Scams that use cryptocurrencies are common in the world of white-collar crime. Even scarier is that fraud is not the only crime in the cryptocurrency industry.

Con artists would try to get their victims to invest in a Ponzi scheme, a quick way to get rich. On November 21, two Estonians were caught trying to steal and wash $575 million worth of bitcoin. In September, US officials said that the “head trader” of the global cryptocurrency Ponzi scheme EmpiresX had admitted to stealing $100 million from investors and had pleaded guilty to working with others to commit securities fraud. To invest in bitcoins, you can visit online trading platforms like

Before this news came out, the US government said that they had caught the “head trader” of the scheme. Because there are so many ways to trick people with digital assets, like the EmpiresX scheme, the number of big scams on the cryptocurrency market has increased.

A deputy governor of the Bank of England said the sector should be regulated after FTX went out of business. He said something had to be done right away before something worse than the FTX collapse happened. He said something had to be done because the cryptocurrency market was still growing.

This call to action is great, but more than just having rules is needed. People feel better about the market and stop doing bad things when these rules are followed and enforced.

People who like the cryptocurrency space try to get more people interested by using words like “disruptive” and “Wild West.” But because of these things, scammers and other bad people are drawn to the area. Still, most local and international laws about money don’t cover it. 

The financial sector is moving away from the market instead of getting closer to it. Recently, Starling Bank said that customers wouldn’t be able to do as much as they’d like with cryptocurrency. People who invest in cryptocurrencies may now send and receive money in less secure ways.

Users need to know how to get information from the outside world and keep themselves in check. Mario Nawfal is a political expert who started the IBC Group. Greed is the clear answer. Because we were all making money simultaneously, we should have done better. We didn’t want to be the idiots who missed everything, so we acted like sheep and did what everyone else did. We’re now trying to make up for the time we lost.”

Cryptocurrencies and nonfungible tokens (NFTs) are spreading like wildfire on social media, which makes them seem more like games. Influencer marketing and celebrity endorsements have helped normalize the culture without taking the risks of investing into account. 

People shouldn’t think trading cryptocurrencies is a step up from online gaming. Instead, it should be considered a serious financial choice with real, risky consequences. People often tell new investors tales about coworkers who made a lot of money from small investments. Because of this, they easily fool into giving money to the following scheme that promises to make them rich quickly. To keep customers safe, exchanges that handle customer money need to be regulated and run like banks. There should be guarantees and a safe place to keep the deposits.

You should know what could go wrong if you want to put money into cryptocurrencies. This is why the cryptocurrency market should have a centralized certification process. There will need to be a basic set of requirements and guarantees in place before a token can be checked. Then, consumers could see things clearly and make decisions based on accurate information.

Valuation remains a concern. Companies are starting to give out tokens whose value depends on how well the company is doing or how much it’s worth. So, the value of the company’s shares has increased to the value of these tokens. How much people were willing to pay for FTT determined how much FTX cost. Circularity is a risky choice in this situation.

Right now, the cryptocurrency business is at a crossroads. The anti-centralized control counterculture will only lead to more scandals, more chaos, and a loss of trust.