203\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-204)[\[204\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-205)
In 2025, U.S. authorities led by the Department of Justice and the FBIâs San Diego Field Office have seized approximately \$2.5 million in cryptocurrency linked to a series of sophisticated fraud schemes. The forfeiture, approved by U.S. District Court, targets criminals who exploited digital financial platforms to defraud victims, often through so-called "confidence schemes." The crackdown involved collaboration with various agencies and support from Tether, a crypto industry company, and aims to both compensate victims and deter future online fraud.[\[205\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-206)
## See also
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=33 "Edit section: See also")\]
- [Bitcoin network § Alleged criminal activity](https://en.wikipedia.org/wiki/Bitcoin_network#Alleged_criminal_activity "Bitcoin network")
- [Computer security](https://en.wikipedia.org/wiki/Computer_security "Computer security")
- [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble")
- [Terrorism financing](https://en.wikipedia.org/wiki/Terrorism_financing "Terrorism financing")
## Notes
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=34 "Edit section: Notes")\]
1. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-156)** As of supply count of Bitcoin, 2021-09-23
## References
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=35 "Edit section: References")\]
1. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-1)**
[Internet Organised Crime Threat Assessment (IOCTA) 2024](https://www.europol.europa.eu/publications-events/main-reports/iocta-report) (Report). Europol. 2024. Retrieved October 30, 2025.
2. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-2)**
[Cryptocurrencies: Tracing the evolution of criminal finances](https://www.europol.europa.eu/cms/sites/default/files/documents/Europol%20Spotlight%20-%20Cryptocurrencies%20-%20Tracing%20the%20evolution%20of%20criminal%20finances.pdf) (PDF) (Report). Europol. 2021. Retrieved October 30, 2025.
3. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-3)**
["Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers"](https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Guidance-rba-virtual-assets-2021.html). Financial Action Task Force. 28 October 2021. Retrieved 31 October 2025.
4. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-4)**
["Internet Organised Crime Threat Assessment (IOCTA) 2024"](https://www.europol.europa.eu/publication-events/main-reports/internet-organised-crime-threat-assessment-iocta-2024). Europol. 2024. Retrieved 31 October 2025.
5. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-5)**
["Money laundering through cryptocurrencies"](https://syntheticdrugs.unodc.org/syntheticdrugs/en/cybercrime/launderingproceeds/moneylaundering.html). UNODC. Retrieved 31 October 2025.
6. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-6)**
["A race against time: Recommendations from the 7th Global Conference on Criminal Finances and Cryptoassets"](https://baselgovernance.org/sites/default/files/2024-05/240506_Crypto-7th%20conference-recommendations.pdf) (PDF). Basel Institute on Governance and Europol. 2024. Retrieved 31 October 2025.
7. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-7)**
["Virtual assets"](https://www.fatf-gafi.org/en/topics/virtual-assets.html). Financial Action Task Force. Retrieved 31 October 2025.
8. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-8)**
["Virtual Assets: Targeted update on implementation of the FATF Standards on VAs and VASPs"](https://www.fatf-gafi.org/content/dam/fatf-gafi/recommendations/2024-Targeted-Update-VA-VASP.pdf.coredownload.inline.pdf) (PDF). Financial Action Task Force. 9 July 2024. Retrieved 31 October 2025.
9. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-9)**
["Targeted Update on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers"](https://www.fatf-gafi.org/content/dam/fatf-gafi/recommendations/2025-Targeted-Upate-VA-VASPs.pdf.coredownload.pdf) (PDF). Financial Action Task Force. June 2025. Retrieved 31 October 2025.
10. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-10)**
["2024 National Strategy for Combating Terrorist and Other Illicit Financing"](https://home.treasury.gov/system/files/136/2024-Illicit-Finance-Strategy.pdf) (PDF). U.S. Department of the Treasury. 16 May 2024. Retrieved 31 October 2025.
11. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-11)**
["One of the darkweb's largest cryptocurrency "laundromats" washed out"](https://www.europol.europa.eu/media-press/newsroom/news/one-of-darkwebs-largest-cryptocurrency-laundromats-washed-out). Europol. 15 March 2023. Retrieved 31 October 2025.
12. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-12)**
["Cryptocurrencies â Tracing the evolution of criminal finances"](https://www.europol.europa.eu/publications-events/publications/cryptocurrencies-tracing-evolution-of-criminal-finances). Europol. 26 January 2022. Retrieved 31 October 2025.
13. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-13)**
["Money laundering through cryptocurrencies"](https://syntheticdrugs.unodc.org/syntheticdrugs/en/cybercrime/launderingproceeds/moneylaundering.html). United Nations Office on Drugs and Crime. Retrieved 31 October 2025.
14. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-14)**
["Virtual Assets: Targeted update on implementation of the FATF Standards on VAs and VASPs"](https://www.fatf-gafi.org/en/publications/Fatfrecommendations/targeted-update-virtual-assets-vasps-2024.html). Financial Action Task Force. 9 July 2024. Retrieved 31 October 2025.
15. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-15)**
["Targeted Update on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers"](https://www.fatf-gafi.org/content/dam/fatf-gafi/recommendations/2025-Targeted-Upate-VA-VASPs.pdf.coredownload.pdf) (PDF). Financial Action Task Force. June 2025. Retrieved 31 October 2025.
16. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-16)**
["Consumer Sentinel Network Data Book 2024"](https://www.ftc.gov/system/files/ftc_gov/pdf/CSN-Data-Book-2024.pdf) (PDF). Federal Trade Commission. 2025. p. 8. Retrieved March 18, 2026.
17. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-17)**
["2024 Internet Crime Report"](https://www.ic3.gov/Media/PDF/AnnualReport/2024_IC3Report.pdf) (PDF). Federal Bureau of Investigation (IC3). 2025. p. 34. Retrieved March 18, 2026.
18. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-18)**
["Global ransomware payments plunge by a third amid crackdown"](https://www.theguardian.com/technology/2025/feb/05/global-ransomware-payments-plunge-by-a-third-amid-crackdown). *The Guardian*. 2025-02-05. Retrieved March 18, 2026.
19. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-19)**
["Ransomware Payments Hit a Record \$1.1 Billion in 2023"](https://www.wired.com/story/ransomware-payments-2023-breaks-record). *Wired*. 2024-02-07. Retrieved March 18, 2026.
20. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-20)**
["Losses from crypto hacks jump to \$2.2 bln in 2024, report says"](https://www.reuters.com/technology/losses-crypto-hacks-jump-22-bln-2024-report-says-2024-12-19/). *Reuters*. 2024-12-19. Retrieved March 18, 2026.
21. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-21)**
["2025 Crypto Crime Trends"](https://www.chainalysis.com/blog/2025-crypto-crime-report-introduction/). Chainalysis. 2025-01-15. Retrieved March 18, 2026.
22. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-22)**
["US weighs lifting sanctions on Tornado Cash privacy tool as it seeks new crypto rules"](https://apnews.com/article/crypto-sanctions-treasury-tornado-cash-4cec9bbdee5a6a3eb0d98e6d30b344f7). *Associated Press*. 2025-02-05. Retrieved March 18, 2026.
23. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-23)**
["Illicit finance increasingly turns to stablecoins"](https://www.trmlabs.com/post/illicit-crypto-transactions-increasingly-shift-to-stablecoins). TRM Labs. 2025-05-07. Retrieved March 18, 2026.
24. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-24)**
Nilsson, Pamela (2025-02-27). ["Crypto casinos are the fastest growing sector of online gambling"](https://www.ft.com/content/1e28862c-058d-4f4a-9a5e-1ea2adff2b3f). *Financial Times*. Retrieved March 18, 2026.
25. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-25)**
["Crypto Crime Trends for 2023: Darknet markets after Hydra"](https://www.chainalysis.com/blog/crypto-crime-trends-2023/). Chainalysis. 2023-01-12. Retrieved March 18, 2026.
26. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-26)**
["U.S. Treasury Sanctions Russia-Based Hydra Market"](https://home.treasury.gov/news/press-releases/jy0705). U.S. Department of the Treasury. 2022-04-05. Retrieved March 18, 2026.
27. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-27)**
["Cross-chain money laundering reaches \$22 billion"](https://www.elliptic.co/blog/cross-chain-money-laundering-reaches-22-billion). *Elliptic*. Elliptic Enterprises Limited. 17 July 2025. Retrieved March 18, 2026.
28. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-28)**
Hou, Greg (2022). "Cryptocurrency money laundering and exit scams: Cases, regulatory responses and issue". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 83. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
29. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-29)**
[Cryptoasset Market Coverage Initiation: Network Creation](https://research.bloomberg.com/pub/res/d28giW28tf6G7T_Wr77aU0gDgFQ) (Report). Satis Group. 11 July 2018. p. 24. [Archived](https://web.archive.org/web/20230216090001/https://research.bloomberg.com/pub/res/d28giW28tf6G7T_Wr77aU0gDgFQ) from the original on 16 February 2023. Retrieved 15 February 2023.
See
Nestarcova, Dominika (2019). *A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"*. Leiden/Boston: Brill. p. 43. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-90-04-41657-4](https://en.wikipedia.org/wiki/Special:BookSources/978-90-04-41657-4 "Special:BookSources/978-90-04-41657-4")
.
30. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-30)**
This phenomenon is described in detail at the hand of several examples in
Hou, Greg (2022). "Cryptocurrency money laundering and exit scams: Cases, regulatory responses and issue". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. pp. 85â87\. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
See also the sources cited there.
31. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-31)**
Nestarcova, Dominika (2019). *A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"*. Leiden/Boston: Brill. pp. 43 f. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-90-04-41657-4](https://en.wikipedia.org/wiki/Special:BookSources/978-90-04-41657-4 "Special:BookSources/978-90-04-41657-4")
.
32. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-32)**
Rao, Sandeep (2022). "Mt. Gox â The fall of a giant". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 80. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
33. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-33)**
Nestarcova, Dominika (2019). *A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"*. Leiden/Boston: Brill. pp. 43 f. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-90-04-41657-4](https://en.wikipedia.org/wiki/Special:BookSources/978-90-04-41657-4 "Special:BookSources/978-90-04-41657-4")
.
Cf.
[Clayton, Jay](https://en.wikipedia.org/wiki/Jay_Clayton_\(attorney\) "Jay Clayton (attorney)") (11 December 2017). ["Statement on Cryptocurrencies and Initial Coin Offerings"](https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11). U.S. Securities and Exchange Commission (SEC). [Archived](https://web.archive.org/web/20230131105924/https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11) from the original on 31 January 2023. Retrieved 15 February 2023. "Please also recognize that these markets span national borders and that significant trading may occur on systems and platforms outside the United States. Your invested funds may quickly travel overseas without your knowledge. As a result, risks can be amplified, including the risk that market regulators, such as the SEC, may not be able to effectively pursue bad actors or recover funds."
34. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-34)**
Johnstone, Syren (2021). *Rethinking the Regulation of Cryptoassets. Cryptographic Consensus Technology and the New Prospect*. Cheltenham/Northampton: Edward Elgar. pp. 61 f. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[9781800886780](https://en.wikipedia.org/wiki/Special:BookSources/9781800886780 "Special:BookSources/9781800886780")
.
35. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-35)**
Mukherjee, Sanmoy; Larkin, Charles; Corbet, Shaen (2022). "Cryptocurrency Ponzi schemes". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 118. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
36. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-De_Gruyter_36-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-De_Gruyter_36-1)
Conlon, Thomas; McGee, Richard J. (2022). "ICO fraud and regulation". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 46. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
37. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-37)**
See
Mukherjee, Sanmoy; Larkin, Charles; Corbet, Shaen (2022). "Cryptocurrency Ponzi schemes". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 112. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
as well as
Bartlett, Jamie (24 November 2019). ["Cryptoqueen: How this woman scammed the world, then vanished"](https://www.bbc.com/news/stories-50435014). *BBC News*. [Archived](https://web.archive.org/web/20201221235010/https://www.bbc.com/news/stories-50435014) from the original on 21 December 2020. Retrieved 15 February 2023.
38. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-38)** Tara Deschamps [Crypto exchange Quadriga was a fraud and founder was running Ponzi scheme, OSC report finds](https://www.cbc.ca/news/business/osc-quadriga-gerald-cotten-1.5607990) June 11, 2020, [CBC](https://en.wikipedia.org/wiki/Canadian_Broadcasting_Corporation "Canadian Broadcasting Corporation")
39. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-39)**
Ligaya, Armina (4 February 2019). ["Canada's largest cryptocurrency exchange Quadriga seeks creditor protection"](https://www.ctvnews.ca/business/article/canadas-largest-cryptocurrency-exchange-quadriga-seeks-creditor-protection/). *[CTV News](https://en.wikipedia.org/wiki/CTV_News "CTV News")*. BellMedia. [Archived](https://web.archive.org/web/20190205145700/https://www.ctvnews.ca/business/canada-s-largest-cryptocurrency-exchange-quadriga-seeks-creditor-protection-1.4282216) from the original on 5 February 2019. Retrieved 5 February 2019.
40. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-40)**
Albrecht, Chad; Duffin, Kristopher McKay; Hawkins, Steven; Rocha, Victor Manuel Morales (2019). "The use of cryptocurrencies in the money laundering process". *Journal of Money Laundering Control*. **22** (2): 213. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1108/JMLC-12-2017-0074](https://doi.org/10.1108%2FJMLC-12-2017-0074). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [159087019](https://api.semanticscholar.org/CorpusID:159087019).
41. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-nestarcova44_41-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-nestarcova44_41-1) [***c***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-nestarcova44_41-2)
Nestarcova, Dominika (2019). *A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"*. Leiden/Boston: Brill. p. 44. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-90-04-41657-4](https://en.wikipedia.org/wiki/Special:BookSources/978-90-04-41657-4 "Special:BookSources/978-90-04-41657-4")
.
42. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-42)**
Stabile, Daniel T.; Prior, Kimberly A.; Hinkes, Andrew M. (2020). *Digital Assets and Blockchain Technology. US Law and Regulation*. Cheltenham/Northampton: Edward Elgar Publishing. pp. 299â301\. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-78990-743-8](https://en.wikipedia.org/wiki/Special:BookSources/978-1-78990-743-8 "Special:BookSources/978-1-78990-743-8")
.
43. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-43)**
Owen, Allison; Chase, Isabella (December 2, 2021). [NFTs: A New Frontier for Money Laundering?](https://rusi.org/explore-our-research/publications/commentary/nfts-new-frontier-money-laundering) (Report). Royal United Services Institute. [Archived](https://web.archive.org/web/20220116131322/https://rusi.org/explore-our-research/publications/commentary/nfts-new-frontier-money-laundering/) from the original on 16 January 2022. Retrieved 15 February 2023.
44. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-44)**
[Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art](https://home.treasury.gov/system/files/136/Treasury_Study_WoA.pdf) (PDF) (Report). [United States Department of the Treasury](https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury "United States Department of the Treasury"). 2022. p. 27. [Archived](https://web.archive.org/web/20220413071205/https://home.treasury.gov/system/files/136/Treasury_Study_WoA.pdf) (PDF) from the original on 13 April 2022. Retrieved 15 February 2023.
45. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-45)**
Quiroz-Gutierrez, Marco (February 4, 2022). ["A handful of NFT users are making big money off of a stealth scam. Here's how 'wash trading' works"](https://fortune.com/2022/02/04/nft-wash-trade-scam-millions/). *Fortune*. [Archived](https://web.archive.org/web/20221215090338/https://fortune.com/2022/02/04/nft-wash-trade-scam-millions/) from the original on 15 December 2022. Retrieved 15 February 2023.
46. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-46)**
["Crime and NFTs: Chainalysis Detects Significant Wash Trading and Some NFT Money Laundering In this Emerging Asset Class"](https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering/). Chainalysis. February 2, 2022. [Archived](https://web.archive.org/web/20221206010533/https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering/) from the original on 6 December 2022. Retrieved 15 February 2023.
47. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-47)**
Cf.
[Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art](https://home.treasury.gov/system/files/136/Treasury_Study_WoA.pdf) (PDF) (Report). United States Department of the Treasury. 2022. p. 26. [Archived](https://web.archive.org/web/20220413071205/https://home.treasury.gov/system/files/136/Treasury_Study_WoA.pdf) (PDF) from the original on 13 April 2022. Retrieved 15 February 2023.
48. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-48)**
Johnstone, Syren (2021). *Rethinking the Regulation of Cryptoassets. Cryptographic Consensus Technology and the New Prospect*. Cheltenham/Northampton: Edward Elgar. p. 61. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[9781800886780](https://en.wikipedia.org/wiki/Special:BookSources/9781800886780 "Special:BookSources/9781800886780")
.
49. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-49)**
Dwyer, Gerald P. (2022). "Regulation of cryptocurrencies". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. pp. 201 f. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
50. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-50)**
Dwyer, Gerald P. (2022). "Regulation of cryptocurrencies". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 202. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
51. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-51)**
Dwyer, Gerald P. (2022). "Regulation of cryptocurrencies". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. pp. 202â204\. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
52. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-52)**
Dwyer, Gerald P. (2022). "Regulation of cryptocurrencies". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. pp. 204 f. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
53. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-53)**
["Directive - 2018/843 - EN - aml directive - EUR-Lex"](https://eur-lex.europa.eu/eli/dir/2018/843/oj/eng).
54. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-schickleryahoo_54-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-schickleryahoo_54-1)
Schickler, Jack (September 2, 2022). ["Money Laundering via Metaverse, DeFi, NFTs Targeted by EU Lawmakers' Latest Draft"](https://finance.yahoo.com/news/money-laundering-via-metaverse-defi-134732625.html). *Yahoo Finance*. [Archived](https://web.archive.org/web/20221215091828/https://finance.yahoo.com/news/money-laundering-via-metaverse-defi-134732625.html) from the original on 15 December 2022. Retrieved 15 February 2023.
55. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-55)**
["Treasury Releases Study on Illicit Finance in the High-Value Art Market"](https://home.treasury.gov/news/press-releases/jy0588). *U.S. Department of the Treasury*. [Archived](https://web.archive.org/web/20220204234141/https://home.treasury.gov/news/press-releases/jy0588) from the original on 4 February 2022. Retrieved 15 February 2023.
56. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-56)**
[Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art](https://home.treasury.gov/system/files/136/Treasury_Study_WoA.pdf) (PDF) (Report). United States Department of the Treasury. 2022. p. 26. [Archived](https://web.archive.org/web/20220413071205/https://home.treasury.gov/system/files/136/Treasury_Study_WoA.pdf) (PDF) from the original on 13 April 2022. Retrieved 15 February 2023.
57. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-57)**
Reiche, Matthias (July 12, 2022). ["Umgang mit Bitcoin & Co. Wie die EU den Kryptomarkt reguliert"](https://www.tagesschau.de/wirtschaft/finanzen/eu-kryptomarkt-101.html) (in German). [Archived](https://web.archive.org/web/20221214152120/https://www.tagesschau.de/wirtschaft/finanzen/eu-kryptomarkt-101.html) from the original on 14 December 2022. Retrieved 15 February 2023.
58. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-58)**
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59. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-59)**
Chin, Monica (2020-07-23). ["Steve Wozniak sues YouTube over ongoing bitcoin scams"](https://www.theverge.com/2020/7/23/21335554/steve-wozniak-youtube-lawsuit-bitcoin-scam-cryptocurrency-apple). *The Verge*. Retrieved 2025-07-18.
60. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-60)**
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61. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-61)**
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62. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-62)**
Kelly, Makena (2020-07-20). ["Coinbase says it halted more than \$280,000 in bitcoin transactions during Twitter hack"](https://www.theverge.com/2020/7/20/21331499/coinbase-twitter-hack-elon-musk-bill-gates-joe-biden-bitcoin-scam). *The Verge*. Retrieved 2025-07-18.
63. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-63)**
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64. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-64)**
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65. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-65)**
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66. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-66)**
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["Brutal cryptocurrency mining malware crashes your PC when discovered"](https://www.zdnet.com/article/brutal-cryptominer-crashes-your-pc-when-discovered/). *[ZDNet](https://en.wikipedia.org/wiki/ZDNet "ZDNet")*. [Archived](https://web.archive.org/web/20221209042118/https://www.zdnet.com/article/brutal-cryptominer-crashes-your-pc-when-discovered/) from the original on 2022-12-09.
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89. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-89)**
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94. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-94)**
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95. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-95)**
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96. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-96)**
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97. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-97)**
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99. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-:2_99-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-:2_99-1)
Lyngaas, Sean (2023-04-09). ["Inside the international sting operation to catch North Korean crypto hackers \| CNN Politics"](https://www.cnn.com/2023/04/09/politics/north-korean-crypto-hackers-crackdown/index.html). *CNN*. [Archived](https://web.archive.org/web/20230421031458/https://www.cnn.com/2023/04/09/politics/north-korean-crypto-hackers-crackdown/index.html/) from the original on 2023-04-21. Retrieved 2023-04-21.
100. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-Forbes_100-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-Forbes_100-1) [***c***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-Forbes_100-2) Bambysheva, Nina; Santillana Linares, Maria Gracia: ["Over \$3 Billion Stolen In Crypto Heists: Here Are The Eight Biggest"](https://www.forbes.com/sites/ninabambysheva/2022/12/28/over-3-billion-stolen-in-crypto-heists-here-are-the-eight-biggest/?sh=542777db699f) [Archived](https://web.archive.org/web/20230107194850/https://www.forbes.com/sites/ninabambysheva/2022/12/28/over-3-billion-stolen-in-crypto-heists-here-are-the-eight-biggest/?sh=542777db699f) 2023-01-07 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") Forbes; December 28, 2022. Retrieved January 7, 2023.
101. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-101)**
See
Girasa, Rosario (2018). *Regulation of Cryptocurrencies and Blockchain Technologies. National and International Perspectives*. Pleasantville: Palgrave. pp. 156 f. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-319-78508-0](https://en.wikipedia.org/wiki/Special:BookSources/978-3-319-78508-0 "Special:BookSources/978-3-319-78508-0")
.
102. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-102)**
Conlon, Thomas; McGee, Richard J. (2022). "ICO fraud and regulation". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 47. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
Cf.
["SEC Halts Alleged Initial Coin Offering Scam"](https://www.sec.gov/news/press-release/2018-8). U.S. Securities and Exchange Commission (SEC). 30 January 2018. [Archived](https://web.archive.org/web/20230310081000/https://www.sec.gov/news/press-release/2018-8) from the original on 10 March 2023. Retrieved 15 February 2023.
103. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-103)**
Girasa, Rosario (2022). "Criminal Prosecutions and Civil Litigation Concerning Blockchain Technologies". *Regulation of Cryptocurrencies and Blockchain Technologies. National and International Perspectives*. Pleasantville: Palgrave. p. 184. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/978-3-319-78509-7](https://doi.org/10.1007%2F978-3-319-78509-7). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-319-78508-0](https://en.wikipedia.org/wiki/Special:BookSources/978-3-319-78508-0 "Special:BookSources/978-3-319-78508-0")
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104. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-hou86_104-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-hou86_104-1) [***c***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-hou86_104-2)
Hou, Greg (2022). "Cryptocurrency money laundering and exit scams: Cases, regulatory responses and issue". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 86. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
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105. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-105)**
Girasa, Rosario (2022). "Criminal Prosecutions and Civil Litigation Concerning Blockchain Technologies". *Regulation of Cryptocurrencies and Blockchain Technologies. National and International Perspectives*. Pleasantville: Palgrave. p. 185. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/978-3-319-78509-7](https://doi.org/10.1007%2F978-3-319-78509-7). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-319-78508-0](https://en.wikipedia.org/wiki/Special:BookSources/978-3-319-78508-0 "Special:BookSources/978-3-319-78508-0")
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106. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-106)**
See
Conlon, Thomas; McGee, Richard J. (2022). "ICO fraud and regulation". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 46. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
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Cf.
Michaels, Dave (1 September 2021). ["SEC Sues BitConnect and Founder, Alleging Massive Cryptocurrency Scam of World-Wide Investors"](https://www.wsj.com/articles/sec-sues-bitconnect-and-founder-alleging-massive-cryptocurrency-scam-of-world-wide-investors-11630535853). *The Wall Street Journal*. [Archived](https://web.archive.org/web/20230306215912/https://www.wsj.com/articles/sec-sues-bitconnect-and-founder-alleging-massive-cryptocurrency-scam-of-world-wide-investors-11630535853) from the original on 6 March 2023. Retrieved 15 February 2023.
107. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-107)**
Nestarcova, Dominika (2019). *A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"*. Leiden/Boston: Brill. p. 43. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
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108. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-108)**
Conlon, Thomas; McGee, Richard J. (2022). "ICO fraud and regulation". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. pp. 45 f. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
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109. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-109)**
Girasa, Rosario (2022). "Criminal Prosecutions and Civil Litigation Concerning Blockchain Technologies". *Regulation of Cryptocurrencies and Blockchain Technologies. National and International Perspectives*. Pleasantville: Palgrave. p. 212. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/978-3-319-78509-7](https://doi.org/10.1007%2F978-3-319-78509-7). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-319-78508-0](https://en.wikipedia.org/wiki/Special:BookSources/978-3-319-78508-0 "Special:BookSources/978-3-319-78508-0")
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Cf.
["SEC v. PlexCorps, Dominic LaCroix, and Sabrina Paradis-Royer Case No. 17-cv-7007 (CBA) (RML) (E.D.N.Y.)"](https://www.sec.gov/enforcement/information-for-harmed-investors/plexcorps). U.S. Securities and Exchange Commission (SEC). [Archived](https://web.archive.org/web/20230210095234/https://www.sec.gov/enforcement/information-for-harmed-investors/plexcorps) from the original on 10 February 2023. Retrieved 15 February 2023.
110. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-110)**
Girasa, Rosario (2022). "Criminal Prosecutions and Civil Litigation Concerning Blockchain Technologies". *Regulation of Cryptocurrencies and Blockchain Technologies. National and International Perspectives*. Pleasantville: Palgrave. p. 212. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/978-3-319-78509-7](https://doi.org/10.1007%2F978-3-319-78509-7). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-319-78508-0](https://en.wikipedia.org/wiki/Special:BookSources/978-3-319-78508-0 "Special:BookSources/978-3-319-78508-0")
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111. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-111)**
Girasa, Rosario (2022). "Criminal Prosecutions and Civil Litigation Concerning Blockchain Technologies". *Regulation of Cryptocurrencies and Blockchain Technologies. National and International Perspectives*. Pleasantville: Palgrave. p. 213. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/978-3-319-78509-7](https://doi.org/10.1007%2F978-3-319-78509-7). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-319-78508-0](https://en.wikipedia.org/wiki/Special:BookSources/978-3-319-78508-0 "Special:BookSources/978-3-319-78508-0")
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112. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-112)**
Conlon, Thomas; McGee, Richard J. (2022). "ICO fraud and regulation". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 47. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
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113. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-zdnet_113-0)**
Zack Whittaker (5 January 2015). ["Bitstamp exchange hacked, \$5M worth of bitcoin stolen"](https://www.zdnet.com/article/bitstamp-bitcoin-exchange-suspended-amid-hack-concerns-heres-what-we-know/). *Zdnet*. CBS Interactive. [Archived](https://web.archive.org/web/20161016122825/http://www.zdnet.com/article/bitstamp-bitcoin-exchange-suspended-amid-hack-concerns-heres-what-we-know/) from the original on 16 October 2016. Retrieved 6 January 2015.
114. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-114)**
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["The SBF indictment in full"](https://www.ft.com/content/b3d3da64-3560-4eda-ba99-991d0ecff794). *Financial Times*. December 13, 2022. [Archived](https://web.archive.org/web/20221223080644/https://www.ft.com/content/b3d3da64-3560-4eda-ba99-991d0ecff794) from the original on 23 December 2022. Retrieved 15 February 2023.
205. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-206)**
["U.S. Authorities Seize \$2.5 Million in Cryptocurrency Linked to Fraud Schemes, San Diego FBI Aids in Crackdown"](https://hoodline.com/2025/05/u-s-authorities-seize-2-5-million-in-cryptocurrency-linked-to-fraud-schemes-san-diego-fbi-aids-in-crackdown/). *Hoodline*. 2025-05-25. Retrieved 2025-05-25.
## External links
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=36 "Edit section: External links")\]
- Zandt, Florian (31 March 2022). ["Infographic: The Biggest Crypto Heists"](https://www.statista.com/chart/12707/largest-known-crypto-currency-thefts/). *[Statista](https://en.wikipedia.org/wiki/Statista "Statista")*.
- [Wallet-Watch.org](https://wallet-watch.org/): Non-profit database providing real-time intelligence against crypto fraud and illicit activity.
| [v](https://en.wikipedia.org/wiki/Template:Corruption "Template:Corruption") [t](https://en.wikipedia.org/wiki/Template_talk:Corruption "Template talk:Corruption") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Corruption "Special:EditPage/Template:Corruption")[Corruption](https://en.wikipedia.org/wiki/Corruption "Corruption") | |
|---|---|
| Corruption in different fields | [Corporate crime](https://en.wikipedia.org/wiki/Corporate_crime "Corporate crime") [Corruption in local government](https://en.wikipedia.org/wiki/Corruption_in_local_government "Corruption in local government") [Interest group corruption](https://en.wikipedia.org/wiki/Lobbying "Lobbying") [Police corruption](https://en.wikipedia.org/wiki/Police_corruption "Police corruption") [Political corruption](https://en.wikipedia.org/wiki/Political_corruption "Political corruption") |
| Measures of corruption | [Corruption Perceptions Index](https://en.wikipedia.org/wiki/Corruption_Perceptions_Index "Corruption Perceptions Index") [Economics of corruption](https://en.wikipedia.org/wiki/Economics_of_corruption "Economics of corruption") |
| Forms or aspects of corruption | |
| | |
