【Over 4 Billion USD Involved in Paraguay Cryptocurrency Fraud Cases in 2023 and 2024】

According to Bitcoin.com, Diosnel Alarcon, head of the Cyber Crime Department of the Paraguayan National Police, pointed out that in 2023 and 2024, the funds transferred through cryptocurrency fraud and Ponzi schemes exceeded 4 billion USD. Criminal intermediaries exploit investors' ignorance of cryptocurrencies to facilitate these crimes. They create fake platforms as bait, initially giving victims small profits in their accounts, only for them to realize months later that they have been scammed. This figure includes platforms that use Paraguay as a transit point to transfer illegal funds. Although cryptocurrency transactions are traceable, recovering funds and identifying those behind the scams is challenging due to international bureaucratic procedures. However, if reports are made promptly, authorities may be able to prevent crimes and recover funds.