Letter #17: Not Your Keys, Not Your Coins …

Cryptocurrency businesses are thriving and new and experienced investors alike are becoming wealthy at a staggering pace. After all, even in the midst of Bitcoin’s current downturn its price is up over 250% in the past twelve months alone. However, white hat participants are not the only people finding success in cryptocurrency’s uptrend. Cryptocurrency scams and those who perpetrate them are also getting rich. CipherTrace, a blockchain analytics firm specializing in tracking global crypto crimes, estimates that crypto scams worldwide netted nearly $450 million U.S. dollars in just the first four months of 2021. That number may soon grow exponentially though if the latest reports about the disappearance of coins entrusted to a South African crypto investment firm are true.

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