Sen. Warren’s crypto bill receives support from cybersecurity expert in senate hearing
United States Senator Elizabeth Warren has highlighted the risks of cryptocurrency scams targeting senior citizens in the U.S. with the support of a cybersecurity expert endorsing her legislation on digital assets to prevent future scams.
In a recent senate hearing, Warren stated that there has been a significant increase in crypto scams targeting elderly citizens of the U.S:
“Last year, we saw a 350% increase in crypto investment scams targeting seniors. That is the biggest spike among all age groups. That added up to more than $1 billion that seniors lost in crypto scams.”
During the hearing, Steve Weisman, a recognized expert on scams and cybersecurity as described by Warren, mentioned that unlike credit card fraud, which can be quickly identified, stopped, and traced, crypto poses greater transparency challenges.
He emphasized that with crypto, tracing becomes significantly more difficult once it goes through mixers.
“Once it goes into the mixers then you have problems. There is a legitimate privacy concern that people may have, but it does not come anywhere near to the scammers.”
Weisman expressed his support for Warren’s Digital Asset Anti-Money Laundering Act, which aims to ensure that digital assets are subject to the same Anti-Money Laundering (AML) laws as traditional fiat currency.
“Your legislation is long overdue. It is a no-brainer,” Weisman declared.
Related: Impersonation scams in crypto, explained
Recent reports indicate a significant increase in crypto hacks and scams during the latest quarter compared to the same quarter last year.
Blockchain security firm Immunefi reported a 153% surge in attack incidents targeting crypto and Web3 projects from July to September 2023, compared to the corresponding period in 2022. The recent quarter saw losses of approximately $686 million.
Meanwhile, Elizabeth Warren recently revealed that nine more United States Senators have publicly supported the Digital Asset Anti-Money Laundering Act.
Notably, Gary Peters, a member of the Senate Homeland Security and Governmental Affairs Committee, and Dick Durbin, the chair of the Senate Judiciary Committee, are among those supporting the initiative.
Magazine: 4 clever crypto scams to beware — Dubai OTC trader Amin Rad
