Analysis of Complaints Regarding Cryptocurrency Investment Fraud: An Evaluation from the Perspective of New Media Literacy

Yıl 2025, Sayı: 38, 214 - 229, 20.01.2025

Burak İli

https://doi.org/10.54600/igdirsosbilder.1580718

Öz

The aim of this research is to raise awareness regarding cryptocurrency fraud. In this context, the study focuses on cryptocurrency investment frauds and provides an evaluation from the perspective of new media literacy. Throughout the research process, a total of 969 complaints were analyzed under the categories of "Cryptocurrency Investment Fraud" and "Cryptocurrency and Victim Complaints" on the Şikayetvar platform. Adopting an exploratory approach, the complaints were coded under various themes using content and thematic analysis methods. The analysis process was conducted using MAXQDA 24, a qualitative data analysis software. The findings reveal that the theme with the highest frequency among types of fraud is "Fake Coin/Token" (337), illustrating the strategies employed by cryptocurrency fraudsters to deceive investors through fraudulent projects and assets. Additionally, the theme "Withdrawal and Transaction Request Rejection" (159) reflects the difficulties faced by users in conducting transactions and withdrawing their funds on legitimate platforms, showcasing how fraudulent platforms delay their victims. Furthermore, scams conducted through Telegram channels (173) have garnered attention, highlighting the significant role social media platforms play in fraudulent activities. Cryptocurrency frauds underscore the deficiencies in users' new media literacy and emphasize the importance of financial literacy and new media literacy education in an environment where fraud is prevalent.

Anahtar Kelimeler

Cryptocurrency, fraud, new media literacy, complaint, fake coin, social media, financial literacy

Kriptopara Yatırım Dolandırıcılığına Yönelik Şikayetlerin İncelenmesi: Yeni Medya Okuryazarlığı Perspektifinden Bir Değerlendirme

Öz

Bu araştırmanın amacı kripto dolandırıcılıkları konusunda farkındalığı artırmaktır. Bu doğrultuda, araştırmada kripto para yatırım dolandırıcılıklarına odaklanılarak, yeni medya okuryazarlığı perspektifinden bir değerlendirme sunulmaktadır. Araştırma sürecinde, Şikayetvar platformu üzerindeki "Kripto Para Yatırım Dolandırıcılığı" ve "Kripto ve Mağdur Şikayetleri" başlıkları altında toplamda 969 şikayet incelenmiştir. Keşfedici bir yaklaşım benimseyerek, içerik ve tematik analiz yöntemleri kullanılarak şikayetler, çeşitli temalar altında kodlanmıştır. Analiz süreci, nitel veri analiz yazılımı olan MAXQDA 24 kullanılarak gerçekleştirilmiştir. Elde edilen bulgular, dolandırıcılık türleri arasında en yüksek frekansa sahip olan "Sahte Coin/Token" temasının (337), kripto para dolandırıcılarının sıkça kullandığı sahte projeler ve varlıklar üzerinden yatırımcıları kandırma stratejilerini ortaya koymaktadır. Bunun yanı sıra, "Para Çekme ve İşlem Talep Reddi" (159) teması, kullanıcıların meşru platformlarda işlem yapma ve paralarını çekme konusundaki zorluklarını yansıtarak dolandırıcı platformların mağdurları nasıl oyaladığını göstermektedir. Ayrıca, Telegram kanalları aracılığıyla yapılan dolandırıcılıklar da (173) dikkat çekmekte olup, sosyal medya platformlarının, dolandırıcılık faaliyetlerinde önemli bir rol oynadığı tespit edilmiştir. Kripto para dolandırıcılıkları, kullanıcıların yeni medya okuryazarlığı eksikliklerini gündeme getirmekte ve dolandırıcılıkların yaygın olduğu bir ortamda, finansal okuryazarlık ve yeni medya okuryazarlığı eğitimlerinin önemini ortaya koymaktadır.

