Over the past 11 years, cryptocurrencies have slowly but steadily become more integrated with the mainstream financial system. Like any new technology, cryptocurrencies usher in advantages as well as risks. And as with any new technology, criminals and threat actors are often among the earliest adopters as they attempt to exploit those advantages and risks. While in many respects cryptocurrencies are being used in fraud schemes in much the same way that traditional currencies have historically been used, blockchain and cryptocurrencies also present some new twists to traditional schemes. For this reason, forensic accountants should understand what cryptocurrencies are, how they might turn up in an investigation and how to respond in these circumstances.
