Much like traditional currencies, Cryptocurrencies are being used in much the same way when it comes to fraud schemes. These alternative means of value exchange have created unique challenges and twists in traditional accounting schemes for forensic accountants. According to CipherTrace, a blockchain threat intelligence firm, in 2019, approximately $4.26 billion in cryptocurrency funds were lost as a result of criminal activities, including cyberthefts, scams, misappropriation and insider fraud.
This issue of FVS Eye on Fraud takes a closer look