Cryptocurrencies have gained significant traction worldwide, and their impact on the market is undeniable. The global cryptocurrency market size reached an impressive USD 4.67 billion in 2022 and is projected to experience steady growth with a CAGR of 12.5% from 2023 to 2030. Moreover, the global cryptocurrency market cap surpassed USD 800 billion in 2022. However, lurking in the shadows, cryptocurrency fraud schemes are also growing, posing a concerning and escalating threat.
At Trader Watchers, we are dedicated to shedding light on these illicit activities, assisting victims, and supporting legal avenues in their pursuit of justice. Today, we’d like to share some of our most recent cases:
Case 1: A Fake Trading Platform and a Fraudulent Cryptocurrency Exchange
A seemingly legitimate trading platform lured an Iranian citizen, residing in Portugal. Attracted by promises of impressive profits, he began making substantial payments. However, when he endeavored to retrieve his investments, he encountered persistent obstacles.
Recognizing the troubling indicators, he turned to the expertise of Trader Watchers. Upon thorough investigation, our team discerned that his funds had been funneled to a cryptocurrency exchange that had since ceased operations, along with another suspect website. Delving deeper into cryptocurrency behavior of the exchange, it became evident that the exchange itself was complicit in fraudulent activities in collaboration with the investment platform. Armed with this potent evidence, Trader Watchers took the forefront, laying out a persuasive case before the client’s bank.
