Notwithstanding the security policy of Kraken, the fraudsters are devising new strategies to exploit the elderly and vulnerable investors, as stated by Curtis Ting (a former agent from the FBI and presently working as the crypto exchange named Kraken’s Senior Director). He cautioned the investors that they should be extra careful while trading the digital assets as there are a lot of scammers within the space.

According to him, a specific spot is prepared in hell for these swindlers who attempt to take out the funds from the elderly as well as vulnerable investors.

If Hell is real, crypto swindlers should be sent there

People who intend to enter the world of cryptocurrency should be in the knowledge that the respective space is experiencing a swarm of exploiters who aim at depriving novice investors of their funds, Curtis mentioned. The Managing Director of Kraken for Africa, the Middle East, and Europe revealed that this type of crime is counted among the worst infringements. He added that he has a background as an enforcement official with having a couple of living grandparents. He asserted that hell has a place marked for such fraudsters and scammers.

The remarks of Ting were witnessed in association with a scam taking into account Graeme Stagg (a 77-year-old person) who was deprived of nearly $100,000 in a crypto fraud. The former army person utilized the venue of Kraken to transact the respective amount to evildoers. The executive elaborated that the firm has highlighted the identification controls for persons of more than a specific age.

He added that they are not just highlighted but some levels of the transaction amount will also be witnessed in connection with the accounts that generate a potentially high-risk profile. Apart from this, while Kraken figures out the transfers organized on the behalf of the senior adults, it demands the persons to compose a note stating that they are willingly executing the settlements.

One more elderly person remains lucky

Normally, crypto frauds provide happiness to the fraudsters. Nonetheless, this did not take place in the case of an elderly citizen of North Caroline’s Asheville. In the previous year, the person transacted up to $500,000 worth in BTC to an individual who posed to be an investment advisor. The victim’s entire life savings were the funds that he gave. Luckily, though, the FBI and Coinbase detected the fraud and arrested the culprit. Dena J. King (the US Attorney) ruled that the victim must be provided with his funds.

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