Anahtar Kelimeler

Kripto para, dolandırıcılık, yeni medya okuryazarlığı, şikayet, sahte koin, sosyal medya, finansal okuryazarlık

Kaynakça

• Agarwal, U., Rishiwal, V., Tanwar, S., & Yadav, M. (2024). Blockchain and crypto forensics: Investigating crypto frauds. International Journal of Network Management, 34(2), e2255. https://doi.org/10.1002/nem.2255
• Almeida, J., & Gonçalves, T. C. (2023). A decade of cryptocurrency investment literature: A cluster-based systematic analysis. International Journal of Financial Studies, 11(2), 71. https://doi.org/10.3390/ijfs11020071
• Aziz, R. M., Baluch, M. F., Patel, S., & Ganie, A. H. (2022). LGBM: a machine learning approach for Ethereum fraud detection. International Journal of Information Technology, 14(7), 3321-3331. https://doi.org/10.1007/s41870-022-00864-6
• Badawi, E., & Jourdan, G. V. (2020). Cryptocurrencies emerging threats and defensive mechanisms: A systematic literature review. IEEE Access, 8, 200021-200037. https://doi.org/10.1109/ACCESS.2020.3034816
• Bartoletti, M., Lande, S., Loddo, A., Pompianu, L., & Serusi, S. (2021). Cryptocurrency scams: analysis and perspectives. IEEE Access, 9, 148353-14837.
• Białkowski, J. (2020). Cryptocurrencies in institutional investors’ portfolios: Evidence from industry stop-loss rules. Economics Letters, 191, 108834. https://doi.org/10.1016/j.econlet.2019.108834
• Chen, D.T., Wu, J., & Wang, Y. (2011). Unpacking new media literacy. Journal of Systemics Cybernetics and Informatics, 9(2), 84–88.
• Chen, D. T., Lin, T. B., Li, J. Y., & Lee, L. (2018). Establishing the norm of new media literacy of Singaporean students: Implications to policy and pedagogy. Computers & Education, 124, 1-13. https://doi.org/10.1016/j.compedu.2018.04.010
• Chergarova, V., Arcanjo, V., Tomeo, M., Bezerra, J., Vera, L. M., & Uloa, A. (2022). Cryptocurrency fraud: A study on the characteristics of criminals who are using fake profiles on a social media platform to persuade individuals to invest into cryptocurrency. Issues in Information Systems, 23(3), 242-252. https://doi.org/10.48009/3_iis_2022_120
• Childs, A. (2024). ‘I guess that’s the price of decentralisation… ’: Understanding scam victimisation experiences in an online cryptocurrency community. International Review of Victimology, 30(3), 539-555. https://doi.org/10.1177/02697580231215840
• Creswell, J. W., & Poth, C. N. (2016). Qualitative inquiry and research design: Choosing among five approaches. Sage Publications.
• Dutta, A., Voumik, L. C., Ramamoorthy, A., Ray, S., & Raihan, A. (2023). Predicting cryptocurrency fraud using ChaosNet: The ethereum manifestation. Journal of Risk and Financial Management, 16(4), 216. https://doi.org/10.3390/jrfm16040216
• Farell, R. (2015). An analysis of the cryptocurrency industry. Wharton Research Scholars, 130, 1-23.
• Higbee, A. (2018). The role of crypto-currency in cybercrime. Computer Fraud & Security, 2018(7), 13-15. https://doi.org/10.1016/S1361-3723(18)30064-2
• Jocson, K.M. (2015) New media literacies as social action: The centrality of pedagogy in the politics of knowledge production, Curriculum Inquiry, 45(1), 30-51. https://doi.org/10.1080/03626784.2014.982490
• Kellner, D., & Share, J. (2007). Critical media literacy, democracy, and the reconstruction of education. In D. Macedo & S. R. Steinberg (Eds.), Media literacy: A reader (pp. 3–23). Peter Lang Publishing.
• Kutera, M. (2022). Cryptocurrencies as a subject of financial fraud. Journal of Entrepreneurship, Management and Innovation, 18(4), 45-77.
• Lee, L., Chen, D. T., Li, J. Y., & Lin, T. B. (2015). Understanding new media literacy: The development of a measuring instrument. Computers & Education, 85, 84-93.
• Liu, Y., Tsyvinski, A., & Wu, X. (2022). Common risk factors in cryptocurrency. The Journal of Finance, 77(2), 1133-1177. https://doi.org/10.1111/jofi.13119
