INTERVIEW: Crypto Lawyer on Why Seniors Are Being Targeted by Scammers—and What Can Be Done
- Tubrazy Shahid
- 9h
- 5 min read
As cryptocurrency becomes more mainstream, scammers are adapting quickly—and ruthlessly. One group is being hit especially hard: older adults. In 2024 alone, Americans aged 60 and above lost nearly $2.8 billion to crypto-related fraud. We sat down with a leading cryptocurrency lawyer who specializes in fraud recovery and blockchain investigations to understand why seniors are at greater risk, what legal challenges exist in recovering stolen assets, and what families and caregivers can do to protect their loved ones.
Interviewer: Let's start with the big picture. Why are elderly Americans increasingly being targeted by crypto scams?
Crypto Lawyer: It’s a convergence of vulnerabilities. Older adults typically have more financial resources—retirement funds, savings, home equity—which makes them attractive targets. But it goes deeper. Many seniors aren’t digitally native. They didn’t grow up with apps, QR codes, or digital wallets. So when a scammer tells them to “secure their funds” via a Bitcoin ATM or sends a convincing fake alert, they’re more likely to comply because they don’t fully understand what’s happening.
On top of that, many older people are more trusting, more isolated, and sometimes experiencing cognitive decline. These factors combine to create what I call a perfect storm for exploitation.
Interviewer: Can you break down the most common scam methods you see targeting older clients?
Crypto Lawyer: Absolutely. We most often see three types:
Bitcoin ATM Scams: The victim gets a call pretending to be from a bank, tech company, or even law enforcement. They’re told their account has been compromised and they must transfer funds to a “safe” wallet via a Bitcoin ATM. In truth, that wallet belongs to the scammer.
Romance or “Pig-Butchering” Scams: These are heartbreaking. A scammer builds an emotional relationship with the victim, gradually convincing them to invest in a fake crypto platform. The scammer may even show small “returns” to gain trust. Then, when the victim deposits a larger amount, the scammer disappears.
Tech Support or Government Impersonation: These scams exploit authority. The victim is told they owe taxes or that their device has been compromised. They’re instructed to resolve the issue by converting cash into crypto and transferring it—again, to a scammer’s wallet.
Interviewer: Are these scams being reported quickly enough for action to be taken?
Crypto Lawyer: Often, no. Seniors tend to delay reporting—either because they don’t realize they’ve been scammed, they’re too embarrassed, or they believe they’ll recover it on their own. This delay is critical because time is everything in crypto recovery. The longer the funds sit in the scammer’s wallet, the more likely they’ll be laundered through mixing services, privacy coins, or cross-border exchanges.
Interviewer: What are the legal challenges in recovering scammed cryptocurrency?
Crypto Lawyer: There are several:
Anonymity of Blockchain: Unlike traditional bank fraud, you often don’t know who the scammer is or where they are.
Jurisdictional Barriers: The scammer could be in a country that doesn’t cooperate with crypto investigations.
Lack of Reporting Infrastructure: Many local police departments simply don’t have the training or tools to investigate crypto fraud.
Platform Inaction: Some crypto exchanges are unregulated or located offshore, making it hard to enforce freezing or recovery orders.
And unlike credit card fraud, crypto transactions are irreversible. That’s why we rely on legal tools like injunctions, freezing orders, and blockchain forensics to track and secure assets before they vanish completely.
Interviewer: Has there been any progress in how the law approaches these cases?
Crypto Lawyer: Yes, slowly but meaningfully. In the UK, for example, the Proceeds of Crime Act was updated to allow for pre-conviction freezing of crypto assets. This was a game-changer. It means law enforcement can now act faster in holding suspicious wallets. Similar legal mechanisms are being tested elsewhere, and we’re seeing a growing number of civil recovery programs where prosecution isn’t possible but restitution is still pursued.
But this only works when victims involve legitimate legal professionals—not fake “recovery agents” on social media. Sadly, many get scammed twice—first by the fraudster, then by the person claiming they can help get the money back.
Interviewer: What advice do you give families and caregivers of older adults?
Crypto Lawyer: I always say this: education and trust networks are your best defense.
Talk early and often: Make crypto and digital security part of your family conversations—just like fire drills or estate planning.
Set up oversight mechanisms: For elderly individuals managing large digital or traditional assets, consider limited power of attorney or multi-signature wallet access.
Encourage skepticism: Teach them to pause before acting on messages that seem urgent or emotional.
Use real-world analogies: Would you give your house keys to a stranger who calls you on the phone? Then don’t send crypto to someone you’ve never met in person.
Interviewer: Is there anything the public should be pushing for at a policy level?
Crypto Lawyer: Definitely. We need:
Stronger regulatory obligations on crypto platforms (especially for KYC and fraud detection)
Better training for law enforcement on blockchain investigations
Public-private partnerships between police and crypto-competent law firms
Dedicated government reporting portals for digital fraud
Ultimately, crypto fraud against seniors isn’t just a technical problem—it’s a social justice issue. We’re talking about people who worked their whole lives to save, only to be wiped out in a single transaction. That’s unacceptable.
Interviewer: Final thoughts?
Crypto Lawyer: If you’re an older adult or a caregiver, remember: you don’t need to go through this alone. There are legitimate legal paths to recovery. The earlier you act, the better your chances. And if something feels off—even slightly—don’t engage. Ask. Investigate. Verify.
Let’s work together to close the gap between digital innovation and digital exploitation. Everyone deserves to be safe in this new financial frontier—especially those who are the most vulnerable.
Key Takeaways:
Older adults are attractive targets due to wealth, trust, and digital inexperience.
Scams like Bitcoin ATMs, romance frauds, and government imposters are common.
Legal recovery is complex but not impossible—requires expert intervention.
Prevention through education, support networks, and early reporting is critical.
Crypto lawyers and regulators must push for smarter, more victim-centered solutions.
#CryptoScamPrevention #ElderFraud #CryptoLawyer #DigitalAssets #BitcoinATMScam #PigButcheringScam #CryptoRecovery #FinancialAbuse #CryptoLitigation #BlockchainSecurity
Disclaimer
The information provided in this article is for general informational purposes only and does not constitute legal or financial advice.
Author & Crypto Consultant
Shahid Jamal Tubrazy (Crypto & Fintech Law Consultant)
Shahid Jamal Tubrazy, a certified top expert in Crypto Law from Duke University, is a leading authority in the cryptocurrency and blockchain space. As a seasoned Fintech lawyer, he offers a full spectrum of services, including licensing, legal guidance for ICOs, STOs, DeFi, and DAOs, as well as specialized expertise in crypto mediation, negotiation, and mergers and acquisitions. With a proven track record and published works on Blockchain Regulation and Cryptocurrency Laws, Shahid provides unparalleled insights into the complexities of the fintech world, ensuring compliance and strategic success. 🌐💼 #CryptoLaw #Fintech #Blockchain #LicenseServices #CryptoMediator #MergersAndAcquisitions #CryptoCompliance #FrozenAssetsrecovery.
EMAIL: shahidtubrazy@gmail.com
Comments