Exploring the Impact of Greed: Crypto Crimes from the 17th to the 21st Century

The age-old vice of greed has transcended time and continues to plague individuals in the 21st century, leading them to lose their hard-earned money and rationality. From the Tulip Mania bubble in the 17th century to the modern-day crypto scams, greed has been a constant factor driving people to make risky financial decisions.

A recent study by the Bank of International Settlements revealed that a staggering 73 percent of investors have lost their money in the volatile world of cryptocurrencies. This trend is not limited to the West, as India has also witnessed a surge in crypto-related crimes, including suicides, fraud, and even kidnappings due to crypto holdings.

Cryptocurrencies are not just speculative assets; they are also used for fraudulent activities such as Ponzi schemes and ransom-related transactions. Hackers exploit digital currencies like Monero to demand ransom without leaving any trace, while individuals use crypto to convert black money into unaccounted digital assets.

In her book “Crypto Crimes: Inside India’s Best-Kept Secret,” author Mitali Mukherjee sheds light on the dark side of crypto and its association with India. The book explores infamous scams like GainBitcoin, where retail investors were duped into funding overseas assets. The narrative delves into the legal battles faced by the perpetrators, highlighting the consequences of their actions.

While the book provides valuable insights into the world of crypto crimes, it falls short in offering original ideas or solutions to combat these issues. The author’s reliance on news reports and quotations may disrupt the flow of the narrative, leaving readers wanting more in terms of analysis and recommendations.

In light of the growing cybercrimes related to cryptocurrencies, there is an urgent need to strengthen data protection laws, train law enforcement officers in handling cybercrimes, and promote cyber literacy among the general public. By addressing these challenges, we can mitigate the risks associated with greed-driven financial schemes and protect individuals from falling victim to crypto scams.