US Treasury: Losses from cryptocurrency fraud on course to overtake 2021 record

The United States Treasury Department has published laundry lists of crypto risks for consumers and national security.

The report says cryptocurrency fraud skyrocketed in 2021 and the losses in 2022 are on course to break 2021 record

Crypto risks details in the US Treasury reports:

• Operational risks
• Deficiencies in information systems or internal processes
• Human errors
• Governance and management failures
• Disruptions from external events

The report has suggested recommendations to keep a check on the frauds and move towards bringing transparency in the crypto-ecosystem.

Recommendations made by the US Treasury:

• Vigilant monitoring
• Increased enforcement
• Interagency cooperation
• Information Sharing
• Agencies should produce more guidance and rules
• Greater educational outreach

The United States Treasury Department released three publications related to digital assets on Friday. According to a report in Cointelegraph, this is in response to U.S. President Joe Biden’s Executive rder “Ensuring Responsible Development of Digital Assets.”