| General | [Baksheesh](https://en.wikipedia.org/wiki/Baksheesh "Baksheesh") [Black market](https://en.wikipedia.org/wiki/Black_market "Black market") / [Grey market](https://en.wikipedia.org/wiki/Grey_market "Grey market") [Drug trade](https://en.wikipedia.org/wiki/Illegal_drug_trade "Illegal drug trade") [Bribery](https://en.wikipedia.org/wiki/Bribery "Bribery") [Collusion](https://en.wikipedia.org/wiki/Collusion "Collusion") [Commercial bribery](https://en.wikipedia.org/wiki/Commercial_bribery "Commercial bribery") [Conflict of interest](https://en.wikipedia.org/wiki/Conflict_of_interest "Conflict of interest") Corporation [Dummy](https://en.wikipedia.org/wiki/Dummy_corporation "Dummy corporation") [Shell](https://en.wikipedia.org/wiki/Shell_corporation "Shell corporation") [Confidence trick](https://en.wikipedia.org/wiki/Scam "Scam") [Embezzlement](https://en.wikipedia.org/wiki/Embezzlement "Embezzlement") [Extortion](https://en.wikipedia.org/wiki/Extortion "Extortion") [Fraud](https://en.wikipedia.org/wiki/Fraud "Fraud") [Graft (politics)](https://en.wikipedia.org/wiki/Graft_\(politics\) "Graft (politics)") [Honest services fraud](https://en.wikipedia.org/wiki/Honest_services_fraud "Honest services fraud") [Insider trading](https://en.wikipedia.org/wiki/Insider_trading "Insider trading") [Kickback](https://en.wikipedia.org/wiki/Kickback_\(finance\) "Kickback (finance)") [Match fixing](https://en.wikipedia.org/wiki/Match_fixing "Match fixing") [Media capture](https://en.wikipedia.org/wiki/Media_capture "Media capture") [Money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering") [Cryptocurrency and crime]() [Hawala and crime](https://en.wikipedia.org/wiki/Hawala_and_crime "Hawala and crime") [Noble cause corruption](https://en.wikipedia.org/wiki/Noble_cause_corruption "Noble cause corruption") [Professional courtesy](https://en.wikipedia.org/wiki/Professional_courtesy "Professional courtesy") [Scandal](https://en.wikipedia.org/wiki/Scandal "Scandal") [Slush fund](https://en.wikipedia.org/wiki/Slush_fund "Slush fund") [Tax haven](https://en.wikipedia.org/wiki/Tax_haven "Tax haven") [Offshore investment](https://en.wikipedia.org/wiki/Offshore_investment "Offshore investment") [Offshore financial centre](https://en.wikipedia.org/wiki/Offshore_financial_centre "Offshore financial centre") |
| State | [Clientelism](https://en.wikipedia.org/wiki/Clientelism "Clientelism") [Coronelism](https://en.wikipedia.org/wiki/Coronelism "Coronelism") [Crony capitalism](https://en.wikipedia.org/wiki/Crony_capitalism "Crony capitalism") [Cronyism](https://en.wikipedia.org/wiki/Cronyism "Cronyism") [Elite capture](https://en.wikipedia.org/wiki/Elite_capture "Elite capture") [Failed state](https://en.wikipedia.org/wiki/Failed_state "Failed state") [Ghost soldiers](https://en.wikipedia.org/wiki/Ghost_soldiers "Ghost soldiers") [Kleptocracy](https://en.wikipedia.org/wiki/Kleptocracy "Kleptocracy") [Mafia state](https://en.wikipedia.org/wiki/Mafia_state "Mafia state") [Narco-state](https://en.wikipedia.org/wiki/Narco-state "Narco-state") [Nepotism](https://en.wikipedia.org/wiki/Nepotism "Nepotism") [Plutocracy](https://en.wikipedia.org/wiki/Plutocracy "Plutocracy") [Political scandal](https://en.wikipedia.org/wiki/Political_scandal "Political scandal") [Regulatory capture](https://en.wikipedia.org/wiki/Regulatory_capture "Regulatory capture") [Rent-seeking](https://en.wikipedia.org/wiki/Rent-seeking "Rent-seeking") [Rent-setting](https://en.wikipedia.org/wiki/Rent-setting "Rent-setting") [State capture](https://en.wikipedia.org/wiki/State_capture "State capture") [State crime](https://en.wikipedia.org/wiki/State_crime "State crime") |
| Elections | [Ballot stuffing](https://en.wikipedia.org/wiki/Ballot_stuffing "Ballot stuffing") [Electoral fraud](https://en.wikipedia.org/wiki/Electoral_fraud "Electoral fraud") [Election security](https://en.wikipedia.org/wiki/Election_security "Election security") [Gerrymandering](https://en.wikipedia.org/wiki/Gerrymandering "Gerrymandering") [Unfair](https://en.wikipedia.org/wiki/Unfair_election "Unfair election") [Vote pairing](https://en.wikipedia.org/wiki/Vote_pairing "Vote pairing") [Vote suppression](https://en.wikipedia.org/wiki/Vote_suppression "Vote suppression") |
| Culture | [Blat](https://en.wikipedia.org/wiki/Blat_\(favors\) "Blat (favors)") [Jeongwan yeu](https://en.wikipedia.org/wiki/Jeongwan_yeu "Jeongwan yeu") [Sociolismo](https://en.wikipedia.org/wiki/Sociolismo "Sociolismo") |
| Institutions dealing with corruption | |
| | |
| International | [Global Financial Integrity](https://en.wikipedia.org/wiki/Raymond_W._Baker "Raymond W. Baker") [Global Witness](https://en.wikipedia.org/wiki/Global_Witness "Global Witness") [Group of States Against Corruption](https://en.wikipedia.org/wiki/Group_of_States_Against_Corruption "Group of States Against Corruption") [International Anti-Corruption Academy](https://en.wikipedia.org/wiki/International_Anti-Corruption_Academy "International Anti-Corruption Academy") [Mo Ibrahim Foundation](https://en.wikipedia.org/wiki/Mo_Ibrahim_Foundation "Mo Ibrahim Foundation") [Transparency International](https://en.wikipedia.org/wiki/Transparency_International "Transparency International") [UNCAC Coalition of Civil Society Organisations](https://en.wikipedia.org/wiki/United_Nations_Convention_against_Corruption#UNCAC_Coalition_of_Civil_Society_Organisations "United Nations Convention against Corruption") |
| National | [Oficina AnticorrupciĂłn](https://en.wikipedia.org/wiki/Oficina_Anticorrupci%C3%B3n "Oficina AnticorrupciĂłn") (Argentina) [Australian Criminal Intelligence Commission](https://en.wikipedia.org/wiki/Australian_Criminal_Intelligence_Commission "Australian Criminal Intelligence Commission") [Anti-Corruption Commission (Bangladesh)](https://en.wikipedia.org/wiki/Anti-Corruption_Commission_\(Bangladesh\) "Anti-Corruption Commission (Bangladesh)") (Bangladesh) [Anti-corruption and Economic Malpractice Observatory](https://en.wikipedia.org/wiki/Anti-corruption_and_Economic_Malpractice_Observatory "Anti-corruption and Economic Malpractice Observatory") (Burundi) [National Anti-Corruption Observatory](https://en.wikipedia.org/wiki/National_Anti-Corruption_Observatory "National Anti-Corruption Observatory") (Cameroon) [National Supervisory Commission](https://en.wikipedia.org/wiki/National_Supervisory_Commission "National Supervisory Commission") / [Central Commission for Discipline Inspection](https://en.wikipedia.org/wiki/Central_Commission_for_Discipline_Inspection "Central Commission for Discipline Inspection") (China) [Independent Commission Against Corruption (Hong Kong)](https://en.wikipedia.org/wiki/Independent_Commission_Against_Corruption_\(Hong_Kong\) "Independent Commission Against Corruption (Hong Kong)") [Commission Against Corruption (Macau)](https://en.wikipedia.org/wiki/Commission_Against_Corruption_\(Macau\) "Commission Against Corruption (Macau)") [USKOK](https://en.wikipedia.org/wiki/USKOK "USKOK") (Croatia) [European Anti-Fraud Office](https://en.wikipedia.org/wiki/European_Anti-Fraud_Office "European Anti-Fraud Office") (European Union) [Fiji Independent Commission Against Corruption](https://en.wikipedia.org/wiki/Fiji_Independent_Commission_Against_Corruption "Fiji Independent Commission Against Corruption") [Central Vigilance Commission](https://en.wikipedia.org/wiki/Central_Vigilance_Commission "Central Vigilance Commission") (India) [KPK](https://en.wikipedia.org/wiki/Corruption_Eradication_Commission "Corruption Eradication Commission") (Indonesia) [National Anti-Corruption Authority](https://en.wikipedia.org/wiki/National_Anti-Corruption_Authority_\(Italy\) "National Anti-Corruption Authority (Italy)") (Italy) [Corruption Prevention and Combating Bureau](https://en.wikipedia.org/wiki/Corruption_Prevention_and_Combating_Bureau "Corruption Prevention and Combating Bureau") (Latvia) [Governance and Economic Management Assistance Program](https://en.wikipedia.org/wiki/Governance_and_Economic_Management_Assistance_Program "Governance and Economic Management Assistance Program") (Liberia) [Special Investigation Service of the Republic of Lithuania](https://en.wikipedia.org/wiki/Special_Investigation_Service "Special Investigation Service") [BIANCO](https://en.wikipedia.org/wiki/BIANCO "BIANCO") (Madagascar) [Malaysian Anti-Corruption Commission](https://en.wikipedia.org/wiki/Malaysian_Anti-Corruption_Commission "Malaysian Anti-Corruption Commission") [Anti-Corruption Commission of Myanmar](https://en.wikipedia.org/wiki/Anti-Corruption_Commission_of_Myanmar "Anti-Corruption Commission of Myanmar") (Myanmar) [Independent Corrupt Practices Commission](https://en.wikipedia.org/wiki/Independent_Corrupt_Practices_Commission "Independent Corrupt Practices Commission") (Nigeria) [National Accountability Bureau](https://en.wikipedia.org/wiki/National_Accountability_Bureau "National Accountability Bureau") (Pakistan) [Investigation Task Force Sweep](https://en.wikipedia.org/wiki/Investigation_Task_Force_Sweep "Investigation Task Force Sweep") (Papua New Guinea) [Central Anticorruption Bureau](https://en.wikipedia.org/wiki/Central_Anticorruption_Bureau "Central Anticorruption Bureau") (Poland) [Anti-Corruption General Directorate](https://en.wikipedia.org/wiki/Anti-Corruption_General_Directorate "Anti-Corruption General Directorate") (Romania) [National Anticorruption Directorate](https://en.wikipedia.org/wiki/National_Anticorruption_Directorate "National Anticorruption Directorate") (Romania) [Investigative Committee of Russia](https://en.wikipedia.org/wiki/Investigative_Committee_of_Russia "Investigative Committee of Russia") (Russia) [Sierra Leone Anti-corruption Commission](https://en.wikipedia.org/wiki/Sierra_Leone_Anti-corruption_Commission "Sierra Leone Anti-corruption Commission") [Corrupt Practices Investigation Bureau](https://en.wikipedia.org/wiki/Corrupt_Practices_Investigation_Bureau "Corrupt Practices Investigation Bureau") (Singapore) [Commission for the Prevention of Corruption of the Republic of Slovenia](https://en.wikipedia.org/wiki/Commission_for_the_Prevention_of_Corruption_of_the_Republic_of_Slovenia "Commission for the Prevention of Corruption of the Republic of Slovenia") [Anti-Corruption and Civil Rights Commission](https://en.wikipedia.org/wiki/Anti-Corruption_and_Civil_Rights_Commission "Anti-Corruption and Civil Rights Commission") (South Korea) [Servicio de Vigilancia Aduanera](https://en.wikipedia.org/wiki/Customs_Surveillance_Service "Customs Surveillance Service") (Spain) [National Anti-Corruption Bureau of Ukraine](https://en.wikipedia.org/wiki/National_Anti-Corruption_Bureau_of_Ukraine "National Anti-Corruption Bureau of Ukraine") (Ukraine) [Specialized Anti-Corruption Prosecutor's Office](https://en.wikipedia.org/wiki/Specialized_Anti-Corruption_Prosecutor%27s_Office "Specialized Anti-Corruption Prosecutor's Office") (Ukraine) [Warioba Commission](https://en.wikipedia.org/wiki/Warioba_Commission "Warioba Commission") (Tanzania) [Central Steering Committee for Anti-Corruption](https://en.wikipedia.org/wiki/Central_Steering_Committee_on_Anti-corruption "Central Steering Committee on Anti-corruption") (Vietnam) |
| [Anti-corruption](https://en.wikipedia.org/wiki/Anti-corruption "Anti-corruption") | |
| | |
| Laws and enforcement | [Citizen's Charter and Grievance Redressal Bill 2011](https://en.wikipedia.org/wiki/Citizen%27s_Charter_and_Grievance_Redressal_Bill_2011 "Citizen's Charter and Grievance Redressal Bill 2011") (pending) [Foreign Corrupt Practices Act](https://en.wikipedia.org/wiki/Foreign_Corrupt_Practices_Act "Foreign Corrupt Practices Act") [Foreign Extortion Prevention Act](https://en.wikipedia.org/wiki/Foreign_Extortion_Prevention_Act "Foreign Extortion Prevention Act") [Freedom of information laws by country](https://en.wikipedia.org/wiki/Freedom_of_information_laws_by_country "Freedom of information laws by country") [The Lokpal and Lokayuktas Act, 2013](https://en.wikipedia.org/wiki/The_Lokpal_and_Lokayuktas_Act,_2013 "The Lokpal and Lokayuktas Act, 2013") [UK Bribery Act of 2010](https://en.wikipedia.org/wiki/Bribery_Act_2010 "Bribery Act 2010") [Whistleblower protection](https://en.wikipedia.org/wiki/Whistleblower#Legal_protection "Whistleblower") |
| International instruments and efforts | [Inter-American Convention Against Corruption](https://en.wikipedia.org/wiki/Inter-American_Convention_Against_Corruption "Inter-American Convention Against Corruption") [International asset recovery](https://en.wikipedia.org/wiki/International_asset_recovery "International asset recovery") [International Association of Anti-Corruption Authorities](https://en.wikipedia.org/wiki/International_Association_of_Anti-Corruption_Authorities "International Association of Anti-Corruption Authorities") [OECD Anti-Bribery Convention](https://en.wikipedia.org/wiki/OECD_Anti-Bribery_Convention "OECD Anti-Bribery Convention") [United Nations Convention against Corruption](https://en.wikipedia.org/wiki/United_Nations_Convention_against_Corruption "United Nations Convention against Corruption") |
| Protest movements | [2011 Azerbaijani protests](https://en.wikipedia.org/wiki/2011_Azerbaijani_protests "2011 Azerbaijani protests") [2011 Indian anti-corruption movement](https://en.wikipedia.org/wiki/2011_Indian_anti-corruption_movement "2011 Indian anti-corruption movement") [2012 Indian anti-corruption movement](https://en.wikipedia.org/wiki/2012_Indian_anti-corruption_movement "2012 Indian anti-corruption movement") [Anti-austerity movement in Spain](https://en.wikipedia.org/wiki/Anti-austerity_movement_in_Spain "Anti-austerity movement in Spain") [Movement for Peace with Justice and Dignity](https://en.wikipedia.org/wiki/Movement_for_Peace_with_Justice_and_Dignity "Movement for Peace with Justice and Dignity") [Russian anti-corruption campaign](https://en.wikipedia.org/wiki/Russian_anti-corruption_campaign "Russian anti-corruption campaign") [Yo Soy 132](https://en.wikipedia.org/wiki/Yo_Soy_132 "Yo Soy 132") [2017â2019 Romanian protests](https://en.wikipedia.org/wiki/2017%E2%80%932019_Romanian_protests "2017â2019 Romanian protests") [2017â2018 Russian protests](https://en.wikipedia.org/wiki/2017%E2%80%932018_Russian_protests "2017â2018 Russian protests") |
| [v](https://en.wikipedia.org/wiki/Template:Cryptocurrencies "Template:Cryptocurrencies") [t](https://en.wikipedia.org/wiki/Template_talk:Cryptocurrencies "Template talk:Cryptocurrencies") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Cryptocurrencies "Special:EditPage/Template:Cryptocurrencies")[Cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") | |
|---|---|
| Technology | [Blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain") [Cryptocurrency tumbler](https://en.wikipedia.org/wiki/Cryptocurrency_tumbler "Cryptocurrency tumbler") [Cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet") [Cryptographic hash function](https://en.wikipedia.org/wiki/Cryptographic_hash_function "Cryptographic hash function") [Decentralized exchange](https://en.wikipedia.org/wiki/Decentralized_finance#Decentralized_exchanges "Decentralized finance") [Decentralized finance](https://en.wikipedia.org/wiki/Decentralized_finance "Decentralized finance") [Distributed ledger](https://en.wikipedia.org/wiki/Distributed_ledger "Distributed ledger") [Fork](https://en.wikipedia.org/wiki/Fork_\(blockchain\) "Fork (blockchain)") [Lightning Network](https://en.wikipedia.org/wiki/Lightning_Network "Lightning Network") [MetaMask](https://en.wikipedia.org/wiki/MetaMask "MetaMask") [Smart contract](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") [Web3](https://en.wikipedia.org/wiki/Web3 "Web3") |
