According to ChainCatcher and Bitcoin.com, Diosnel Alarcon, head of the Cybercrime Department of Paraguay's National Police, pointed out that cryptocurrency scams and Ponzi schemes transferred funds exceeding $4 billion in 2023 and 2024, with illegal intermediaries exploiting investors' ignorance to facilitate crime. They set up fake platforms as bait, initially adding small profits to victims' accounts, with victims only realizing they were scammed months later. This figure includes platforms using Paraguay as a transit point for transferring illegal funds. Although cryptocurrency transactions can be traced, international bureaucratic procedures make it difficult to recover funds and identify those behind the crimes. However, if reported quickly, authorities may be able to stop the crime and recover the funds.
Paraguayan Cryptocurrency Fraud Exceeds $4 Billion in 2023 and 2024
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