In 2023, 40% of cryptocurrency-related materials published on Telegram were fraudulent. Thus, of the 22,000 posts related to digital assets, 9,000 were marked as suspicious and subsequently removed. Why is it still such a problem to properly report cryptocurrency news via social networks? What does it take to improve perception and reduce fraud in this area?
The problem of insufficient awareness and high level of cryptocurrency fraud on social networks could be due to several factors:
1. Cryptocurrencies are a relatively new area of business, which is still poorly regulated and controlled by the state. This creates a favorable environment for scammers.
2. Cryptocurrencies and blockchain run on complex technologies. They are not easy to explain in simple language. Fraudsters take advantage of this and confuse people. People who do not understand the topic are lured by promises of high profits and end up being trapped by scammers when they let their guard down.
3. Hype and desire to get rich quick. There is a frenzy surrounding cryptocurrencies, with many seeing them as a way to turn a quick profit. Scammers tap into this mindset.
To improve the situation, it will be necessary to:
- Increase the financial literacy of people in the cryptocurrency business through high-quality news.
- Tighten crypto regulation by the state.
- Improve people’s digital literacy so that they can detect fakes and scams on the Internet.
- Combat fraudulent schemes by identifying and stopping them through IT companies and law enforcement agencies.
Only a comprehensive approach, including education, regulation and the fight against violators, can turn the situation around.