The Number Of Crypto Fraud Revenues Has Decreased By Almost 50 Percent From Last Year

The amount of crypto fraud revenue decreased (photo: Indodax illustration)

JAKARTA - A survey conducted by Consensys, a leading software technology company in the web3 sector, with YouGov, states that Indonesia has a low understanding of crypto assets.

There are several factors why that happened, including because they did not understand where to start, did not understand its function, and its technology which was considered too difficult to understand.

In addition, two other reasons are because crypto assets are considered too volatile and risky, it's because the price of crypto assets can quickly change. In addition, crypto is also considered too much scam.

According to Tokocrypto CEO Yudhono Rawis, understanding the perception of high price volatility and several cases of fraud that occur in the crypto industry are indeed a natural concern.

Nevertheless, Yudho feels, with the right education, the public can understand how to manage this risk and differentiate between legitimate crypto projects and potential fraud.

"The importance of the role of the government and regulators in creating a conducive environment is also not negligible. Clear and friendly regulations towards the crypto industry can give confidence to the public and industry players," Yudho explained in a statement received.

According to him, if regulations are carefully regulated on aspects such as security, transparency, and consumer protection, the public may be more confident in engaging in crypto use and investment.

Crypto Fraud Revenue Decreases

Chainalysis data also revealed that crypto fraud revenue fell 46 percent from 10.9 billion US dollars (Rp166 trillion) to 5.9 billion US dollars (Rp89.9 trillion) per year globally in 2022.

This decline is related to market conditions that tend to worsen when crypto asset prices are declining. However, some types of crypto fraud continue to develop even though the market is sluggish.

Yudho also provides further views on concrete steps that companies such as Tokocrypto and other industry players can take to increase the understanding of the Indonesian people about crypto.

"In this effort, cross-sectoral cooperation, including education, technology, and the government, is urgently needed to overcome obstacles and build better awareness of the revolutionary potential of crypto technology and blockchain," said Yudho.

It is hoped that this level of understanding that continues to grow in a better direction will later accelerate the growth of the number of crypto investors in Indonesia.