While lawmakers cozied up to cryptocurrency firms, crypto fraudsters fleeced Illinois residents. | ✍️ Tati_WM
On May 10, 2019, a Chicago resident filed a complaint with the Federal Trade Commission about a rental-related cryptocurrency scam. According to the complaint, they sent $1,000 in bitcoin Airbnb payments to an individual through the website abodo.com. Via Freedom of Information Act requests, theobtained more than 2,100 such complaints that Illinois residents filed with the FTC and other regulatory agencies between January 2017 and June 2022.
“A bit of background: for the past two months, our team has been strategizing around Chicago’s role as a leading ‘crypto city’ in a way that feels distinctive to Chicago and will help advance the economic prospects of all Chicagoans,” Mayekar wrote in the March email.
“You can see in our proprietary research document 2022 Fintech in Chicago research report that the Fintech sector has tremendous growth potential. It is supported by one of the city’s largest industries, the Finance and Insurance industry, that is accelerating by the industry’s shift to be more tech centric,” Fassnacht wrote. “This sector generates $53B in annual output and employs over 240,000 people. Fintech is a component of this overall industry, crypto a minor segment.
While federal lawmakers try to sort out cryptocurrency regulations, states that allow the cryptocurrency industry are serving as a regulatory incubator, said Tony Zhang, “Cryptocurrencies don’t necessarily address [fee issues], and so it’s not even addressing the main points,” Carmona said. “And then it comes with a ton of risks because it’s underlying is rife with technology scams, hacks, bugs, cyberattacks, all sorts of things, and then you see the platforms are also rife with scams, fraud, and hacks. And all the while this is happening without adequate consumer protection.
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