Cryptocurrency Scams Evade Regulation with Lightning-Fast Transfers

Cryptocurrency scams have become increasingly difficult to track and regulate due to their anonymous nature and rapid transfer times, according to Tony Martino, president of Anjolen Cybersecurity.

Martino explained that while traditional scams involving the U.S. dollar may be similar in form, cryptocurrency scams can move money 'instantaneously', leaving little time for investigations or transactions to be stopped.

Cryptocurrency has minimal regulations due to two main issues: outdated laws and its decentralized nature.

'The law lags behind the technology,' Martino said. 'There are growing attempts to regulate cryptocurrency, but we're a long way from being there.'