80% of Crypto Scams Could Be Stopped by One Mental Shift — Crystal CEO

The crypto industry's explosive growth has become a double-edged sword, fostering innovation while simultaneously creating fertile ground for fraud. In 2024, Americans lost a record $9.3 billion to crypto-related crimes—a staggering 66% increase from the previous year's $5.6 billion. The FBI's Internet Crime Complaint Center was flooded with nearly 150,000 crypto-related complaints, signaling a systemic threat to digital finance.

Elderly investors bore the brunt of these crimes, with those over 60 reporting $2.8 billion in losses. Meanwhile, Chainalysis data reveals North Korean hackers accounted for 61% of all stolen funds, pilfering $1.34 billion from crypto platforms last year alone.

Crystal, a blockchain analytics firm at the forefront of this battle, provides tracking tools for illicit cryptocurrency flows. CEO Navin Gupta—a fintech veteran with 23 years at institutions like Citigroup and Ripple—argues that a fundamental mindset shift could prevent 80% of crypto scams. His cross-sector experience offers unique insights into adapting traditional financial crime prevention for the digital asset era.