The Next Scandal

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There have been so many financial scandals (Enron, Madoff, LIBOR etc).

Human nature, driven often by greed and a belief by the perpetrators that they won’t get caught, leads to this problem never going away, despite increased regulation, oversight and controls.

Even though blockchain in particular, and mutual distributed ledgers more generally, is inherently safe, there have still been attacks on exchanges, the latest one in Japan resulting in the loss of the equivalent of hundreds of millions of dollars.

Until white collar crimes across international jurisdictions are pursued and prosecuted, the problem is not likely to go away. There is an onus on us all to stay vigilant and not make it easy to be exploited. At aXpire we will do everything in our control to protect our AXP token holders. For example, we will never ask for your private keys….it has been known for scammers to request these. Stay sharp.

Governments, regulators, and law enforcement agencies need to work more closely together to solve this. As we move towards a more highly integrated cryptoworld, the ability for crimes to be perpetrated from remote locations is becoming more prevalent. You no longer need to physically rob a bank to steal. You just need a laptop, a network, a clever computer scientist and, of course, a high degree of greed.