After 6 years of working with cryptocurrencies on a deeper level, one thing is certain; Cryptocurrencies are no longer niche.
For us, who are analysing trends and adoption from the slightly colder latitudes on earth, we can safely say that with over 10% of Finland’s population now owning crypto, the trend mirrors what we’re seeing globally. From the United States to Southeast Asia, Bitcoin, Ethereum, and countless other digital currencies are steadily becoming household names. This rise has been bolstered by the kind of headlines that stir excitement—El Salvador’s President Nayib Bukele championing Bitcoin as legal tender, Elon Musk driving Dogecoin mania with a single tweet, (or X’s or whatever people call them nowadays), and even figures like Donald Trump dipping into the markets with his own so-called meme coin.
Add to this the clarity that regulation is finally bringing to the space. The European Union’s MiCA (Markets in Crypto-Assets Regulation) framework, now active, has emerged as a beacon for fostering transparency and inclusivity while holding crypto companies and banks accountable. For an industry often criticised for its ‘wild west’ vibes, such policies mark a turning point.
But there’s a darker side to this seemingly bright future. As adoption climbs, so do risks. Crypto scams surged by ~40% globally in 2024, according to several reports, including our own research, and while regulatory frameworks like MiCA aim to curb these incidents, they haven’t yet closed the floodgates.
The Good, the Bad, and the Geopolitical
Crypto’s decentralised nature is often hailed as its superpower—allowing financial freedom to flourish beyond borders, bringing banking to the unbanked and bringing general inclusivity and control of your own funds. But this strength is also a vulnerability. Increasingly, cryptocurrencies and Blockchain technology is being used to circumvent international sanctions, enabling rogue states to fund illicit activities with digital assets. A report by the United Nations in 2024 highlighted how certain countries are leveraging cryptocurrencies to potentially skirt sanctions and finance cyber operations. (UNODC)
The tension doesn’t stop at geopolitics. As adoption grows, bad actors have more opportunities to prey on uninformed investors. Rug pulls, phishing attacks, and Ponzi schemes have become almost routine headlines. Even high-profile crypto evangelists are inadvertently contributing to the problem. When public figures with millions of followers tweet (or X) about a particular token, they often spark a feeding frenzy, creating fertile ground for scammers.
The Need for a Digital Watchdog
This is where Cyber Detective companies like VALEGA Chain Analytics come into the picture. The rise in crypto scams doesn’t just hurt individual investors; it threatens to undermine trust in the entire ecosystem. Blockchain intelligence firms are the unsung heroes, using advanced analytics to track fraudulent transactions, prevent financial crimes, and build a safer digital economy.
Their work is becoming increasingly critical. As regulators catch up and legislation like MiCA lays down the rules, the onus will be on the private sector to fill the gaps. Tools for fraud detection and prevention—powered by blockchain intelligence—are now essential, not optional. After all, trust is the bedrock of any financial system, and crypto is no exception.
Striking the Balance
As we forge ahead, the challenge will be balancing innovation with accountability. For every step forward, we must be vigilant against two steps back—whether from scammers, rogue states, or simply the pitfalls of hype. Crypto’s rise may be inevitable, but its future depends on whether it can prove itself as not just a technological marvel but also a responsible, secure, and trustworthy financial alternative.
If we get it right, the promise of a decentralised, inclusive financial world can be more than just a pipe dream. Achieving that will require collaboration between public and private partners, vigilance, and a collective commitment to transparency. In this battle, cyber detectives and blockchain intelligence firms might just be our best allies.