>many banks will outright refuse to make SWIFT transactions to Nigerian accounts
The flipside of this is crypto turbocharging online scammers.
"The industry in Cambodia now generates more than $12.5 billion annually – half of the country's GDP, according to the United States Institute for Peace."
"The criminal gangs entice trafficking victims with fake job offers posted on social media and then force them to financially exploit people online including through fake romances or “pig-butchering” schemes in which the scammer builds trust with a victim before stealing their money, Amnesty said."
The scammers will make friends with someone online, persuade them to deposit increasingly large amounts into a "crypto trading platform", then finally run with the money.
Crypto has created an alternative financial system with many fewer rules. This can either be good or bad depending on the circumstances.
I think it has the potential to be a good thing in the long run. In the short run, however, people need to learn to instinctively distrust crypto as a scam. Especially if the situation involves a friendly attractive lady you've been chatting with online who's really good at trading cryptocurrency and wants to share her secrets with you.
The flipside of this is crypto turbocharging online scammers.
"The industry in Cambodia now generates more than $12.5 billion annually – half of the country's GDP, according to the United States Institute for Peace."
"The criminal gangs entice trafficking victims with fake job offers posted on social media and then force them to financially exploit people online including through fake romances or “pig-butchering” schemes in which the scammer builds trust with a victim before stealing their money, Amnesty said."
https://www.reuters.com/sustainability/society-equity/amnest...
The scammers will make friends with someone online, persuade them to deposit increasingly large amounts into a "crypto trading platform", then finally run with the money.
Crypto has created an alternative financial system with many fewer rules. This can either be good or bad depending on the circumstances.
I think it has the potential to be a good thing in the long run. In the short run, however, people need to learn to instinctively distrust crypto as a scam. Especially if the situation involves a friendly attractive lady you've been chatting with online who's really good at trading cryptocurrency and wants to share her secrets with you.