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Senator Warren Highlights Cryptocurrency Scams Targeting Seniors; Cybersecurity Expert Backs Her Digital Asset Regulation

Algoine News
Summary:
U.S Senator Elizabeth Warren highlighted the increased risk of cryptocurrency scams affecting senior citizens, backed by a cybersecurity expert's support for her proposed legislation on digital assets. She pointed out a 350% rise in scams targeting seniors, leading to losses over $1 billion. The expert, Steve Weisman, supported the Digital Asset Anti-Money Laundering Act proposed by Warren, designed to impose the same regulations on digital assets as on traditional money. The discussion is in line with recent reports showing a significant surge in crypto scams, with total losses amounting to approximately $686 million in the last quarter.
Elizabeth Warren, U.S Senator, underscored the threat of cryptocurrency frauds aimed at elderly Americans, with a leading cybersecurity specialist backing her proposed regulation for digital currencies as a countermeasure to such schemes. In a recent Senate discussion, Warren highlighted the dramatic rise in deceptive cryptocurrency schemes specifically aimed at seniors in the U.S, noting that: “Over the previous year, fraudulent activities involving cryptocurrency investments aimed at seniors surged by 350%. This rise was the most dramatic among all age brackets. This accrued to over a billion dollars lost by seniors in cryptocurrency-related scams." Steve Weisman, an expert in cybersecurity and fraudulent behavior recognized by Warren, underlined the increased difficulties of tracing and stopping cryptocurrency fraud, which contrasts with credit card fraud that can be promptly detected, halted, and traced. Emphasizing the complexities of tracing digital currency once it passes through mixers, Weisman stated: "Once the money enters the mixers, there are complications. Although there are valid concerns about privacy, the level of fraudulent activity clearly outweighs them." Weisman lent his support to Warren's Digital Asset Anti-Money Laundering Act, which aims to hold digital assets to the same anti-money laundering regulations as existing fiat currency. "Your legislative proposal is overdue and needed. It's common sense," Weisman affirmed. This conversation comes against the backdrop of recent news that highlighted a steep rise in cryptocurrency theft and fraudulent activities during the past quarter, compared to the same period of the previous year. Immunefi, a blockchain security company, reported a staggering 153% leap in attacks against cryptocurrency and Web3 projects between July and September 2023, compared with the same timeframe in 2022. Total losses amounted to roughly $686 million in the past quarter. In recent developments, Senator Warren announced public backing for the Digital Asset Anti-Money Laundering Act by nine more U.S senators. Gary Peters, a Senate Homeland Security and Governmental Affairs Committee member, and Dick Durbin, the Senate Judiciary Committee chair, are among those supporting the legislation.

Published At

11/18/2023 5:08:20 AM

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