| [Consensus](https://en.wikipedia.org/wiki/Consensus_\(computer_science\) "Consensus (computer science)") mechanisms | [Proof of authority](https://en.wikipedia.org/wiki/Proof_of_authority "Proof of authority") [Proof of space](https://en.wikipedia.org/wiki/Proof_of_space "Proof of space") [Proof of stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") [Proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") |
| [Proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") currencies | |
| | |
| [SHA-256](https://en.wikipedia.org/wiki/SHA-2 "SHA-2")\-based | [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash") [Counterparty](https://en.wikipedia.org/wiki/Counterparty_\(platform\) "Counterparty (platform)") [LBRY](https://en.wikipedia.org/wiki/LBRY "LBRY") [MazaCoin](https://en.wikipedia.org/wiki/MazaCoin "MazaCoin") [Namecoin](https://en.wikipedia.org/wiki/Namecoin "Namecoin") [Peercoin](https://en.wikipedia.org/wiki/Peercoin "Peercoin") [Titcoin](https://en.wikipedia.org/wiki/Titcoin "Titcoin") |
| [Ethash](https://en.wikipedia.org/wiki/Ethereum "Ethereum")\-based | [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") (1.0) [Ethereum Classic](https://en.wikipedia.org/wiki/Ethereum_Classic "Ethereum Classic") |
| [Scrypt](https://en.wikipedia.org/wiki/Scrypt "Scrypt")\-based | [Auroracoin](https://en.wikipedia.org/wiki/Auroracoin "Auroracoin") [Bitconnect](https://en.wikipedia.org/wiki/Bitconnect "Bitconnect") [Coinye](https://en.wikipedia.org/wiki/Coinye "Coinye") [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin") [Litecoin](https://en.wikipedia.org/wiki/Litecoin "Litecoin") |
| [Equihash](https://en.wikipedia.org/wiki/Equihash "Equihash")\-based | [Bitcoin Gold](https://en.wikipedia.org/wiki/Bitcoin_Gold "Bitcoin Gold") [Zcash](https://en.wikipedia.org/wiki/Zcash "Zcash") |
| RandomX-based | [Monero](https://en.wikipedia.org/wiki/Monero "Monero") |
| [X11](https://en.wikipedia.org/wiki/Dash_\(cryptocurrency\)#X11 "Dash (cryptocurrency)")\-based | [Dash](https://en.wikipedia.org/wiki/Dash_\(cryptocurrency\) "Dash (cryptocurrency)") [Petro](https://en.wikipedia.org/wiki/Petro_\(token\) "Petro (token)") |
| Other | [AmbaCoin](https://en.wikipedia.org/wiki/AmbaCoin "AmbaCoin") [Firo](https://en.wikipedia.org/wiki/Firo_\(cryptocurrency\) "Firo (cryptocurrency)") [IOTA](https://en.wikipedia.org/wiki/IOTA_\(technology\) "IOTA (technology)") [Nervos Network](https://en.wikipedia.org/wiki/Nervos_Network "Nervos Network") [Primecoin](https://en.wikipedia.org/wiki/Primecoin "Primecoin") [Verge](https://en.wikipedia.org/wiki/Verge_\(cryptocurrency\) "Verge (cryptocurrency)") [Vertcoin](https://en.wikipedia.org/wiki/Vertcoin "Vertcoin") |
| [Proof of stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") currencies | [Algorand](https://en.wikipedia.org/wiki/Algorand "Algorand") [Avalanche](https://en.wikipedia.org/wiki/Avalanche_\(blockchain_platform\) "Avalanche (blockchain platform)") [Cardano](https://en.wikipedia.org/wiki/Cardano_\(blockchain_platform\) "Cardano (blockchain platform)") [EOS.IO](https://en.wikipedia.org/wiki/EOS.IO "EOS.IO") [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") (2.0) [Gridcoin](https://en.wikipedia.org/wiki/Gridcoin "Gridcoin") [ICON](https://en.wikipedia.org/wiki/ICON_\(blockchain_platform\) "ICON (blockchain platform)") [Injective](https://en.wikipedia.org/wiki/Injective_\(blockchain\) "Injective (blockchain)") [Kin](https://en.wikipedia.org/wiki/Kin_\(cryptocurrency\) "Kin (cryptocurrency)") [Nxt](https://en.wikipedia.org/wiki/Nxt "Nxt") [Peercoin](https://en.wikipedia.org/wiki/Peercoin "Peercoin") [Polkadot](https://en.wikipedia.org/wiki/Polkadot_\(blockchain_platform\) "Polkadot (blockchain platform)") [Solana](https://en.wikipedia.org/wiki/Solana_\(blockchain_platform\) "Solana (blockchain platform)") [Steem](https://en.wikipedia.org/wiki/Steemit "Steemit") [Tezos](https://en.wikipedia.org/wiki/Tezos "Tezos") [TON](https://en.wikipedia.org/wiki/The_Open_Network "The Open Network") |
| [ERC-20](https://en.wikipedia.org/wiki/ERC-20 "ERC-20") tokens | [Augur](https://en.wikipedia.org/wiki/Augur_\(software\) "Augur (software)") [Aventus](https://en.wikipedia.org/wiki/Aventus_\(protocol\) "Aventus (protocol)") [Basic Attention Token](https://en.wikipedia.org/wiki/Brave_\(web_browser\)#Basic_Attention_Token "Brave (web browser)") [Chainlink](https://en.wikipedia.org/wiki/Chainlink_\(blockchain_oracle\) "Chainlink (blockchain oracle)") [Kin](https://en.wikipedia.org/wiki/Kin_\(cryptocurrency\) "Kin (cryptocurrency)") [KodakCoin](https://en.wikipedia.org/wiki/KodakCoin "KodakCoin") [Minds](https://en.wikipedia.org/wiki/Minds_\(social_network\) "Minds (social network)") [Polygon](https://en.wikipedia.org/wiki/Polygon_\(blockchain\) "Polygon (blockchain)") [Shiba Inu](https://en.wikipedia.org/wiki/Shiba_Inu_\(cryptocurrency\) "Shiba Inu (cryptocurrency)") [The DAO](https://en.wikipedia.org/wiki/The_DAO "The DAO") [TRON](https://en.wikipedia.org/wiki/Tron_\(blockchain\) "Tron (blockchain)") |
| [Stablecoins](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") | [Dai](https://en.wikipedia.org/wiki/Dai_\(cryptocurrency\) "Dai (cryptocurrency)") [Diem](https://en.wikipedia.org/wiki/Diem_\(digital_currency\) "Diem (digital currency)") [Pax](https://en.wikipedia.org/wiki/Paxos_Trust_Company#Paxos_Standard "Paxos Trust Company") [Terra](https://en.wikipedia.org/wiki/Terra_\(blockchain\) "Terra (blockchain)") [Tether](https://en.wikipedia.org/wiki/Tether_\(cryptocurrency\) "Tether (cryptocurrency)") [USD Coin](https://en.wikipedia.org/wiki/USDC_\(cryptocurrency\) "USDC (cryptocurrency)") |
| [Meme coins](https://en.wikipedia.org/wiki/Meme_coins "Meme coins") | [CAR](https://en.wikipedia.org/wiki/$CAR "$CAR") [Chill Guy](https://en.wikipedia.org/wiki/$CHILLGUY "$CHILLGUY") [Coinye](https://en.wikipedia.org/wiki/Coinye "Coinye") [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin") [LGBcoin](https://en.wikipedia.org/wiki/LGBcoin "LGBcoin") [Libra](https://en.wikipedia.org/wiki/$Libra "$Libra") [Melania](https://en.wikipedia.org/wiki/$Melania "$Melania") [Pawthereum](https://en.wikipedia.org/wiki/Pawthereum "Pawthereum") [Trump](https://en.wikipedia.org/wiki/$Trump "$Trump") |
| Other currencies | [Chia](https://en.wikipedia.org/wiki/Chia_\(cryptocurrency\) "Chia (cryptocurrency)") [Filecoin](https://en.wikipedia.org/wiki/Filecoin "Filecoin") [HBAR (Hashgraph)](https://en.wikipedia.org/wiki/Hashgraph "Hashgraph") [Helium](https://en.wikipedia.org/wiki/Helium_Network "Helium Network") [Luna](https://en.wikipedia.org/wiki/Terra_\(blockchain\) "Terra (blockchain)") [MobileCoin](https://en.wikipedia.org/wiki/MobileCoin "MobileCoin") [Nano](https://en.wikipedia.org/wiki/Nano_\(cryptocurrency\) "Nano (cryptocurrency)") [NEO](https://en.wikipedia.org/wiki/NEO_\(cryptocurrency\) "NEO (cryptocurrency)") [SafeMoon](https://en.wikipedia.org/wiki/SafeMoon "SafeMoon") [Stellar](https://en.wikipedia.org/wiki/Stellar_\(payment_network\) "Stellar (payment network)") [WhopperCoin](https://en.wikipedia.org/wiki/WhopperCoin "WhopperCoin") [XRP Ledger](https://en.wikipedia.org/wiki/XRP_Ledger "XRP Ledger") |
| [Inactive currencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies#Inactive_currencies "List of cryptocurrencies") | [BitConnect](https://en.wikipedia.org/wiki/Bitconnect "Bitconnect") [Coinye](https://en.wikipedia.org/wiki/Coinye "Coinye") [KodakCoin](https://en.wikipedia.org/wiki/KodakCoin "KodakCoin") [OneCoin](https://en.wikipedia.org/wiki/OneCoin "OneCoin") [Petro](https://en.wikipedia.org/wiki/Petro_\(token\) "Petro (token)") |
| Crypto service companies | [Hyperledger](https://en.wikipedia.org/wiki/Hyperledger "Hyperledger") [IQ.Wiki](https://en.wikipedia.org/wiki/IQ.Wiki "IQ.Wiki") [Initiative Q](https://en.wikipedia.org/wiki/Quahl "Quahl") |
| Related topics | [\$Libra cryptocurrency scandal](https://en.wikipedia.org/wiki/$Libra_cryptocurrency_scandal "$Libra cryptocurrency scandal") [2023 United States banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis") [Airdrop](https://en.wikipedia.org/wiki/Airdrop_\(cryptocurrency\) "Airdrop (cryptocurrency)") [Bitcoin in El Salvador](https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador "Bitcoin in El Salvador") [BitLicense](https://en.wikipedia.org/wiki/BitLicense "BitLicense") [Blockchain game](https://en.wikipedia.org/wiki/Blockchain_game "Blockchain game") [Complementary currency](https://en.wikipedia.org/wiki/Complementary_currency "Complementary currency") [Crypto-anarchy](https://en.wikipedia.org/wiki/Crypto-anarchy "Crypto-anarchy") [Cryptocurrency and crime]() [Bankruptcy of FTX](https://en.wikipedia.org/wiki/Bankruptcy_of_FTX "Bankruptcy of FTX") [Trial of Sam Bankman-Fried](https://en.wikipedia.org/wiki/Trial_of_Sam_Bankman-Fried "Trial of Sam Bankman-Fried") [Scam center](https://en.wikipedia.org/wiki/Scam_center "Scam center") [Pig butchering scam](https://en.wikipedia.org/wiki/Pig_butchering_scam "Pig butchering scam") [Cryptocurrencies in Europe](https://en.wikipedia.org/wiki/Cryptocurrencies_in_Europe "Cryptocurrencies in Europe") [Cryptocurrencies in Puerto Rico](https://en.wikipedia.org/wiki/Cryptocurrencies_in_Puerto_Rico "Cryptocurrencies in Puerto Rico") [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") [Cryptocurrency in Australia](https://en.wikipedia.org/wiki/Cryptocurrency_in_Australia "Cryptocurrency in Australia") [Cryptocurrency in Nigeria](https://en.wikipedia.org/wiki/Cryptocurrency_in_Nigeria "Cryptocurrency in Nigeria") [Cryptocurrency scams](https://en.wikipedia.org/wiki/Category:Cryptocurrency_scams "Category:Cryptocurrency scams") [Digital currency](https://en.wikipedia.org/wiki/Digital_currency "Digital currency") [Decentralized autonomous organization](https://en.wikipedia.org/wiki/Decentralized_autonomous_organization "Decentralized autonomous organization") [Decentralized application](https://en.wikipedia.org/wiki/Decentralized_application "Decentralized application") [Distributed ledger technology law](https://en.wikipedia.org/wiki/Distributed_ledger_technology_law "Distributed ledger technology law") [Double-spending](https://en.wikipedia.org/wiki/Double-spending "Double-spending") [Environmental impact](https://en.wikipedia.org/wiki/Environmental_impact_of_bitcoin "Environmental impact of bitcoin") [Initial coin offering](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") [Initial exchange offering](https://en.wikipedia.org/wiki/Initial_exchange_offering "Initial exchange offering") [List of cryptocurrencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies") [Non-fungible token](https://en.wikipedia.org/wiki/Non-fungible_token "Non-fungible token") [Token money](https://en.wikipedia.org/wiki/Token_money "Token money") [United States Strategic Bitcoin Reserve](https://en.wikipedia.org/wiki/Strategic_bitcoin_reserve_\(United_States\) "Strategic bitcoin reserve (United States)") [Virtual currency](https://en.wikipedia.org/wiki/Virtual_currency "Virtual currency") [Voiceverse NFT plagiarism scandal](https://en.wikipedia.org/wiki/Voiceverse_NFT_plagiarism_scandal "Voiceverse NFT plagiarism scandal") |
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Cryptocurrency and crime
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| Readable Markdown | **Cryptocurrency and crime** concerns the ways cryptocurrencies are used in, facilitate, or are targeted by criminal activity. Documented areas include investment and romance scams (often called â[pig-butchering](https://en.wikipedia.org/wiki/Pig_butchering_scam "Pig butchering scam")â), [ransomware](https://en.wikipedia.org/wiki/Ransomware "Ransomware") payments, thefts and exchange hacks, [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering") and sanctions evasion, [darknet](https://en.wikipedia.org/wiki/Darknet "Darknet")\-market transactions, and occasional off-chain coercion to obtain private keys. Law-enforcement assessments emphasize that investment fraud and laundering are frequent contexts for criminal use of crypto assets, while noting that public blockchains can also aid tracing, seizures, and arrests.[\[1\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-1)[\[2\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-2)
[Cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrencies "Cryptocurrencies") are digital assets transferred on distributed ledgers without a central administrator. Transfers are borderless, typically irreversible, and control depends on possession of [private keys](https://en.wikipedia.org/wiki/Private_keys "Private keys") rather than accounts held by a single intermediary.[\[3\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-3)
Criminals use cryptocurrencies when they make certain offences easier than traditional methods. For example, to move funds quickly across borders, take payment without going through banks, or launder proceeds through lightly regulated services. These traits suit offences such as theft, investment fraud and "[pig-butchering](https://en.wikipedia.org/wiki/Pig_butchering_scam "Pig butchering scam")," [ransomware](https://en.wikipedia.org/wiki/Ransomware "Ransomware") payments, darknet-market trade, [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering") and [sanctions](https://en.wikipedia.org/wiki/Economic_sanctions "Economic sanctions") evasion.[\[4\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-4)[\[5\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-5)[\[6\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-6)
Since 2019, authorities have tried to limit the criminal misuse of crypto by bringing "virtual assets" and virtual-asset service providers (VASPs) into anti-money-laundering and counter-terrorist-financing ([AML/CFT](https://en.wikipedia.org/wiki/Anti%E2%80%93money_laundering "Antiâmoney laundering")) rules. The standards require licensing or registration, customer due diligence, and the "travel rule" for originator/beneficiary information. Governments pair these with supervision and enforcement (including asset seizures, sanctions, and joint takedowns) and with more cross-border information-sharing among financial-intelligence units and police.[\[7\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-7)[\[8\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-8)[\[9\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-9)[\[10\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-10)[\[11\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-11)
However, offenders still work around these controls. Common methods include routing funds through non-compliant or offshore providers; peer-to-peer transfers and OTC brokers; mixers/tumblers, peel-chain transactions, and cross-chain "hops" via bridges; and other anonymity-enhancing tools, sometimes combined with stolen or synthetic identities at compliant platforms. Uneven implementation of AML/CFT standards (including the travel rule) across jurisdictions remains a widely noted gap, and decentralised or extra-jurisdictional services can be harder to disrupt; many investigations therefore still focus on identifying fiat on-/off-ramps and coordinating across borders.[\[12\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-12)[\[13\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-13)[\[14\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-14)[\[15\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-15)
The overall scale of crypto-related crime is difficult to measure and figures below are not directly comparable (different geographies, methodologies, and crime types). Still, recent indicators give a sense of order of magnitude.
