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What is a Befitting Punishment for Fraudsters in the Cryptocurrency Industry?

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The alarming rate of crime perpetration is  not only for physical assets as it has now been on an increase in the digital world too. Imprisonment or payment of fines have always been the culture for punishing crimes, not exempting the cyber ones. 

According to recent reports, precisely on November 4, we see that the perpetrators of an ICO fraud in 2017 are facing criminal charges in the US. 

It was alleged that; “day in and out, for approximately nine months, Robert Joseph Farkas; the CEO of Central Tech, participated in a scheme that directly caused losses of tens of millions of dollars in funds from hundreds of victim investors.” This was indeed a huge ICO fraud.

ICO’s are unregulated fundraising techniques with a dodgy reputation that’s used by blockchain companies where cryptocurrencies like Bitcoin and Ethereum are used to purchase “tokens” from a startup.

ICO scams are the black sheep of the crypto-asset industry, and these sheep are quite numerous.The ICO market lacks regulation and as such, scams overtime from it have proven its resilience, thus adapting to new trends and tendencies.

If the law has been set to protect the wants and rights of the citizens how come certain cyber thefts and scams can go unnoticed for such a long period of time?

Obviously, when there are adverts put up with a deceptive intention as with the fraud case of Robert Farkas, investigations have to be properly carried out to test the authenticity of such information, irrespective of what high profile approves, assents to or champions such publicity.

This and many more recent happenings have caused jail breaks to innocent investors whose confidence are getting smashed thus causing them to ask some nerve cracking questions; 

  1. Does making a cyber fraudster pay for every dime a hardcore punishment that is capable of preventing further occurrence? How stringent is the so-called stringent punishment usually meted out to these fraudsters?
  2. Are there no laws that have been put in place to safeguard or checkmate false adverts put up with a motive of deception to innocent investors?
  3. What can be done to encourage or raise the confidence of honest investors or coin issuers to raise capital through the digital asset markets since most are constantly crippled by the fears of falling into wrong hands (Scammers)?

What are your own worries and honest questions like most of us? Let’s have your own honest contributions.

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Duru Joselyn is a content creator, writer, self development coach and news analyst. She specifically enjoys writing on anything pertaining to cryptocurrency and the blockchain industry. Joselyn is a fun loving Nigerian who not only has a flair for giving information updates; she also enjoys a variety of outdoor activities especially travelling and photography.
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