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What are the current trends and challenges in policing cryptocurrency scams?

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Money laundering

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Current trends and challenges in policing cryptocurrency scams revolve around the complexities posed by the use of cryptocurrencies in illegal activities. The rise of illegal cryptomarkets and darknet transactions using cryptocurrencies like Bitcoin has made it challenging for law enforcement to trace perpetrators due to the anonymity provided by these digital currencies. Moreover, the balance between privacy rights and the need for law enforcement to investigate financial fraud and money laundering complicates the situation further. Policing faces obstacles in collecting digital evidence, identifying criminals' physical locations, and dealing with the cross-border nature of cybercrimes. Additionally, the use of Bitcoin mixing services by criminals adds another layer of difficulty in tracking illicit activities and prosecuting offenders.

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Journal Article•DOI Cryptocurrency May Prove Financial Crime 24 Feb 2023-Advances in finance, accounting, and economics book series	Current trends in policing cryptocurrency scams involve investigating Bitcoin mixing services and exchanges used by sophisticated scammers and money launderers. Challenges include the opacity and unpredictability of cryptocurrency transactions.
Open access•Proceedings Article•DOI Challenges of Cryptocurrencies Forensics: A Case Study of Investigating, Evidencing and Prosecuting Organised Cybercriminals Syed Naqvi 27 Aug 2018 9 Citations	Current trends in policing cryptocurrency scams involve using technical solutions for monitoring transactions due to lack of regulatory control. Challenges include decryption techniques, transaction speed, and scalability.
Open access•Journal Article•DOI The Challenges of Investigating Cryptocurrencies and Blockchain Related Crime Simon Dyson, William J Buchanan, Liam Bell - Show less +2 more 20 Nov 2018 6 Citations	Cryptocurrency transactions' privacy methods pose challenges for law enforcement in combating financial fraud and money laundering, as anonymity hinders investigations into crimes involving cryptocurrencies.
Open access•Journal Article•DOI The Challenges of Investigating Cryptocurrencies and Blockchain Related Crime Simon Dyson, William J Buchanan, Liam Bell - Show less +2 more 29 Jul 2019-arXiv: Computers and Society 10 Citations	Current trends include increasing use of anonymization layers in cryptocurrencies, decentralized marketplaces, and laundering through gambling sites. Challenges involve tracing transactions due to limited financial traces.
Book Chapter•DOI Cybercrime and Cryptocurrency as New Challenges for the Police 23 Nov 2022	Cryptocurrency scams pose challenges due to hidden web transactions, making seller and buyer identities hard to trace. Police struggle with cross-border crimes, digital evidence collection, and lack of cyber training.

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