| Indicator | Latest figure (year) | Scope / coverage / source |
|---|---|---|
| U.S. consumer fraud where cryptocurrency was the payment method | US\$1.42 billion (2024) | FTC Consumer Sentinel Data Book 2024; payment-method breakdown (crypto subtotal).[\[16\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-16) |
| U.S. investment-fraud losses involving cryptocurrency (IC3) | US\$9.27 billion (2024) | FBI Internet Crime Report 2024 (cryptocurrency investment fraud).[\[17\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-17) |
| Estimated global ransomware payments | ~US\$813â814 million (2024) | Chainalysis 2025 reporting on 2024 payouts (covered by reliable outlets).[\[18\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-18)[\[19\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-19) |
| Crypto stolen in hacks (global) | ~US\$2.2 billion (2024) | Chainalysis year-end estimate for 2024 hacking losses, reported by Reuters.[\[20\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-20) |
| Value received by identified illicit crypto addresses (global) | US\$40.9 billion (2024) (lower-bound) | Chainalysis Crypto Crime report series (value received by addresses classified as illicit; subject to revision as new clusters are identified).[\[21\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-21) |
| Sanctions-related crypto flows (value received by sanctioned jurisdictions / actors) | âUS\$15.8 billion (2024) | Chainalysis estimate for 2024 (â39% of illicit transactions), reported by AP; see also TRM Labs analysis of sanctions-linked activity.[\[22\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-22)[\[23\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-23) |
| Illegal online gambling via crypto (GGR) | ~US\$81.4 billion (2024) | *Financial Times*, reporting Yield Secâs estimate of gross gaming revenue at crypto casinos (methodology and inference debated).[\[24\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-24) |
| Darknet-market revenue (global, all goods/services) | ~US\$1.5 billion (2022) | Chainalysis estimate for annual darknet revenue after the Hydra takedown; provided for scale and historical context.[\[25\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-25)[\[26\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-26) |
| Illicit/high-risk funds obfuscated via cross-chain swaps/DEXs/bridges (proxy for laundering) | US\$21.8 billion (cumulative since 2020; as of May 2025) | Elliptic estimates that \>US\$21.8 billion of illicit and âhigh-riskâ crypto has been moved via DEXs, cross-chain bridges, and swap services; cumulative and may double-count multi-hop paths.[\[27\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-27) |
#### Exit scams and Ponzi schemes through initial coin offerings (ICOs)
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=5 "Edit section: Exit scams and Ponzi schemes through initial coin offerings (ICOs)")\]
Most [exit scams](https://en.wikipedia.org/wiki/Exit_scam "Exit scam") (or *rugpulls*) as well as many ponzi schemes involving cryptocurrencies are performed through [Initial Coin Offerings](https://en.wikipedia.org/wiki/Initial_Coin_Offering "Initial Coin Offering") (ICOs).[\[28\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-28) As an example, according to a report by [Satis Group](https://en.wikipedia.org/w/index.php?title=Satis_Group&action=edit&redlink=1 "Satis Group (page does not exist)"), almost 80% of all projects launched through an ICO in 2017 were scams.[\[29\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-29) These scams usually involve attracting investments from mostly retail investors, inflating the price and the perpetrators subsequently abandoning the project in question after selling off their own shares.[\[30\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-30)
The novelty of ICOs accounts for the current lack of governmental regulation.[\[31\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-31) This lack of regulatory measures as well as the pseudonymity of cryptocurrency transactions and their international nature across countless jurisdictions in many different countries can make it much more difficult to identify and take legal action against perpetrators involved in these scams.[\[32\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-32)[\[33\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-33) Since 2017 the [SEC](https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission "U.S. Securities and Exchange Commission") has been actively pursuing groups and individuals responsible for ICO-related scams.[\[34\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-34)
Ponzi schemes are another common form of utilizing blockchain-based technologies to commit fraud. Most schemes of this sort use [multi-level marketing](https://en.wikipedia.org/wiki/Multi-level_marketing "Multi-level marketing") schemes to encourage investors to conduct risky investments.[\[35\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-35) [Onecoin](https://en.wikipedia.org/wiki/Onecoin "Onecoin") is one of the more notable examples of cryptocurrency-ponzi schemes: Founded in 2014 by [Ruja Ignatova](https://en.wikipedia.org/wiki/Ruja_Ignatova "Ruja Ignatova"), OneCoin is estimated to have generated [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")4 billion in income.[\[36\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-De_Gruyter-36) While at least in China some of the investors' funds have been recovered and several members of the organisation arrested in the U.S., Ignatova herself is still at large.[\[37\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-37) [Quadriga](https://en.wikipedia.org/wiki/Quadriga_\(company\) "Quadriga (company)") was another cryptocurrency ponzi scheme--this time in Canada--which involved \$190 million US dollars or \$250 million Canadian dollars and was investigated by both the [Royal Canadian Mounted Police](https://en.wikipedia.org/wiki/Royal_Canadian_Mounted_Police "Royal Canadian Mounted Police") and the [Federal Bureau of Investigation](https://en.wikipedia.org/wiki/Federal_Bureau_of_Investigation "Federal Bureau of Investigation") after the death of its owner, Gerald William Cotten, in December 2018.[\[38\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-38)[\[39\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-39)
Due to the inability of third parties to de-pseudonymize crypto transactions criminal entities have often resorted to using cryptocurrency to conduct money laundering.[\[40\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-40) Especially ICOs lacking [KYC](https://en.wikipedia.org/wiki/Know_your_customer "Know your customer") guidelines and anti-money laundering procedures are often used to launder illicit funds due to the pseudonymity they offer.[\[41\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-nestarcova44-41) By using ICOs criminals launder these funds by buying tokens off of legitimate investors and selling them. This issue is intensified by the lack of measures against money laundering implemented by centralized cryptocurrency exchanges.[\[41\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-nestarcova44-41)
A well-known early example of money laundering using cryptocurrencies is [Silk Road](https://en.wikipedia.org/wiki/Silk_Road_\(marketplace\) "Silk Road (marketplace)"). Shut down in 2013 with its founder [Ross Ulbricht](https://en.wikipedia.org/wiki/Ross_Ulbricht "Ross Ulbricht") indicted for among other counts a money laundering conspiracy, the website was used for several illicit activities including money laundering solely using Bitcoin as a form of payment.[\[42\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-42)
Apart from traditional cryptocurrencies, [Non-Fungible Tokens](https://en.wikipedia.org/wiki/NFT "NFT") (NFTs) are also commonly used in connection with money laundering activities.[\[43\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-43) NFTs are often used to perform [Wash Trading](https://en.wikipedia.org/wiki/Wash_Trade "Wash Trade") by creating several different [wallets](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet") for one individual, generating several fictitious sales and consequently selling the respective NFT to a third party.[\[44\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-44) According to a report by [Chainalysis](https://en.wikipedia.org/wiki/Chainalysis "Chainalysis"), these types of wash trades are becoming increasingly popular among money launderers especially due to the largely anonymous nature of transactions on NFT marketplaces.[\[45\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-45)[\[46\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-46) Auction platforms for NFT sales may face regulatory pressure to comply with anti-money laundering legislation.[\[47\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-47)
##### Regulatory measures
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=8 "Edit section: Regulatory measures")\]
Canada is generally regarded as the first state actor implementing regulatory measures dealing with money laundering conducted by the usage of cryptocurrencies.[\[48\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-48) By 2013 the [Financial Crimes Enforcement Network](https://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network "Financial Crimes Enforcement Network") (FinCEN) â in direct reference to the centralized exchange [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox") â issued regulations making it clear that all crypto-to-[fiat](https://en.wikipedia.org/wiki/Fiat_money "Fiat money") exchangers had to apply KYC- as well as anti-money laundering methods.[\[49\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-49) Any suspicious transactions have therefore to be reported to the authorities.[\[50\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-50) Centralized exchanges have to register as money transmitters, with the exact definition of who and what constitutes a *money transmitter* in the crypto sphere being somewhat blurred and regulations differing between the different states of the U.S.[\[51\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-51) An important exemption from these regulations is [decentralized exchanges](https://en.wikipedia.org/wiki/Decentralized_finance#Decentralized_exchanges "Decentralized finance") due to the fact that they do not hold any fiat currency.[\[52\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-52)
As part of the *Fifth Anti-Money Laundering Directive* of 2018 and in an effort to combat money laundering and the financing of terrorism, the [European Union](https://en.wikipedia.org/wiki/European_Union "European Union") has issued a directive making all member-states have to make sure that crypto exchanges are licensed and registered.[\[53\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-53) The EU is furthermore planning to take measures to ensure that all customers of cryptocurrency exchanges are to verify their identity as part of the registration process.[\[54\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-schickleryahoo-54)
Auction platforms for NFT sales may face regulatory pressure to comply with anti-money laundering legislation. A February 2022 study from the [United States Treasury](https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury "United States Department of the Treasury") assessed that there was "some evidence of money laundering risk in the high-value art market," including through "the emerging digital art market, such as the use of non-fungible tokens (NFTs)."[\[55\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-55) The study considered how NFT transactions may be a simpler option for laundering money through art by avoiding transportation or insurance complications in trading physical art. Several NFT exchanges were labeled as virtual asset service providers that may be subject to [Financial Crimes Enforcement Network](https://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network "Financial Crimes Enforcement Network") regulations.[\[56\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-56)
The [European Union](https://en.wikipedia.org/wiki/European_Union "European Union") has yet to establish specific regulations to combat money laundering through NFTs. The [European Commission](https://en.wikipedia.org/wiki/European_Commission "European Commission") announced in July 2022 that it is planning to draw regulations regarding that issue by 2024.[\[57\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-57)[\[54\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-schickleryahoo-54)
A cryptocurrency giveaway scam involves scammers compromising or impersonating celebrities, influencers, or well-known companies to falsely claim they are multiplying cryptocurrency or giving away free cryptocurrency via [airdrop](https://en.wikipedia.org/wiki/Airdrop_\(cryptocurrency\) "Airdrop (cryptocurrency)"). A variety of methods are used to promote these scams, primarily through posts and [livestreams](https://en.wikipedia.org/wiki/Livestreams "Livestreams") on [social media](https://en.wikipedia.org/wiki/Social_media "Social media").
[YouTube](https://en.wikipedia.org/wiki/YouTube "YouTube") is a platform commonly used to promote this scam. Popular accounts are hacked to stream pre-recorded videos of the impersonated figure, overlaid with fake giveaway announcements that often encourage viewers to visit the scammerâs website.[\[58\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-58) In July 2020, [Apple](https://en.wikipedia.org/wiki/Apple_Inc. "Apple Inc.") co-founder [Steve Wozniak](https://en.wikipedia.org/wiki/Steve_Wozniak "Steve Wozniak") and 17 other victims filed a lawsuit against YouTube and its parent company, [Google](https://en.wikipedia.org/wiki/Google "Google"), alleging that the platform allowed scammers to use their name, image and likeness in cryptocurrency giveaway scams.[\[59\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-59) After earlier dismissals based on [Section 230](https://en.wikipedia.org/wiki/Section_230 "Section 230"), a 2024 [California Court of Appeal](https://en.wikipedia.org/wiki/California_Courts_of_Appeal "California Courts of Appeal") ruling allowed the case to proceed, finding that YouTubeâs role may fall outside those legal protections, with the case now pending further proceedings in the lower court.[\[60\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-60)
In the [2020 Twitter account hijacking](https://en.wikipedia.org/wiki/2020_Twitter_account_hijacking "2020 Twitter account hijacking"), 130 high-profile accounts, including those of multi-billionaire [Elon Musk](https://en.wikipedia.org/wiki/Elon_Musk "Elon Musk") and then [U.S. president Joe Biden](https://en.wikipedia.org/wiki/U.S._President_Joe_Biden "U.S. President Joe Biden"), were used to promote a bitcoin giveaway scam. Within minutes of the initial [tweets](https://en.wikipedia.org/wiki/Tweet_\(social_media\) "Tweet (social media)"), more than 320 transactions had been sent to one of the wallet addresses, and over US\$110,000 worth of bitcoin had been deposited before the scam messages were removed by [Twitter](https://en.wikipedia.org/wiki/Twitter "Twitter").[\[61\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-61) [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase") blacklisted the bitcoin address and said they stopped over 1,000 transactions totaling over US\$280,000 from being sent.[\[62\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-62)
#### Paper wallet generators
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=11 "Edit section: Paper wallet generators")\]
Paper wallet generators allow users to create a wallet address and corresponding private key. While not dubious in itself, fraudsters can create infected generators that secretly communicate the generated keys to the creator, giving them control of the wallet.[\[63\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-63)
In August 2017, a bad actor began advertising an online [IOTA](https://en.wikipedia.org/wiki/IOTA_\(technology\) "IOTA (technology)") wallet seed generator. To gain the victim's trust, they linked to a legitimate [GitHub](https://en.wikipedia.org/wiki/GitHub "GitHub") repository, claiming that their website used the same code. In reality, the website used an intentionally predictable [random number generator](https://en.wikipedia.org/wiki/Random_number_generation "Random number generation"), resulting in the same IOTA wallet seeds being generated. Each of these seeds was logged.[\[64\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-64) On January 19, 2018, the attacker drained approximately US\$3.94 million from wallets created during the six-month period. Profiles associated with the website on GitHub, [Reddit](https://en.wikipedia.org/wiki/Reddit "Reddit"), and [Quora](https://en.wikipedia.org/wiki/Quora "Quora") that had provided support to users were deleted, and the website was updated to display the message: âTaken down. Apologies.â[\[65\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-65) In January 2019, [Europol](https://en.wikipedia.org/wiki/Europol "Europol") arrested a 36-year-old man from [Oxford, England](https://en.wikipedia.org/wiki/Oxford,_England "Oxford, England") believed to be behind the attack.[\[66\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-66)
| Cryptocurrency and crime | |
|---|---|
| [Simplified Chinese](https://en.wikipedia.org/wiki/Simplified_Chinese_characters "Simplified Chinese characters") | æçȘç |
| [Traditional Chinese](https://en.wikipedia.org/wiki/Traditional_Chinese_characters "Traditional Chinese characters") | æźșè±Źç€ |
| Literal meaning | Killing pig plate[\[67\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Pig_butchering_scam_TN-67) |
| Transcriptions | |
| [Standard Mandarin](https://en.wikipedia.org/wiki/Standard_Chinese "Standard Chinese") | |
| [Hanyu Pinyin](https://en.wikipedia.org/wiki/Hanyu_Pinyin "Hanyu Pinyin") | ShÄ zhĆ« pĂĄn |
A [pig-butchering scam](https://en.wikipedia.org/wiki/Pig_butchering_scam "Pig butchering scam") is a form of online relationship and investment fraud in which perpetrators cultivate fake romantic or social relationships with victims before persuading them to invest money, often in fraudulent [cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") schemes. Law enforcement agencies have increasingly referred to the practice as romance baiting.[\[68\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Pig_butchering_scam_INTERPOL-romance-baiting-68) Such scams are commonplace on [social media](https://en.wikipedia.org/wiki/Social_media "Social media") and [dating apps](https://en.wikipedia.org/wiki/Dating_app "Dating app"), and often involve elements of [catfishing](https://en.wikipedia.org/wiki/Catfishing "Catfishing"), [investment fraud](https://en.wikipedia.org/wiki/Investment_fraud "Investment fraud"), and [romance scams](https://en.wikipedia.org/wiki/Romance_scam "Romance scam").[\[69\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Pig_butchering_scam_aura-69)
In February 2014, the Pony virus, which spread to between 100,000 and 200,000 computers through a [botnet](https://en.wikipedia.org/wiki/Botnet "Botnet"), was reported to have stolen up to US\$220,000 in cryptocurrency from 85 wallets.[\[70\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-70) Researchers later discovered updated versions with the ability to steal 30 types of cryptocurrencies.[\[71\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-71)
A type of Mac malware active in August 2013, Bitvanity posed as a vanity wallet address generator and stole addresses and private keys from other bitcoin client software.[\[72\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-southurst2014-72) A different trojan for [macOS](https://en.wikipedia.org/wiki/MacOS "MacOS"), called CoinThief was reported in February 2014 to be responsible for multiple bitcoin thefts.[\[72\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-southurst2014-72) The software was hidden in versions of some cryptocurrency apps on [Download.com](https://en.wikipedia.org/wiki/Download.com "Download.com") and [MacUpdate](https://en.wikipedia.org/wiki/MacUpdate "MacUpdate").[\[72\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-southurst2014-72)
#### Stealers and drainers
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=15 "Edit section: Stealers and drainers")\]
A stealer, also known as a drainer or [infostealer](https://en.wikipedia.org/wiki/Infostealer "Infostealer"), is a type of malware designed to steal private information including private keys from cryptocurrency wallets, enabling attackers to access and transfer the funds to their wallet. The most common infections scan computers for wallet files and upload them to a [remote server](https://en.wikipedia.org/wiki/Remote_server "Remote server"), where they can be cracked.[\[73\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-73) Many stealers also incorporate [keyloggers](https://en.wikipedia.org/wiki/Keyloggers "Keyloggers") to record keystrokes, often bypassing the need to crack the keys.[\[74\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-74)
#### Clipboard hijacking
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=16 "Edit section: Clipboard hijacking")\]
Clipboard hijacking involves a malware that detects when a cryptocurrency address is copied to the [clipboard](https://en.wikipedia.org/wiki/Clipboard_\(computing\) "Clipboard (computing)"), and quickly replacing it to trick victims into sending their cryptocurrency to the attackers address. The method is effective due to the difficulty of memorizing or manually typing wallet addresses, combined with the irreversible nature of cryptocurrency transactions.[\[75\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-75)
Cryptocurrency is considered to be the "near-universal form of payment" for [ransomware](https://en.wikipedia.org/wiki/Ransomware "Ransomware"),[\[76\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-76) a type of [malware](https://en.wikipedia.org/wiki/Malware "Malware") that [encrypts](https://en.wikipedia.org/wiki/Encrypts "Encrypts") a victim's data until a ransom is paid. Ransomware attacks are estimated to have generated US\$1.1 billion in 2019, US\$999 million in 2020, a record US\$1.25 billion in 2023, and US\$813 million in 2024.[\[77\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-77) In 2024, a record breaking US\$75 million ransom was paid to the Dark Angels ransomware group by an undisclosed [Fortune 500](https://en.wikipedia.org/wiki/Fortune_500 "Fortune 500") company.[\[78\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-78)
[Cryptojacking](https://en.wikipedia.org/wiki/Cryptojacking "Cryptojacking") is the act of exploiting a [computer](https://en.wikipedia.org/wiki/Computer "Computer") to mine [cryptocurrencies](https://en.wikipedia.org/wiki/Cryptocurrencies "Cryptocurrencies"), often through [websites](https://en.wikipedia.org/wiki/Website "Website"),[\[79\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-79)[\[80\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Cryptojacking_mm-80)[\[81\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-81) against the user's will or while the user is unaware.[\[82\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-82) One notable piece of software used for cryptojacking was [Coinhive](https://en.wikipedia.org/wiki/Coinhive "Coinhive"), which was used in over two-thirds of cryptojacks before its March 2019 shutdown.[\[83\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-83) The cryptocurrencies mined the most often are privacy coinsâcoins with hidden transaction historiesâsuch as [Monero](https://en.wikipedia.org/wiki/Monero "Monero") and [Zcash](https://en.wikipedia.org/wiki/Zcash "Zcash").[\[80\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Cryptojacking_mm-80)[\[84\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-84)
Like most malicious attacks on the computing public, the motive is profit, but unlike other threats, it is designed to remain completely hidden from the user. Cryptojacking [malware](https://en.wikipedia.org/wiki/Malware "Malware") can lead to slowdowns and crashes due to straining of computational resources.[\[85\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Cryptojacking_urlBrutal_cryptocurrency_mining_malware_crashes_your_PC_when_discovered_|_ZDNet-85)
Bitcoin mining by personal computers infected with malware is being challenged by dedicated hardware, such as [FPGA](https://en.wikipedia.org/wiki/Field-programmable_gate_array "Field-programmable gate array") and [ASIC](https://en.wikipedia.org/wiki/Application-specific_integrated_circuit "Application-specific integrated circuit") platforms, which are more efficient in terms of power consumption and thus may have lower costs than theft of computing resources.[\[86\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-86)
Some mainstream news outlets have described cases in which kidnappers have targeted cryptocurrency holders in order to compel them to turn over access to their digital wallets. According to reporting citing data from blockchain analysis firm Chainalysis, more than 30 such incidents were recorded in 2025, though the firm noted that many crimes may go unreported. One widely reported case involved a cryptocurrency investor who escaped from an apartment in Manhattan after allegedly being held captive for weeks, during which he was beaten and threatened with death in an attempt to force the transfer of digital assets.[\[87\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-87)[\[88\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-88)
Electricity theft associated with proof-of-work cryptocurrency mining has been reported in multiple countries, with operators illegally bypassing or tampering with meters and power lines to reduce operating costs. In Malaysia, Reuters reported that the national utility Tenaga Nasional Bhd estimated electricity losses of about 4.6 billion ringgit (US\$1.11 billion) from power theft linked to illegal cryptocurrency mining between 2020 and August 2025, citing a parliamentary reply from the energy ministry.[\[89\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-89)
