According to Cointelegraph, Senator Elizabeth Warren has emphasized the risks of cryptocurrency scams targeting senior citizens in the U.S., with cybersecurity expert Steve Weisman endorsing her legislation on digital assets to prevent future scams. In a recent senate hearing, Warren outlined the significant increase in crypto scams being targeted towards elderly citizens of the U.S: "Last year, we saw a 350% increase in crypto investment scams targeting seniors. That is the biggest spike among all age groups. That added up to more than $1 billion that seniors lost in crypto scams." Weisman, a recognized expert on scams and cybersecurity, highlighted that credit card fraud can be promptly identified, halted, and traced, but with crypto, tracing becomes significantly more challenging once it passes through mixers.
Weisman expressed complete support for Warren's Digital Asset Anti-Money Laundering Act, which seeks to ensure that digital assets are subject to the same Anti-Money Laundering (AML) laws as traditional fiat currency. "Your legislation is long overdue. It is a no-brainer," Weisman declared. This follows recent reports indicating a significant increase in crypto hacks and scams during the latest quarter compared to the same quarter last year. Blockchain security firm Immunefi reported a 153% surge in attack incidents targeting crypto and Web3 projects from July to September 2023, compared to the corresponding period in 2022. The recent quarter saw losses of approximately $686 million.
Meanwhile, Elizabeth Warren recently revealed that nine more United States Senators have publicly supported the Digital Asset Anti-Money Laundering Act. Notably, Gary Peters, a member of the Senate Homeland Security and Governmental Affairs Committee, and Dick Durbin, the chair of the Senate Judiciary Committee, are among those supporting the initiative.
