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Cryptocurrency Scams: A Multi-Pronged Approach to Mitigating Risks Through Regulation, Enforcement, and Consumer Education

Author

Listed:
  • Hasan, Amena
  • Nahar, Kamrun
  • Akhter, Suraiya

Abstract

This article explores the risks and impacts of cryptocurrency scams on investors, the market, and the global financial system. It emphasizes the need for government regulation, enforcement activities, and consumer education to address these scams. The article also discusses the relationship between the grey economy and the technosocial, highlighting the evolving nature of online and offline life and its implications for criminology. The study uses ethnographic research and participant observation to investigate the cultural context of cryptocurrency frauds. It examines various types of scams, including pump-and-dump schemes, advanced fee frauds, and rug pulls. The article concludes by emphasizing the importance of combating cryptocurrency frauds to protect investors, foster technological innovation, and maintain customer trust.

Suggested Citation

  • Hasan, Amena & Nahar, Kamrun & Akhter, Suraiya, 2024. "Cryptocurrency Scams: A Multi-Pronged Approach to Mitigating Risks Through Regulation, Enforcement, and Consumer Education," MPRA Paper 121215, University Library of Munich, Germany, revised 31 Jan 2024.
    • Handle: RePEc:pra:mprapa:121215
    as

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    References listed on IDEAS

    as
    1. Emon Kalyan Chowdhury, 2024. "Cultural Norms And Their Effect On Entrepreneurial Endeavors: Perspectives From Bangladesh," Journal of Developmental Entrepreneurship (JDE), World Scientific Publishing Co. Pte. Ltd., vol. 29(01), pages 1-24, March.
    2. Emon Kalyan Chowdhury, 2022. "Disastrous consequence of coronavirus pandemic on the earning capacity of individuals: an emerging economy perspective," SN Business & Economics, Springer, vol. 2(10), pages 1-16, October.
    3. Emon Kalyan Chowdhury & Shafaitun Nahar, 2017. "Perceptions of Accountants toward Sustainability Development Practices in Bangladesh," Journal of Management and Sustainability, Canadian Center of Science and Education, vol. 7(3), pages 112-119, September.
    4. 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.
    5. Emon Kalyan Chowdhury & Umme Humaira, 2023. "The Russia–Ukraine conflict and investor psychology in financial markets," Economic Affairs, Wiley Blackwell, vol. 43(3), pages 388-405, October.
    6. Emon Kalyan Chowdhury, 2022. "Strategic approach to analyze the effect of Covid-19 on the stock market volatility and uncertainty: a first and second wave perspective," Journal of Capital Markets Studies, Emerald Group Publishing Limited, vol. 6(3), pages 225-241, October.
    7. 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.
    8. Mohammad Nayeem Abdullah & Emon Kalyan Chowdhury & Rahat Bari Tooheen, 2022. "Determinants of capital structure in banking sector: a Bangladesh perspective," SN Business & Economics, Springer, vol. 2(12), pages 1-19, December.
    9. Emon Kalyan Chowdhury, 2024. "Do weather patterns effect investment decisions in the stock market? A South Asian perspective," Journal of Asset Management, Palgrave Macmillan, vol. 25(2), pages 162-171, March.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Cryptocurrency; scams; risk; blockchain; regulatory; technosocial;
    All these keywords.

    JEL classification:

    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • F6 - International Economics - - Economic Impacts of Globalization
    • G2 - Financial Economics - - Financial Institutions and Services
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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