Curtis Ting: “cryptocurrency scammers have a special place in hell”

Published: 16.04.2022

Article reading time:
2 minutes.

Curtis Ting, one of the directors of the large cryptocurrency exchange Kraken, believes that scammers are “poisoning” the crypto industry and they are “destined for a separate warm place in hell.”

Curtis Ting has been with the FBI for 8 years and is now Managing Director of the Kraken Exchange for Europe, the Middle East and Africa. Thing said that crypto scammers have a special place in hell, after the recent case when 77-year-old Briton Graeme Stagg was swindled out of 800,000 pounds.

“I myself am a former law enforcement officer and I have grandparents. To be honest, there is a special place in hell for cryptocurrency scammers and criminals, because they are defrauding old and vulnerable people,” Ting said.

Graham Stagg’s funds were swindled under the pretext of investing in cryptocurrencies. The scammers started with 50 pounds sterling, but in a month they were able to swindle the old man out of all his savings. He even mortgaged the house to “invest” in cryptocurrencies. Stagg used the Kraken exchange to transfer funds. And, although the site has special procedures to deal with such fraud, this did not help:

“We have many different controls in place, including tracking users over a certain age. When we notice large transactions, we mark such accounts as “high-risk”. When attempting to make a large transaction, we freeze the account of an elderly person and ask him to provide a written statement that he transfers funds of his own free will.

Recently, Bank of England Governor Andrew Bailey said that cryptocurrencies create conditions for the development of crime, therefore he called on regulators to tighten the fight against cryptocurrency fraud.