• Long, S., Zhu, T., & Chen, X. (2023). With high new media literacy, can we prevent problematic internet use?--A case study of Chinese college students. Digital Education Review, 44, 33-44.
• Mackenzie, S. (2022). Criminology towards the metaverse: Cryptocurrency scams, grey economy and the technosocial. The British Journal of Criminology, 62(6), 1537-1552. https://doi.org/10.1093/bjc/azab118
• Martens, H., & Hobbs, R. (2015). How media literacy supports civic engagement in a digital age. Atlantic Journal of Communication, 23(2), 120-137. http://dx.doi.org/10.1080/15456870.2014.961636
• Miller, S., Menard, P., & Bourrie, D. (2024). I'm not fluent: How linguistic fluency, new media literacy, and personality traits influence fake news engagement behavior on social media. Information & Management, 61(2), 103912. https://doi.org/10.1016/j.im.2023.103912
• Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. Retrieved from https://bitcoin.org/bitcoin.pdf
• Narayanan, A., Bonneau, J., Felten, E., Miller, A. and Goldfeder, S. (2016), Bitcoin and cryptocurrency technologies: A comprehensive introduction, Princeton University Press
• Park, S., Kim, E. M., & Na, E. Y. (2014). Online activities, digital media literacy and networked individualism of Korean youth. Youth & Society, 47(6), 1–20. https://doi.org/10.1177/0044118X14561008
• Perdana, A., & Jiow, H. J. (2024). Crypto-Cognitive Exploitation: Integrating Cognitive, Social, and Technological perspectives on cryptocurrency fraud. Telematics and Informatics, 102191. https://doi.org/10.1016/j.tele.2024.102191
• Reddy, E., & Minnaar, A. (2018). Cryptocurrency: A tool and target for cybercrime. Acta Criminologica: African Journal of Criminology & Victimology, 31(3), 71-92.
• Sanz-Bas, D., del Rosal, C., Náñez Alonso, S. L., & Echarte Fernández, M. Á. (2021). Cryptocurrencies and fraudulent transactions: Risks, practices, and legislation for their prevention in Europe and Spain. Laws, 10(3), 57. https://doi.org/10.3390/laws10030057
• Siu, G. A., & Hutchings, A. (2023, July). “Get a higher return on your savings!”: Comparing adverts for cryptocurrency investment scams across platforms. In 2023 IEEE European Symposium on Security and Privacy Workshops (EuroS&PW) (pp. 158-169).
• Smith, S. S. (2018). How Cryptocurrencies Are Changing What CPAs Need to Know about Fraud Prevention. Theoretical Economics Letters, 8(14), 3252-3266. https://doi.org/10.4236/tel.[phone]
• Thoman, E., & Jolls, T. (2004). Media literacy: A national priority for a changing world. American Behavioral Scientist, 48(1), 18–29.
• Tripathy, N., Balabantaray, S. K., Parida, S., & Nayak, S. K. (2024). Cryptocurrency fraud detection through classification techniques. International Journal of Electrical and Computer Engineering (IJECE), 14(3), 2918-2926. https://doi.org/10.11591/ijece.v14i3.pp2918-2926
• Trozze, A., Kamps, J., Akartuna, E. A., Hetzel, F. J., Kleinberg, B., Davies, T., & Johnson, S. D. (2022). Cryptocurrencies and future financial crime. Crime Science, 11, 1-35. https://doi.org/10.1186/s40163-021-00163-8
• Xia, P., Wang, H., Zhang, B., Ji, R., Gao, B., Wu, L., ... & Xu, G. (2020). Characterizing cryptocurrency exchange scams. Computers & Security, 98, 101993. https://doi.org/10.1016/j.cose.2020.101993
• Wątorek, M., Drożdż, S., Kwapień, J., Minati, L., Oświęcimka, P., & Stanuszek, M. (2021). Multiscale characteristics of the emerging global cryptocurrency market. Physics Reports, 901, 1-82. https://doi.org/10.1016/j.physrep.2020.10.005
• Wu, S., & Chen, S. (2007). Media literacy education. Taipei, Taiwan: Chiuliu
• Velani, J., & Patel, D. S. (2023). A review: Fraud prospects in cryptocurrency investment. International Journal of Innovative Science and Modern Engineering, 11(6), 1-4. https://doi.org/10.35940/ijisme.e4167.0611623
• Zhang, H., Zhu, C., & Sang, G. (2014). Teachers’ stages of concern for media literacy education and the integration of MLE in Chinese primary schools. Asia Pacific Education Review, 15(3), 459–471.