Crypto Crime victims to Receive Support from EU Parliament

Fund for Crypto Fraud Victims to Be Established Under EU Parliament
  • A petition has been filed with the European Parliament to establish a fund for victims of cryptocurrency fraud
  • It seeks to establish a regulated scheme oriented towards compensation of victims who have been at the receiving end of scams related to crypto
  • As per reports, a concession fee of .0001 percent would be levied on transactions of cryptocurrency to generate the funds

The European Parliament has received a petition seeking to institute a fund for victims of cryptocurrency related crime.

Crypto Crime Victims in Relief

The petition made to the European Parliament requests that the EU take a minimal expense on crypto exchanges to be pooled into an asset for victims of digital currency related extortion and fraud. This petition has been filed by lawyer Jonathan Levy, who is seeking the establishment of a regulated scheme which would allow for compensation of such victims, and institute a financial safe haven for those defrauded by crypto-related scams. So far, the petition has garnered the support of 44 individuals. 

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Levy has filed this petition on behalf of those digital currency users who suffered a loss exceeding $60.7 million. He is also being supported by representative agents for the 240,000 record holders who suffered massive monetary dissipation in the supposed exit scam by Irish cryptographic money trading platform Bitsane.

The Bitsane Exit Scam

Ireland-based digital money trading platform Bitsane vanished suddenly in June 2019, and has allegedly scammed more than 200,000 users into losing their crypto assets.Record holders disclosed to Forbes that endeavors to pull out Bitcoin, XRP and other cryptographic forms of money started failing in May 2019, with Bitsane’s help group writing in messages that withdrawals were “incidentally debilitated because of specialized reasons.” The accounts associated with Bitsane on Facebook as well as Twitter were deleted by June 17, 2019. Messages to various Bitsane accounts have since returned as undeliverable.

Considering the current market trend and value of cryptocurrency, the victims must have lost digital assets worth as much as $1.2 billion, according to Levy. He adds that those who suffered such significant losses are eagerly awaiting justice. The Irish authorities have not been able to track down the stolen funds till now. Determining the whereabouts of any of Bitsane LP’s workers has not been possible,  and the victims’ only hope remains in the petition filed with the EU Parliament. Various record holders in the U.S. have also filed complaints with the FBI, despite being wary of the scheme and convinced of having lost all of their digital assets. 

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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