[Fraud factories](https://en.wikipedia.org/wiki/Fraud_factories "Fraud factories") in Asia traffic workers to scam Westerners into buying cryptocurrencies online.[\[90\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-90)
## Law-enforcement use
\[[edit](https://en.wikipedia.org/w/index.php?title=Cryptocurrency_and_crime&action=edit§ion=23 "Edit section: Law-enforcement use")\]
Law-enforcement agencies and financial-intelligence units report using public-blockchain records to trace illicit flows, identify counterparties at service providers, and recover assets through seizure and forfeiture.[\[91\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-91)[\[92\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-92) In recent operations, tracing supported large seizures linked to investment-fraud schemes; seized assets are typically managed and disposed of by custodial authorities such as the U.S. Marshals Service.[\[93\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-93)[\[94\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-94) Regulators and standard-setters note that FATF Recommendation 15 and related guidance shape cooperation with virtual-asset service providers, while also acknowledging barriers from privacy-enhancing techniques such as mixers and privacy coins.[\[95\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-95)[\[96\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-96) U.S. oversight bodies have likewise highlighted both the promise of on-chain transparency and persistent challenges in sanctions and AML enforcement.[\[97\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-97)
In 2018, around US\$1.7 billion in cryptocurrency was lost to scams, theft and fraud. In the first quarter of 2019, such losses rose to US\$1.2 billion.[\[98\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-98) 2022 was a record year for cryptocurrency theft, according to [Chainalysis](https://en.wikipedia.org/wiki/Chainalysis "Chainalysis"), with US\$3.8 billion[\[99\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:2-99) stolen worldwide during 125 system hacks,[\[100\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Forbes-100) including US\$1.7 billion stolen by "[North Korea](https://en.wikipedia.org/wiki/North_Korea "North Korea")\-linked hackers".[\[99\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:2-99)
- AriseCoin (AriseBank): *AriseBank* marketed itself as the world's first *decentralized bank*, falsely claiming to be able to offer [FDIC](https://en.wikipedia.org/wiki/FDIC "FDIC")\-insured accounts, [VISA](https://en.wikipedia.org/wiki/VISA "VISA") cards as well as services related to cryptocurrency and making other false statements.[\[101\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-101) *AriseBank* promoted its *AriseCoin* through celebrity endorsement and social media in order to raise the [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")1 billion the company was aiming for.[\[41\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-nestarcova44-41) Their ICO was halted by the SEC in early 2018 with their [CEO](https://en.wikipedia.org/wiki/CEO "CEO") and [COO](https://en.wikipedia.org/wiki/Chief_operating_officer "Chief operating officer") receiving a fine of [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")2\.7 million.[\[102\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-102)
- [BitConnect](https://en.wikipedia.org/wiki/BitConnect "BitConnect"): Bitconnect was among the highest-performing cryptocurrencies in 2017, promising investors enormous returns through a trading bot.[\[36\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-De_Gruyter-36) At its height, it reached a market capitalization of [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")3\.4 billion.[\[103\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-103) In early 2018 the exchanged ceased to operate with investors losing millions of dollars, amounting to a total of [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")14\.5 million.[\[104\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-hou86-104) It later turned out that the initial profits were generated through a Ponzi scheme by paying earlier customers with money made through newer customers.[\[105\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-105) Legal action against the perpetrators was taken on an international scale.[\[106\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-106)
- Centra: Centra was a Miami-based company that claimed to offer a cryptocurrency-based debit card backed by a VISA and [Mastercard](https://en.wikipedia.org/wiki/Mastercard "Mastercard"). The company raised [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")32 million by October 2017 through an ICO and, f few months later, performed an exit scam. In April 2018 two of the founders were arrested. It was soon revealed that neither Mastercard nor VISA backed the company in their alleged efforts.[\[104\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-hou86-104)
- Modern Tech (PinCoin/iFan): Based in Vietnam, Modern Tech hosted two separate ICOs for *PinCoin* as well as *iFan* promising monthly returns of 48%.[\[104\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-hou86-104) After the initial success, the founders ran off with approximately [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")660 million raised from 32,000 investors.[\[107\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-107) The founders are still at large and none of the funds have been retrieved.[\[108\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-108)
- PlexCoin: After Dominic Lacroix and Sabrina Paradis-Rogers (the founders of *PlexCoin*) had officially raised around [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")15 million through a fraudulent ICO in August 2017 while promising a return of 1,354 % within a month, the SEC filed a civil complaint in December of the same year against them and sought an injunction to cease those sales, freeze the assets involved, pay civil penalties and prohibit the ones responsible behind the token launch from participating in any future offerings of cryptocurrency.[\[109\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-109) Shortly after Lacroix was sentenced to two months in prison and fined [CA\$](https://en.wikipedia.org/wiki/Canadian_dollar "Canadian dollar")110,000 by the [Quebec Superior Court](https://en.wikipedia.org/wiki/Quebec_Superior_Court "Quebec Superior Court").[\[110\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-110) The SEC's proceedings led to seven-figure fines for the defendants in 2019 and a retrieval of the investors' funds.[\[111\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-111) During the proceedings, the SEC was able to prove that the success of the ICO was inflated by the founders who in fact had raised [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")8\.5 million instead of the [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")15 million they had announced.[\[112\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-112)
Notable cryptocurrency exchange compromises resulting in the loss of cryptocurrencies include:
- Between 2011 and 2014, US\$350 million worth of bitcoin was stolen from [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox").[\[113\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-zdnet-113)
- In 2016, US\$72 million [was stolen](https://en.wikipedia.org/wiki/2016_Bitfinex_hack "2016 Bitfinex hack") through exploiting [Bitfinex](https://en.wikipedia.org/wiki/Bitfinex "Bitfinex")'s exchange wallet, users were refunded.[\[114\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-114)
- On December 7, 2017, Slovenian cryptocurrency exchange [NiceHash](https://en.wikipedia.org/wiki/NiceHash "NiceHash") reported that hackers had stolen over \$70 million using a hijacked company computer.[\[115\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-115)[\[116\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-116)
- On December 19, 2017, Yapian, the owner of South Korean exchange Youbit, filed for bankruptcy after suffering two hacks that year.[\[117\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-117)[\[118\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-118) Customers were still granted access to 75% of their assets.[\[119\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-119)
- In 2018, cryptocurrencies worth US\$400 million were stolen from [Coincheck](https://en.wikipedia.org/wiki/Coincheck "Coincheck").[\[120\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:1-120)
- In May 2018, [Bitcoin Gold](https://en.wikipedia.org/wiki/Bitcoin_Gold "Bitcoin Gold") had its transactions hijacked and abused by unknown hackers.[\[121\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-121) Exchanges lost an estimated \$18 m and Bitcoin Gold was delisted from Bittrex after it refused to pay its share of the damages.
- In June 2018, South Korean exchange Coinrail was hacked, losing over \$37M worth of crypto.[\[122\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-122) The hack worsened an already ongoing cryptocurrency selloff by an additional \$42 billion.[\[123\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-123)
- On July 9, 2018, the exchange Bancor, whose code and fundraising had been subjects of controversy, had \$23.5 million in cryptocurrency stolen.[\[124\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Bancorhack-124)[\[125\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-125)
- Zaif US\$60 million in Bitcoin, [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash") and [Monacoin](https://en.wikipedia.org/w/index.php?title=Monacoin&action=edit&redlink=1 "Monacoin (page does not exist)") was stolen in September 2018[\[126\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-126)
- Binance In 2019 cryptocurrencies worth US\$40 million were stolen.[\[120\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:1-120)[\[127\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-127)
- Africrypt founders are suspected of absconding in June 2021 with US\$3.6 billion worth of Bitcoin[\[128\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-128)
- PolyNetwork (DeFi) suffered a loss of US\$611 million in a theft in August 2021.[\[129\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-129)
- Japanese cryptocurrency exchange Liquid was compromised in August 2021 resulting in a loss of US\$97 million worth of digital coins[\[130\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-130)
- Cream Finance was subject to a US\$29 million theft in August 2021[\[131\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-131) and \$130 million on October 28, 2021.[\[132\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-132)
- On December 2, 2021, users of the BadgerDAO DeFi lost around \$118,500,000 worth of bitcoin and \$679,000 worth of ethereum tokens in a front-end attack. A compromised API key of the [Cloudflare](https://en.wikipedia.org/wiki/Cloudflare#Content_Distribution_Network "Cloudflare") content delivery network account allowed the injecting of a malicious script into the web interface. BadgerDAO "paused" all [smart contracts](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") due to user complaints.[\[133\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-133)
- On December 6, 2021, the cryptocurrency exchange [Bitmart](https://en.wikipedia.org/wiki/Bitmart "Bitmart") lost around \$135M worth of Ethereum and an estimated \$46 million in other cryptocurrencies due to a breach of two of its wallets.[\[134\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-134) Although BitMart stated that it would reimburse its clients, many BitMart clients have not received any money from the exchange as of January 2022.[\[135\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-135)
- On December 12, 2021, users of VulcanForge lost around \$135M worth of PYR due to breaches of multiple wallets. Partnering centralized exchanges had been notified of the hack and they have pledged to seize any stolen funds upon deposit.[\[136\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-136)
- On January 27, 2022, Qubit Finance (DeFi) lost around \$80M worth of Binance Coin due to a flaw in the smart contract that enabled the withdrawal of the said amount in exchange for a deposit of 0 ETH.[\[137\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-137)
- In March 2022,[\[138\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-138) the largest cryptocurrency theft of the year, US\$625 million in ether and USD coin was stolen from the [Ronin Network](https://en.wikipedia.org/wiki/Ronin_Network "Ronin Network"). Hacked nodes were finally discovered when a user reported being unable to withdraw funds. The heist was later linked to [Lazarus Group](https://en.wikipedia.org/wiki/Lazarus_Group "Lazarus Group"), a [North Korean](https://en.wikipedia.org/wiki/North_Korea "North Korea") state-backed hacking collective, by the [U.S. Treasury Department](https://en.wikipedia.org/wiki/U.S._Treasury_Department "U.S. Treasury Department").[\[100\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Forbes-100)
- On September 20, 2022, Wintermute was hacked resulting in theft of US\$160 million. The company attributed the vulnerability to a service used by the platform that generates vanity addresses for digital accounts.[\[100\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Forbes-100)
- On September 25, 2023, it was reported that \$200 million was stolen by hackers from Hong Kong-based crypto firm Mixin Network. The company suspended deposits and withdrawals, stating that the database of its network's cloud service provider was attacked by hackers resulting in the loss of the assets.[\[139\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-139)[\[140\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-140)
- On February 21, 2025 the exchange [Bybit](https://en.wikipedia.org/wiki/Bybit "Bybit") reported the theft of \$1.5 billion in ether, estimated at the time to be the largest crypto heist in history. A blockchain analysis firm linked the attack to the [Lazarus Group](https://en.wikipedia.org/wiki/Lazarus_Group "Lazarus Group") which exploited security features transferring the money to multiply unidentified addresses[\[141\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-141)
- On June 17, 2025 it was reported that there was cyberattack on Iran's biggest cryptocurrency exchange, Nobitex. The attack was done during the [IranâIsrael War](https://en.wikipedia.org/wiki/Iran%E2%80%93Israel_war "IranâIsrael war"). The attack, blamed on the Israel-linked hacker group [Gonjeshke Darande](https://en.wikipedia.org/wiki/Predatory_Sparrow "Predatory Sparrow") (also called "Predatory Sparrow"), led to the theft of more than \$90 million in digital assets, mostly Tether (USDT) on the Tron network.[\[142\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:02-142)
- 25 June 2025, law enforcement officials from the Spanish Guardia Civil, Europol and other European countries identified and arrested perpetrators of a cryptocurrency scheme that had laundered EUR 460 million in illicit profits stolen from over 5 000 victims.[\[143\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-143) Leaders of the scam reportedly used a net of associates spread around the world to raise funds through cash withdrawals, bank transfers and crypto-transfers.[\[144\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-144)
The *Parity Wallet* has had two security incidents amounting to 666,773 [ETH](https://en.wikipedia.org/wiki/Ethereum#Ether "Ethereum") lost or stolen.[\[145\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-145) In July 2017, due to a bug in the [multi-signature](https://en.wikipedia.org/wiki/Multisignature "Multisignature") code, 153,037 ETH (approximately US\$32 million at the time) were stolen.[\[146\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-146)[\[147\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-147) In November 2017, a subsequent multisignature\[*[clarification needed](https://en.wikipedia.org/wiki/Wikipedia:Please_clarify "Wikipedia:Please clarify")*\] flaw in *Parity* made 513,774 ETH (about US\$150 million) unreachable;[\[148\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-148)[\[149\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-149) as of March 2019, the funds were still frozen.[\[150\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-150)
Notable cases of electricity theft to mine proof-of-work cryptocurrencies include:
- In February 2021 Malaysian police arrested six men involved in a Bitcoin mining operation which had stolen US\$2 million in electricity[\[151\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-151)
- Ukraine authorities shut down an underground gaming and cryptocurrency farm in July 2021, accused of stealing \$259,300 of electricity each month[\[152\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-152)
- In July 2021 Malaysian authorities destroyed 1,069 cryptocurrency mining systems accused of stealing electricity from the grid[\[153\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-153)
- In May 2021 UK authorities closed a suspected bitcoin mine after [Western Power Distribution](https://en.wikipedia.org/wiki/Western_Power_Distribution "Western Power Distribution") found an illegal connection to the electricity supply[\[154\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-154)
There have been many cases of bitcoin theft.[\[155\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Economist113013Pressure-155) As of December 2017, around 980,000 bitcoinsâover five percent of all bitcoin in circulation[\[a\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-156)âhad been lost on [cryptocurrency exchanges](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange").[\[156\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-157)
One type of theft involves a third party accessing the [private key](https://en.wikipedia.org/wiki/Private_key "Private key") to a victim's bitcoin address,[\[157\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-158) or an [online wallet](https://en.wikipedia.org/wiki/Online_wallet "Online wallet").[\[158\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-159) If the private key is stolen, all the bitcoins from the compromised address can be transferred. In that case, the network does not have any provisions to identify the thief, block further transactions of those stolen bitcoins, or return them to the legitimate owner.[\[159\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-winkles-160)
Theft also occurs at sites where bitcoins are used to purchase illicit goods. In late November 2013, an estimated US\$100 million in bitcoins were allegedly stolen from the online illicit goods marketplace [Sheep Marketplace](https://en.wikipedia.org/wiki/Sheep_Marketplace "Sheep Marketplace"), which immediately closed.[\[160\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-hern2013-161) Users tracked the coins as they were processed and converted to cash, but no funds were recovered and no culprits were identified.[\[160\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-hern2013-161) A different black market, [Silk Road 2](https://en.wikipedia.org/wiki/Silk_Road_2 "Silk Road 2"), stated that during a February 2014 hack, bitcoins valued at \$2.7 million were taken from [escrow accounts](https://en.wikipedia.org/wiki/Escrow_account "Escrow account").[\[161\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-silk2-162)
Sites where users exchange bitcoins for cash or store them in "wallets" are also targets for theft. Inputs.io, an Australian wallet service, was hacked twice in October 2013 and lost more than \$1 million in bitcoins.[\[162\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-163) GBL, a Chinese bitcoin trading platform, suddenly shut down on 26 October 2013; subscribers, unable to log in, lost up to \$5 million worth of bitcoin.[\[163\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-gbl3-164) In late February 2014 [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox"), one of the largest virtual currency exchanges, filed for bankruptcy in Tokyo amid reports that bitcoins worth US\$350 million had been stolen.[\[164\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-GoxBankrupt-165) [Flexcoin](https://en.wikipedia.org/wiki/Flexcoin "Flexcoin"), a bitcoin storage specialist based in [Alberta, Canada](https://en.wikipedia.org/wiki/Alberta,_Canada "Alberta, Canada"), shut down in March 2014 after saying it discovered a theft of about \$650,000 in bitcoins.[\[165\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-ligaya2014-166) Poloniex, a digital currency exchange, reported in March 2014 that it lost bitcoins valued at around \$50,000.[\[166\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-truong2014-167) In January 2015 UK-based [bitstamp](https://en.wikipedia.org/wiki/Bitstamp "Bitstamp"), the third busiest bitcoin exchange globally was hacked and US\$5 million in bitcoins were stolen.[\[167\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-168) In February 2015, a Chinese exchange named BTER lost bitcoins worth nearly \$2 million to hackers.[\[168\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-169)
A major bitcoin exchange, [Bitfinex](https://en.wikipedia.org/wiki/Bitfinex "Bitfinex"), was compromised by the [2016 Bitfinex hack](https://en.wikipedia.org/wiki/2016_Bitfinex_hack "2016 Bitfinex hack"), when nearly 120,000 bitcoins (around US\$71 million) were stolen in 2016.[\[169\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:3-170) Bitfinex was forced to suspend its trading. The theft was the second-largest bitcoin heist ever, dwarfed only by the Mt. Gox theft in 2014. According to *[Forbes](https://en.wikipedia.org/wiki/Forbes "Forbes")*, "All of Bitfinex's customers... will stand to lose money. The company has announced a cut of 36.067% across the board."[\[170\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-bitfinexheist-171) Following the hack the company failed to refund customers, though efforts are continuing.[\[171\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-172) In 2022, the US government recovered 94,636 bitcoin (worth approximately \$3.6 billion at the time of recovery) from the 2016 thefts of the Bitfinex exchange, reported as the "largest financial seizure" in U.S. history.[\[172\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:4-173) By February 2022, the amount of bitcoin stolen in 2016 had increased in value to \$4.5 billion. Two people were arrested for the thefts[\[173\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-174) in 2022; married couple Ilya âDutchâ Lichtenstein and rapper [Heather "Razzlekhan" Morgan](https://en.wikipedia.org/wiki/Heather_R._Morgan "Heather R. Morgan") were charged with conspiracy to commit money laundering and conspiracy to defraud the United States.[\[172\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:4-173)
On May 7, 2019, hackers stole over 7000 Bitcoins from the Binance Cryptocurrency Exchange, at a value of over 40 million US dollars. Binance CEO Zhao Changpeng stated: "The hackers used a variety of techniques, including phishing, viruses, and other attacks... The hackers had the patience to wait, and execute well-orchestrated actions through multiple seemingly independent accounts at the most opportune time."[\[174\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-175)
Thefts have raised safety concerns. Charles Hayter, founder of the digital currency comparison website CryptoCompare said, "It's a reminder of the fragility of the infrastructure in such a nascent industry."[\[175\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-176) According to the hearing of the U.S. House of Representatives Committee on Small Business on April 2, 2014, "these vendors lack regulatory oversight, minimum capital standards and don't provide consumer protection against loss or theft."[\[176\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-177)
[Japan](https://en.wikipedia.org/wiki/Japan "Japan") and the [United States](https://en.wikipedia.org/wiki/United_States "United States") have accused North Korean hackers of stealing [cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") worth over \$300 million from the Japan-based exchange DMM Bitcoin. The theft was attributed to the TraderTraitor group, believed to be part of the Lazarus Group, which is allegedly linked to North Korean authorities. The incident occurred in late May 2024, involving the theft of 4,502.9 [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin"). The theft involved the hackers using [social engineering](https://en.wikipedia.org/wiki/Social_engineering_\(security\) "Social engineering (security)") tactics to impersonate a recruiter on [LinkedIn](https://en.wikipedia.org/wiki/LinkedIn "LinkedIn") and send a malicious pre-employment test to an employee at a [crypto](https://en.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency") wallet software company. This allowed them to compromise the employee's system and manipulate a legitimate transaction request from DMM, resulting in the loss of 4,502.9 [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin"). The [FBI](https://en.wikipedia.org/wiki/Federal_Bureau_of_Investigation "Federal Bureau of Investigation") and Japan's National Police Agency are collaborating to combat North Korea's cybercrime activities, which date back to the mid-1990s and include a cyber-warfare unit known as [Bureau 121](https://en.wikipedia.org/wiki/Bureau_121 "Bureau 121"). The Lazarus Group has previously gained notoriety for its involvement in high-profile hacks, including the attack on [Sony Pictures](https://en.wikipedia.org/wiki/Sony_Pictures "Sony Pictures") in retaliation for the film "The Interview."
