Paraguay's cryptocurrency fraud cases involving over 4 billion US dollars in 2023 and 2024

According to Bitcoin.com, Diosnel Alarcon, the head of Paraguay's National Police Cybercrime Department, stated that in 2023 and 2024, cryptocurrency scams and Ponzi schemes transferred over $4 billion in funds, and illegal intermediaries exploited investors' ignorance of cryptocurrencies to fuel crime. They set up a fake platform as bait, first adding small profits to the victim's account, and it was not until several months later that the victim realized they had been deceived. This number includes platforms that use Paraguay as a transit point to transfer illegal funds. Although cryptocurrency transactions can be traced, it is difficult to recover funds and identify those behind them due to the influence of international bureaucratic procedures. However, if reported promptly, the authorities may be able to prevent the crime and recover the funds.