New York State Senator Proposes to Criminalise Crypto Frauds, Rug Pull Scams

Radhika Parashar

Originally published in Gadgets 360

Hackers and scammers have escalated their activities targeting the crypto sector, the market valuation of which touched $3.007 trillion (roughly Rs. 2,22,79,296 crore) last year. Kevin Thomas, a senator from New York has proposed to add crypto-related scams under the category of criminal offenses. Thomas has introduced a bill amendment request to strictly punish those who exploit virtual currencies and cause financial harm to innocent investors. Hackers striking at crypto developers and projects have also been listed under criminal offenders by Thomas.

Thomas, in Senate Bill S8839, has listed an array of actions that could make for penalised violations.

These include virtual token frauds, private key fraud, and rug pull scams.

Read more at Gadgets 360.