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How to Blow the Whistle on Cryptocurrency Scams Using the New Anti-Money Laundering Statute (AML)



How to Blow the Whistle on Cryptocurrency Scams Using the New Anti-Money Laundering Statute (AML)

Cryptocurrency scams, or “love scams” as they are sometimes called, are becoming increasingly prevalent in our digital world. These scams come in different forms, from phishing to Ponzi schemes, but all have the same intention – to steal your money. Knowing the potential risks and how to report any suspicious activities is crucial to protect you and your data.

Investors can use the Anti-Money Laundering Statute (AML), a set of legislation created to combat money laundering and terrorist financing, to prevent fraud. This blog will discuss using AML to blow the whistle on cryptocurrency scams.

Examples of Fraudulent Sites

Cryptocurrency scams can come in many forms, so it is crucial to be aware of the most common tactics:

  1. “Pump and Dump” schemes involve a group of traders buying many coins to artificially inflate the price and then quickly selling them all off at a profit.
  2. “Exit Scams” involve a group of traders setting up a cryptocurrency exchange to shut it down and take everyone’s money with them.
  3. “Phishing” is sending emails or messages that seem to be from reliable sources but are intended to defraud the receiver of their money or personal information.

The Role of the Anti-Money Laundering Statute (AML)

The AML is a set of laws to prevent the laundering of money obtained through illegal activities. It provides a way for individuals to blow the whistle on cryptocurrency scams and other financial frauds by providing a platform for reporting suspicious activity.

Specifically, the AML requires financial institutions to identify, monitor, and report suspicious transactions. This helps to stop cryptocurrency scams in their tracks and can help protect investors from fraud.

Threats of “Love Scams” and Other Cryptocurrency Schemes

“Love scams” are cryptocurrency scams in which the scammer pretends to be in a romantic relationship with the victim to gain access to their funds. These scams are becoming increasingly common and can devastate victims taken in by the scammer’s false promises. Understanding the hazards and knowing how to report any suspicious behavior is crucial.

Seeking Legal Assistance for Cryptocurrency Investment Disputes and Whistleblowing Cases

If you are a victim of a cryptocurrency scam, it is important to seek legal assistance. A lawyer can help you to understand your rights and to protect your assets. In addition, they can guide on filing a whistleblowing case, which can be used to report suspicious activity to the authorities. 

If you suspect you are a cryptocurrency scam victim, taking action as soon as possible is essential. You can report the activity to the authorities using the AML or seek legal assistance from a lawyer specializing in cryptocurrency investment disputes and whistleblowing cases.


Cryptocurrency scams are becoming increasingly common, and awareness of the potential risks is vital. The AML provides a tool to help protect investors from fraud, and knowing how to use it is essential.

Suppose you are a victim of a cryptocurrency scam. In that case, it is vital to take action immediately and seek legal advice from a lawyer specializing in this area. “By understanding the provisions of AML and having the courage to come forward, individuals can play a crucial role in exposing fraudulent schemes and safeguarding the integrity of the cryptocurrency industry,” says whistleblower lawyer Tony Munter of Price Benowitz LLP.


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