In June 2016, hackers exploited a vulnerability in [The DAO](https://en.wikipedia.org/wiki/The_DAO_\(organization\) "The DAO (organization)") to steal US\$50 million. Subsequently, the currency was forked into [Ethereum Classic](https://en.wikipedia.org/wiki/Ethereum_Classic "Ethereum Classic"), and Ethereum, with the latter continuing with the new blockchain without the exploited translations.[\[177\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-178)[\[178\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-179)
On November 21, 2017, [Tether](https://en.wikipedia.org/wiki/Tether_\(cryptocurrency\) "Tether (cryptocurrency)") announced that it had been hacked, losing \$31 million in USDT from its core treasury wallet.[\[179\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-180) The company has 'tagged' the stolen currency, hoping to 'lock' them in the hacker's wallet (making them unspendable).[\[180\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-181)
In 2022, hackers created a signature account on a blockchain bridge called "Wormhole" and stole more than \$300 million worth of ether.[\[181\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-182)
In 2015, two members of the Silk Road Task Forceâa multi-agency federal task force that carried out the U.S. investigation of [Silk Road](https://en.wikipedia.org/wiki/Silk_Road_\(marketplace\) "Silk Road (marketplace)")âwere convicted over charges pertaining to corruption.[\[182\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Jeong-183) Former [DEA](https://en.wikipedia.org/wiki/Drug_Enforcement_Administration "Drug Enforcement Administration") agent, Carl Mark Force, had attempted to extort Silk Road founder [Ross Ulbricht](https://en.wikipedia.org/wiki/Ross_Ulbricht "Ross Ulbricht") ("Dread Pirate Roberts") by faking the murder of an informant. He pleaded guilty to money laundering, [obstruction of justice](https://en.wikipedia.org/wiki/Obstruction_of_justice "Obstruction of justice"), and extortion under color of official right, and was sentenced to 6.5 years in federal prison.[\[182\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-Jeong-183) Former [U.S. Secret Service](https://en.wikipedia.org/wiki/United_States_Secret_Service "United States Secret Service") agent, Shaun Bridges, pleaded guilty to crimes relating to his diversion of \$800,000 worth of bitcoins to his personal account during the investigation, and also separately pleaded guilty to money laundering in connection to another cryptocurrency theft. Bridges was sentenced to almost eight years in federal prison.[\[183\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-184)
[Gerald Cotten](https://en.wikipedia.org/wiki/Gerald_Cotten "Gerald Cotten") founded QuadrigaCX in 2013, after graduating from the Schulich School of Business in Toronto. Cotten was acting as the sole curator of the exchange. Quadriga had no official bank accounts since banks at the time had no method of managing cryptocurrency. In late 2018, Canada's largest crypto exchange [QuadrigaCX](https://en.wikipedia.org/wiki/QuadrigaCX "QuadrigaCX") lost US\$190 million in cryptocurrency when the owner died; he was the only one with knowledge of the password to a storage wallet. The exchange filed for bankruptcy in 2019.[\[184\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-185)
In 2018, Ellis Pinsky, 15 years old, was accused of orchestrating a scheme to steal millions of dollars' worth of cryptocurrencies from Michael Terpin, a prominent cryptocurrency investor. The scheme involved a social engineering technique known as the [SIM swap scam](https://en.wikipedia.org/wiki/SIM_swap_scam "SIM swap scam"). The case attracted significant attention due to Pinsky's young age and the substantial amount of money involved. It raised questions about the security of digital assets and the challenges in regulating and prosecuting crimes in the rapidly evolving world of cryptocurrencies. Pinsky later reached a settlement to return \$22 million in cryptocurrency to Terpin.[\[185\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-186)[\[186\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-El_Pa%C3%ADs-187)[\[187\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-188)[\[188\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-189)[\[189\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-190) In May 2020, Pinsky experienced a home invasion by intruders searching for remaining stolen assets.[\[186\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-El_Pa%C3%ADs-187) Michael Terpin, the founder and chief executive officer of Transform Group, a [San Juan](https://en.wikipedia.org/wiki/San_Juan,_Puerto_Rico "San Juan, Puerto Rico"), [Puerto Rico](https://en.wikipedia.org/wiki/Cryptocurrencies_in_Puerto_Rico "Cryptocurrencies in Puerto Rico")\-based company that advises blockchain businesses on public relations and communications, sued Ellis Pinsky in New York on May 7, 2020, for leading a "sophisticated cybercrime spree" that stole US\$24 million in cryptocurrency by hacking into Terpin's phone in 2018.[\[190\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-191)[\[191\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:0-192) Terpin also sued Nicholas Truglia and won a \$75.8 million judgment against Truglia in 2019 in California state court.[\[191\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-:0-192)
On July 15, 2020, [Twitter](https://en.wikipedia.org/wiki/Twitter "Twitter") accounts of prominent personalities and firms, including [Joe Biden](https://en.wikipedia.org/wiki/Joe_Biden "Joe Biden"), [Barack Obama](https://en.wikipedia.org/wiki/Barack_Obama "Barack Obama"), [Bill Gates](https://en.wikipedia.org/wiki/Bill_Gates "Bill Gates"), [Elon Musk](https://en.wikipedia.org/wiki/Elon_Musk "Elon Musk"), [Jeff Bezos](https://en.wikipedia.org/wiki/Jeff_Bezos "Jeff Bezos"), [Apple](https://en.wikipedia.org/wiki/Apple_Inc. "Apple Inc."), [Kanye West](https://en.wikipedia.org/wiki/Kanye_West "Kanye West"), [Michael Bloomberg](https://en.wikipedia.org/wiki/Michael_Bloomberg "Michael Bloomberg") and [Uber](https://en.wikipedia.org/wiki/Uber "Uber") were [hacked](https://en.wikipedia.org/wiki/2020_Twitter_account_hijacking "2020 Twitter account hijacking"). Twitter confirmed that it was a coordinated [social engineering](https://en.wikipedia.org/wiki/Social_engineering_\(security\) "Social engineering (security)") attack on their own employees. Twitter released its statement six hours after the attack took place. Hackers posted the message to transfer the [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") to a Bitcoin wallet, which would double the amount. The wallet's balance was expected\[*[according to whom?](https://en.wikipedia.org/wiki/Wikipedia:Manual_of_Style/Words_to_watch#Unsupported_attributions "Wikipedia:Manual of Style/Words to watch")*\] to increase to more than \$100,000 as the message spread among Twitter followers.[\[192\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-193)
In 2021, US Authorities carried out a raid on [James Zhong](https://en.wikipedia.org/wiki/James_Zhong "James Zhong")'s home in Gainesville, Georgia. Authorities found over 51,000 bitcoin that Zhong had stolen from [Silk Road](https://en.wikipedia.org/wiki/Silk_Road_\(marketplace\) "Silk Road (marketplace)") between 2012 and 2013. Through an error on Silk Road, Zhong was able to withdraw more bitcoin than what was initially deposited. He concealed his identity and was able to evade authorities for nearly a decade. Zhong ended up pleading guilty to wire fraud and was sentenced to 1 year and 1 day in prison along with a forfeiture of all bitcoin.[\[193\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-194)
In 2022, the [Federal Trade Commission](https://en.wikipedia.org/wiki/Federal_Trade_Commission "Federal Trade Commission") reported that \$139 million in cryptocurrency was stolen by [romance scammers](https://en.wikipedia.org/wiki/Romance_scam "Romance scam") in 2020.[\[194\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-VergeScam-195) Some scammers target dating apps with fake profiles.[\[195\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-196)
In early 2022, the Beanstalk cryptocurrency was stripped of its reserves, which were valued at more than US\$180 million, after attackers had managed to use borrowed US\$80 million in cryptocurrency to buy enough voting rights to transfer the reserves to their own accounts outside the system. It was initially unclear if such an exploit of governance procedures was illegal.[\[196\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-197)
In 2025, A Nigerian scammer impersonated Trump ally [Steve Witkoff](https://en.wikipedia.org/wiki/Steve_Witkoff "Steve Witkoff") by creating a nearly identical email address to solicit a \$250,000 cryptocurrency donation from a political donor intended for the Trump-Vance Inaugural Committee. The donor, deceived by the subtle change in the email domain, transferred 250,300 USDT.ETH, which was quickly laundered through multiple wallets. The FBI, with help from [Tether](https://en.wikipedia.org/wiki/Tether_\(cryptocurrency\) "Tether (cryptocurrency)") and [Binance](https://en.wikipedia.org/wiki/Binance "Binance"), managed to recover and freeze about \$40,300 of the stolen funds, but over \$210,000 remains missing. Officials warn that the complexity of blockchain transactions makes recovering stolen crypto extremely difficult.[\[197\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-198)
Josh Garza, who founded the cryptocurrency startups GAW Miners and ZenMiner in 2014, acknowledged in a [plea agreement](https://en.wikipedia.org/wiki/Plea_agreement "Plea agreement") that the companies were part of a [pyramid scheme](https://en.wikipedia.org/wiki/Pyramid_scheme "Pyramid scheme"), and pleaded guilty to [wire fraud](https://en.wikipedia.org/wiki/Wire_fraud "Wire fraud") in 2015. The U.S. [Securities and Exchange Commission](https://en.wikipedia.org/wiki/Securities_and_Exchange_Commission "Securities and Exchange Commission") separately brought a civil enforcement action against Garza, who was eventually ordered to pay a judgment of US\$9.1 million plus \$700,000 in interest. The SEC's complaint stated that Garza, through his companies, had fraudulently sold "investment contracts representing shares in the profits they claimed would be generated" from mining.[\[198\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-199) Garza was later found guilty of fraud and ordered to pay US\$9 million and begin serving a 21-month sentence commencing January 2019 by the U.S. Attorney's Office District of Connecticut.[\[199\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-200)
The cryptocurrency community refers to pre-mining, hidden launches, [ICO](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") or extreme rewards for the altcoin founders as deceptive practices.[\[200\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-201) This is at times an inherent part of the cryptocurrency's design.[\[201\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-202) Pre-mining refers to the practice of generating the currency before its released to the public.[\[202\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-203)
[FTX](https://en.wikipedia.org/wiki/FTX_\(company\) "FTX (company)") and [Alameda Research](https://en.wikipedia.org/wiki/Alameda_Research "Alameda Research") founder and [CEO](https://en.wikipedia.org/wiki/Chief_executive_officer "Chief executive officer") [Sam Bankman-Fried](https://en.wikipedia.org/wiki/Sam_Bankman-Fried "Sam Bankman-Fried") was indicted by the [U.S. District Court for the Southern District of New York](https://en.wikipedia.org/wiki/United_States_District_Court_for_the_Southern_District_of_New_York "United States District Court for the Southern District of New York") in December 2022 and charged with commodities and [wire fraud](https://en.wikipedia.org/wiki/Wire_fraud "Wire fraud"), [securities fraud](https://en.wikipedia.org/wiki/Securities_fraud "Securities fraud") and [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering"), as well as with violating [campaign finance](https://en.wikipedia.org/wiki/Campaign_finance "Campaign finance") laws.[\[203\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-204)[\[204\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-205)
In 2025, U.S. authorities led by the Department of Justice and the FBIâs San Diego Field Office have seized approximately \$2.5 million in cryptocurrency linked to a series of sophisticated fraud schemes. The forfeiture, approved by U.S. District Court, targets criminals who exploited digital financial platforms to defraud victims, often through so-called "confidence schemes." The crackdown involved collaboration with various agencies and support from Tether, a crypto industry company, and aims to both compensate victims and deter future online fraud.[\[205\]](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_note-206)
- [Bitcoin network § Alleged criminal activity](https://en.wikipedia.org/wiki/Bitcoin_network#Alleged_criminal_activity "Bitcoin network")
- [Computer security](https://en.wikipedia.org/wiki/Computer_security "Computer security")
- [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble")
- [Terrorism financing](https://en.wikipedia.org/wiki/Terrorism_financing "Terrorism financing")
1. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-156)** As of supply count of Bitcoin, 2021-09-23
1. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-1)**
[Internet Organised Crime Threat Assessment (IOCTA) 2024](https://www.europol.europa.eu/publications-events/main-reports/iocta-report) (Report). Europol. 2024. Retrieved October 30, 2025.
2. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-2)**
[Cryptocurrencies: Tracing the evolution of criminal finances](https://www.europol.europa.eu/cms/sites/default/files/documents/Europol%20Spotlight%20-%20Cryptocurrencies%20-%20Tracing%20the%20evolution%20of%20criminal%20finances.pdf) (PDF) (Report). Europol. 2021. Retrieved October 30, 2025.
3. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-3)**
["Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers"](https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Guidance-rba-virtual-assets-2021.html). Financial Action Task Force. 28 October 2021. Retrieved 31 October 2025.
4. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-4)**
["Internet Organised Crime Threat Assessment (IOCTA) 2024"](https://www.europol.europa.eu/publication-events/main-reports/internet-organised-crime-threat-assessment-iocta-2024). Europol. 2024. Retrieved 31 October 2025.
5. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-5)**
["Money laundering through cryptocurrencies"](https://syntheticdrugs.unodc.org/syntheticdrugs/en/cybercrime/launderingproceeds/moneylaundering.html). UNODC. Retrieved 31 October 2025.
6. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-6)**
["A race against time: Recommendations from the 7th Global Conference on Criminal Finances and Cryptoassets"](https://baselgovernance.org/sites/default/files/2024-05/240506_Crypto-7th%20conference-recommendations.pdf) (PDF). Basel Institute on Governance and Europol. 2024. Retrieved 31 October 2025.
7. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-7)**
["Virtual assets"](https://www.fatf-gafi.org/en/topics/virtual-assets.html). Financial Action Task Force. Retrieved 31 October 2025.
8. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-8)**
["Virtual Assets: Targeted update on implementation of the FATF Standards on VAs and VASPs"](https://www.fatf-gafi.org/content/dam/fatf-gafi/recommendations/2024-Targeted-Update-VA-VASP.pdf.coredownload.inline.pdf) (PDF). Financial Action Task Force. 9 July 2024. Retrieved 31 October 2025.
9. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-9)**
["Targeted Update on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers"](https://www.fatf-gafi.org/content/dam/fatf-gafi/recommendations/2025-Targeted-Upate-VA-VASPs.pdf.coredownload.pdf) (PDF). Financial Action Task Force. June 2025. Retrieved 31 October 2025.
10. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-10)**
["2024 National Strategy for Combating Terrorist and Other Illicit Financing"](https://home.treasury.gov/system/files/136/2024-Illicit-Finance-Strategy.pdf) (PDF). U.S. Department of the Treasury. 16 May 2024. Retrieved 31 October 2025.
11. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-11)**
["One of the darkweb's largest cryptocurrency "laundromats" washed out"](https://www.europol.europa.eu/media-press/newsroom/news/one-of-darkwebs-largest-cryptocurrency-laundromats-washed-out). Europol. 15 March 2023. Retrieved 31 October 2025.
12. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-12)**
["Cryptocurrencies â Tracing the evolution of criminal finances"](https://www.europol.europa.eu/publications-events/publications/cryptocurrencies-tracing-evolution-of-criminal-finances). Europol. 26 January 2022. Retrieved 31 October 2025.
13. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-13)**
["Money laundering through cryptocurrencies"](https://syntheticdrugs.unodc.org/syntheticdrugs/en/cybercrime/launderingproceeds/moneylaundering.html). United Nations Office on Drugs and Crime. Retrieved 31 October 2025.
14. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-14)**
["Virtual Assets: Targeted update on implementation of the FATF Standards on VAs and VASPs"](https://www.fatf-gafi.org/en/publications/Fatfrecommendations/targeted-update-virtual-assets-vasps-2024.html). Financial Action Task Force. 9 July 2024. Retrieved 31 October 2025.
15. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-15)**
["Targeted Update on Implementation of the FATF Standards on Virtual Assets and Virtual Asset Service Providers"](https://www.fatf-gafi.org/content/dam/fatf-gafi/recommendations/2025-Targeted-Upate-VA-VASPs.pdf.coredownload.pdf) (PDF). Financial Action Task Force. June 2025. Retrieved 31 October 2025.
16. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-16)**
["Consumer Sentinel Network Data Book 2024"](https://www.ftc.gov/system/files/ftc_gov/pdf/CSN-Data-Book-2024.pdf) (PDF). Federal Trade Commission. 2025. p. 8. Retrieved March 18, 2026.
17. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-17)**
["2024 Internet Crime Report"](https://www.ic3.gov/Media/PDF/AnnualReport/2024_IC3Report.pdf) (PDF). Federal Bureau of Investigation (IC3). 2025. p. 34. Retrieved March 18, 2026.
18. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-18)**
["Global ransomware payments plunge by a third amid crackdown"](https://www.theguardian.com/technology/2025/feb/05/global-ransomware-payments-plunge-by-a-third-amid-crackdown). *The Guardian*. 2025-02-05. Retrieved March 18, 2026.
19. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-19)**
["Ransomware Payments Hit a Record \$1.1 Billion in 2023"](https://www.wired.com/story/ransomware-payments-2023-breaks-record). *Wired*. 2024-02-07. Retrieved March 18, 2026.
20. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-20)**
["Losses from crypto hacks jump to \$2.2 bln in 2024, report says"](https://www.reuters.com/technology/losses-crypto-hacks-jump-22-bln-2024-report-says-2024-12-19/). *Reuters*. 2024-12-19. Retrieved March 18, 2026.
21. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-21)**
["2025 Crypto Crime Trends"](https://www.chainalysis.com/blog/2025-crypto-crime-report-introduction/). Chainalysis. 2025-01-15. Retrieved March 18, 2026.
22. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-22)**
["US weighs lifting sanctions on Tornado Cash privacy tool as it seeks new crypto rules"](https://apnews.com/article/crypto-sanctions-treasury-tornado-cash-4cec9bbdee5a6a3eb0d98e6d30b344f7). *Associated Press*. 2025-02-05. Retrieved March 18, 2026.
23. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-23)**
["Illicit finance increasingly turns to stablecoins"](https://www.trmlabs.com/post/illicit-crypto-transactions-increasingly-shift-to-stablecoins). TRM Labs. 2025-05-07. Retrieved March 18, 2026.
24. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-24)**
Nilsson, Pamela (2025-02-27). ["Crypto casinos are the fastest growing sector of online gambling"](https://www.ft.com/content/1e28862c-058d-4f4a-9a5e-1ea2adff2b3f). *Financial Times*. Retrieved March 18, 2026.
25. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-25)**
["Crypto Crime Trends for 2023: Darknet markets after Hydra"](https://www.chainalysis.com/blog/crypto-crime-trends-2023/). Chainalysis. 2023-01-12. Retrieved March 18, 2026.
26. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-26)**
["U.S. Treasury Sanctions Russia-Based Hydra Market"](https://home.treasury.gov/news/press-releases/jy0705). U.S. Department of the Treasury. 2022-04-05. Retrieved March 18, 2026.
27. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-27)**
["Cross-chain money laundering reaches \$22 billion"](https://www.elliptic.co/blog/cross-chain-money-laundering-reaches-22-billion). *Elliptic*. Elliptic Enterprises Limited. 17 July 2025. Retrieved March 18, 2026.
28. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-28)**
Hou, Greg (2022). "Cryptocurrency money laundering and exit scams: Cases, regulatory responses and issue". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 83. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
29. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-29)**
[Cryptoasset Market Coverage Initiation: Network Creation](https://research.bloomberg.com/pub/res/d28giW28tf6G7T_Wr77aU0gDgFQ) (Report). Satis Group. 11 July 2018. p. 24. [Archived](https://web.archive.org/web/20230216090001/https://research.bloomberg.com/pub/res/d28giW28tf6G7T_Wr77aU0gDgFQ) from the original on 16 February 2023. Retrieved 15 February 2023.
See
Nestarcova, Dominika (2019). *A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"*. Leiden/Boston: Brill. p. 43. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-90-04-41657-4](https://en.wikipedia.org/wiki/Special:BookSources/978-90-04-41657-4 "Special:BookSources/978-90-04-41657-4")
.
30. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-30)**
This phenomenon is described in detail at the hand of several examples in
Hou, Greg (2022). "Cryptocurrency money laundering and exit scams: Cases, regulatory responses and issue". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. pp. 85â87\. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
See also the sources cited there.
31. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-31)**
Nestarcova, Dominika (2019). *A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"*. Leiden/Boston: Brill. pp. 43 f. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-90-04-41657-4](https://en.wikipedia.org/wiki/Special:BookSources/978-90-04-41657-4 "Special:BookSources/978-90-04-41657-4")
.
32. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-32)**
Rao, Sandeep (2022). "Mt. Gox â The fall of a giant". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 80. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
33. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-33)**
Nestarcova, Dominika (2019). *A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"*. Leiden/Boston: Brill. pp. 43 f. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-90-04-41657-4](https://en.wikipedia.org/wiki/Special:BookSources/978-90-04-41657-4 "Special:BookSources/978-90-04-41657-4")
.
Cf.
[Clayton, Jay](https://en.wikipedia.org/wiki/Jay_Clayton_\(attorney\) "Jay Clayton (attorney)") (11 December 2017). ["Statement on Cryptocurrencies and Initial Coin Offerings"](https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11). U.S. Securities and Exchange Commission (SEC). [Archived](https://web.archive.org/web/20230131105924/https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11) from the original on 31 January 2023. Retrieved 15 February 2023. "Please also recognize that these markets span national borders and that significant trading may occur on systems and platforms outside the United States. Your invested funds may quickly travel overseas without your knowledge. As a result, risks can be amplified, including the risk that market regulators, such as the SEC, may not be able to effectively pursue bad actors or recover funds."
34. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-34)**
Johnstone, Syren (2021). *Rethinking the Regulation of Cryptoassets. Cryptographic Consensus Technology and the New Prospect*. Cheltenham/Northampton: Edward Elgar. pp. 61 f. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[9781800886780](https://en.wikipedia.org/wiki/Special:BookSources/9781800886780 "Special:BookSources/9781800886780")
.
35. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-35)**
Mukherjee, Sanmoy; Larkin, Charles; Corbet, Shaen (2022). "Cryptocurrency Ponzi schemes". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 118. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
36. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-De_Gruyter_36-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-De_Gruyter_36-1)
Conlon, Thomas; McGee, Richard J. (2022). "ICO fraud and regulation". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 46. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
37. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-37)**
See
Mukherjee, Sanmoy; Larkin, Charles; Corbet, Shaen (2022). "Cryptocurrency Ponzi schemes". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 112. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
as well as
Bartlett, Jamie (24 November 2019). ["Cryptoqueen: How this woman scammed the world, then vanished"](https://www.bbc.com/news/stories-50435014). *BBC News*. [Archived](https://web.archive.org/web/20201221235010/https://www.bbc.com/news/stories-50435014) from the original on 21 December 2020. Retrieved 15 February 2023.
38. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-38)** Tara Deschamps [Crypto exchange Quadriga was a fraud and founder was running Ponzi scheme, OSC report finds](https://www.cbc.ca/news/business/osc-quadriga-gerald-cotten-1.5607990) June 11, 2020, [CBC](https://en.wikipedia.org/wiki/Canadian_Broadcasting_Corporation "Canadian Broadcasting Corporation")
39. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-39)**
Ligaya, Armina (4 February 2019). ["Canada's largest cryptocurrency exchange Quadriga seeks creditor protection"](https://www.ctvnews.ca/business/article/canadas-largest-cryptocurrency-exchange-quadriga-seeks-creditor-protection/). *[CTV News](https://en.wikipedia.org/wiki/CTV_News "CTV News")*. BellMedia. [Archived](https://web.archive.org/web/20190205145700/https://www.ctvnews.ca/business/canada-s-largest-cryptocurrency-exchange-quadriga-seeks-creditor-protection-1.4282216) from the original on 5 February 2019. Retrieved 5 February 2019.
40. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-40)**
Albrecht, Chad; Duffin, Kristopher McKay; Hawkins, Steven; Rocha, Victor Manuel Morales (2019). "The use of cryptocurrencies in the money laundering process". *Journal of Money Laundering Control*. **22** (2): 213. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1108/JMLC-12-2017-0074](https://doi.org/10.1108%2FJMLC-12-2017-0074). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [159087019](https://api.semanticscholar.org/CorpusID:159087019).
41. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-nestarcova44_41-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-nestarcova44_41-1) [***c***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-nestarcova44_41-2)
Nestarcova, Dominika (2019). *A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"*. Leiden/Boston: Brill. p. 44. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-90-04-41657-4](https://en.wikipedia.org/wiki/Special:BookSources/978-90-04-41657-4 "Special:BookSources/978-90-04-41657-4")
.
42. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-42)**
Stabile, Daniel T.; Prior, Kimberly A.; Hinkes, Andrew M. (2020). *Digital Assets and Blockchain Technology. US Law and Regulation*. Cheltenham/Northampton: Edward Elgar Publishing. pp. 299â301\. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-78990-743-8](https://en.wikipedia.org/wiki/Special:BookSources/978-1-78990-743-8 "Special:BookSources/978-1-78990-743-8")
.
43. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-43)**
Owen, Allison; Chase, Isabella (December 2, 2021). [NFTs: A New Frontier for Money Laundering?](https://rusi.org/explore-our-research/publications/commentary/nfts-new-frontier-money-laundering) (Report). Royal United Services Institute. [Archived](https://web.archive.org/web/20220116131322/https://rusi.org/explore-our-research/publications/commentary/nfts-new-frontier-money-laundering/) from the original on 16 January 2022. Retrieved 15 February 2023.
44. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-44)**
[Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art](https://home.treasury.gov/system/files/136/Treasury_Study_WoA.pdf) (PDF) (Report). [United States Department of the Treasury](https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury "United States Department of the Treasury"). 2022. p. 27. [Archived](https://web.archive.org/web/20220413071205/https://home.treasury.gov/system/files/136/Treasury_Study_WoA.pdf) (PDF) from the original on 13 April 2022. Retrieved 15 February 2023.
45. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-45)**
Quiroz-Gutierrez, Marco (February 4, 2022). ["A handful of NFT users are making big money off of a stealth scam. Here's how 'wash trading' works"](https://fortune.com/2022/02/04/nft-wash-trade-scam-millions/). *Fortune*. [Archived](https://web.archive.org/web/20221215090338/https://fortune.com/2022/02/04/nft-wash-trade-scam-millions/) from the original on 15 December 2022. Retrieved 15 February 2023.
46. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-46)**
["Crime and NFTs: Chainalysis Detects Significant Wash Trading and Some NFT Money Laundering In this Emerging Asset Class"](https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering/). Chainalysis. February 2, 2022. [Archived](https://web.archive.org/web/20221206010533/https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering/) from the original on 6 December 2022. Retrieved 15 February 2023.
47. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-47)**
Cf.
[Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art](https://home.treasury.gov/system/files/136/Treasury_Study_WoA.pdf) (PDF) (Report). United States Department of the Treasury. 2022. p. 26. [Archived](https://web.archive.org/web/20220413071205/https://home.treasury.gov/system/files/136/Treasury_Study_WoA.pdf) (PDF) from the original on 13 April 2022. Retrieved 15 February 2023.
48. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-48)**
Johnstone, Syren (2021). *Rethinking the Regulation of Cryptoassets. Cryptographic Consensus Technology and the New Prospect*. Cheltenham/Northampton: Edward Elgar. p. 61. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[9781800886780](https://en.wikipedia.org/wiki/Special:BookSources/9781800886780 "Special:BookSources/9781800886780")
.
49. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-49)**
Dwyer, Gerald P. (2022). "Regulation of cryptocurrencies". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. pp. 201 f. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
50. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-50)**
Dwyer, Gerald P. (2022). "Regulation of cryptocurrencies". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 202. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
51. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-51)**
Dwyer, Gerald P. (2022). "Regulation of cryptocurrencies". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. pp. 202â204\. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
52. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-52)**
Dwyer, Gerald P. (2022). "Regulation of cryptocurrencies". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. pp. 204 f. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
53. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-53)**
["Directive - 2018/843 - EN - aml directive - EUR-Lex"](https://eur-lex.europa.eu/eli/dir/2018/843/oj/eng).
54. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-schickleryahoo_54-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-schickleryahoo_54-1)
Schickler, Jack (September 2, 2022). ["Money Laundering via Metaverse, DeFi, NFTs Targeted by EU Lawmakers' Latest Draft"](https://finance.yahoo.com/news/money-laundering-via-metaverse-defi-134732625.html). *Yahoo Finance*. [Archived](https://web.archive.org/web/20221215091828/https://finance.yahoo.com/news/money-laundering-via-metaverse-defi-134732625.html) from the original on 15 December 2022. Retrieved 15 February 2023.
55. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-55)**
["Treasury Releases Study on Illicit Finance in the High-Value Art Market"](https://home.treasury.gov/news/press-releases/jy0588). *U.S. Department of the Treasury*. [Archived](https://web.archive.org/web/20220204234141/https://home.treasury.gov/news/press-releases/jy0588) from the original on 4 February 2022. Retrieved 15 February 2023.
56. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-56)**
[Study of the Facilitation of Money Laundering and Terror Finance Through the Trade in Works of Art](https://home.treasury.gov/system/files/136/Treasury_Study_WoA.pdf) (PDF) (Report). United States Department of the Treasury. 2022. p. 26. [Archived](https://web.archive.org/web/20220413071205/https://home.treasury.gov/system/files/136/Treasury_Study_WoA.pdf) (PDF) from the original on 13 April 2022. Retrieved 15 February 2023.
57. **[^](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime#cite_ref-57)**
Reiche, Matthias (July 12, 2022). ["Umgang mit Bitcoin & Co. Wie die EU den Kryptomarkt reguliert"](https://www.tagesschau.de/wirtschaft/finanzen/eu-kryptomarkt-101.html) (in German). [Archived](https://web.archive.org/web/20221214152120/https://www.tagesschau.de/wirtschaft/finanzen/eu-kryptomarkt-101.html) from the original on 14 December 2022. Retrieved 15 February 2023.
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[978-3-319-78508-0](https://en.wikipedia.org/wiki/Special:BookSources/978-3-319-78508-0 "Special:BookSources/978-3-319-78508-0")
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Conlon, Thomas; McGee, Richard J. (2022). "ICO fraud and regulation". In Corbet, Shaen (ed.). *Understanding Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies*. Boston/Berlin: De Gruyter. p. 47. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-3-11-071688-7](https://en.wikipedia.org/wiki/Special:BookSources/978-3-11-071688-7 "Special:BookSources/978-3-11-071688-7")
.
Cf.
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- [Wallet-Watch.org](https://wallet-watch.org/): Non-profit database providing real-time intelligence against crypto fraud and illicit activity. |
| Shard | 152 (laksa) |
| Root Hash | 17790707453426894952 |
| Unparsed URL | org,wikipedia!en,/wiki/Cryptocurrency_and_crime s443 |