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Criminology Towards the Metaverse: Cryptocurrency Scams, Grey Economy and the Technosocial

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  • Simon Mackenzie

Abstract

Online markets in cryptocurrency represent a sprawling and eclectic alternative financial system, selling cutting edge techno-investment schemes that are complex and high risk. Crime control is almost entirely absent from this new crypto economy, and it is full of scams. This paper draws on an ethnography of crypto trading to review the main types of scam, suggesting that the grey economy of cryptocurrency trading is part of a wider evolution of society towards the technosocial, and beyond that perhaps towards the metaversal.

Suggested Citation

  • Simon Mackenzie, 2022. "Criminology Towards the Metaverse: Cryptocurrency Scams, Grey Economy and the Technosocial," The British Journal of Criminology, Centre for Crime and Justice Studies, vol. 62(6), pages 1537-1552.
    • Handle: RePEc:oup:crimin:v:62:y:2022:i:6:p:1537-1552.
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    File URL: http://hdl.handle.net/10.1093/bjc/azab118
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    References listed on IDEAS

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    1. Wolfgang Karl Härdle & Campbell R Harvey & Raphael C G Reule, 2020. "Understanding Cryptocurrencies," Journal of Financial Econometrics, Oxford University Press, vol. 18(2), pages 181-208.
    2. Schoepfer, Andrea & Piquero, Nicole Leeper, 2009. "Studying the correlates of fraud victimization and reporting," Journal of Criminal Justice, Elsevier, vol. 37(2), pages 209-215, March.
    3. Wolfgang Karl Hardle & Campbell R. Harvey & Raphael C. G. Reule, 2020. "Editorial: Understanding Cryptocurrencies," Papers 2007.14702, arXiv.org.
    4. Jon Baldwin, 2018. "In digital we trust: Bitcoin discourse, digital currencies, and decentralized network fetishism," Palgrave Communications, Palgrave Macmillan, vol. 4(1), pages 1-10, December.
    5. Sean Foley & Jonathan R Karlsen & Tālis J Putniņš, 2019. "Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies?," The Review of Financial Studies, Society for Financial Studies, vol. 32(5), pages 1798-1853.
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    Cited by:

    1. Naheeda Ali, 2022. "Crimes Related to Cryptocurrency and Regulations to Combat Crypto Crimes," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 8(3), pages 289-302, September.
    2. Yousaf, Imran & Goodell, John W., 2023. "Linkages between CBDC and cryptocurrency uncertainties, and digital payment stocks," Finance Research Letters, Elsevier, vol. 54(C).
    3. Khaki, Audil & Prasad, Mason & Al-Mohamad, Somar & Bakry, Walid & Vo, Xuan Vinh, 2023. "Re-evaluating portfolio diversification and design using cryptocurrencies: Are decentralized cryptocurrencies enough?," Research in International Business and Finance, Elsevier, vol. 64(C).
    4. Aysan, Ahmet Faruk & Gozgor, Giray & Nanaeva, Zhamal, 2024. "Technological perspectives of Metaverse for financial service providers," Technological Forecasting and Social Change, Elsevier, vol. 202(C).

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