Cyber ​​Security Expert Backs Sen. Warren’s Crypto Bill in Senate Hearing

US Senator Elizabeth Warren's Digital Assets Act to Prevent Future Frauds, backed by a cybersecurity expert, has emphasized the potential dangers of cryptocurrency fraud targeting senior citizens in the US.

In a recent Senate hearing, Warren described a significant increase in crypto fraud targeting US senior citizens.

“Last year we saw a 350% increase in crypto investment scams targeting seniors. That's the largest increase of any age group. That's over $1 billion lost to seniors in crypto scams.”

Meanwhile, during the hearing, fraud and cyber security expert Steve Weissman, as noted by Warren, pointed out that unlike credit card fraud, which can be quickly detected, stopped and traced, crypto poses a major challenge to transparency.

With crypto, he reiterated, once it goes through the mixers, the search becomes more challenging.

“Once it gets into the mixers, you're going to have problems. There's a legitimate privacy concern that people might have, but it's not going anywhere with the scammers.”

Weissman supports Warren's Digital Asset Anti-Money Laundering Bill, which seeks to ensure that digital assets are subject to the same anti-money laundering (AML) laws as traditional fiat currency.

“Your law is outdated. It makes no sense,” Weisman said.

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This follows recent reports showing a sharp increase in crypto hacks and frauds in the last quarter compared to the same quarter last year.

The blockchain security firm reported a 153% increase in incidents of attacks targeting Crypto and Web3 projects from July to September 2023 compared to the same period in 2022. The most recent quarter resulted in a loss of nearly $686 million.

Meanwhile, Elizabeth Warren recently announced that nine more United States senators have publicly endorsed the Digital Assets Anti-Money Laundering Act.

In particular, Gary Peters, a member of the Senate Homeland Security and Governmental Affairs Committee, and Dick Durbin, chairman of the Senate Judiciary Committee, are among those who support the initiative.

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