Cryptocurrency May Prove Financial Crime

Abstract

Despite the rise in Bitcoin scams, there is a lack of thorough research on the subject. Sophisticated scammers and money launderers can take advantage of Bitcoin mixing services and exchanges. Bitcoin mixing services will send more coins to the customer's address after deducting the mixing cost. The frequency and amount of payments/fees may seem unpredictable, but this is the reality. Criminals use bitcoin mixing services to disguise the source of lost profits and pay securely through cryptocurrency exchanges for anonymous use. Bitcoin's normative unpredictability and organizational opacity attract people with shady intentions, such as supporting rebels or buying drugs. The results of this scoping study show that investigations into cryptocurrency fraud are increasing in scope and depth, but are in the early stages of examining future concerns and circumstances.