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Cryptocurrencies have a bad reputation when it comes to fraud. Ever since their rise to fame, they have been involved in countless fraud cases directly or indirectly. The main reason of this factor is considered to be the lack of public awareness about the underlying technologies and government oversight to protect the common masses.
The latest story of fraud that involves cryptocurrencies comes from the U.S. where a state senator and former Republican gubernatorial candidate Michael Williams allegedly carried out insurance fraud regarding the crypto mining servers that were stolen from his office.
Mr. Michael Williams turned himself into Hall Country Jail this Wednesday after news broke that he had been accused of insurance fraud. Mr. Williams’ attorney, A.J. Richman said, “Senator Williams looks forward to his day in court, and I will vigorously defend him.” He was quoted by Atlanta Journal-Constitution. The charges were initially brought forth after Mr. Williams’ Gainesville campaign office was broke into. Williams’ campaign manager said that a sum of $300,000 worth of computer servers that were being used to mine cryptocurrency had been stolen.
Mr. Williams has been accused of lying to Georgia Bureau of Investigation. According to the allegations he lied about his whereabouts when asked where he was at the time of the crime. The indictment accused Williams of making false insurance claim related to the servers. However, there has been no indication about what exactly happened to the mining servers.
Regardless of how the crypto market is fairing, it always seems to attract those looking to take advantage of the system and people’s lack of knowledge. The best way to protect the people is for authorities to take necessary steps to create awareness about the crypto world and educate investors about taking precautions when considering investing in a digital asset.