The use of digital forensics in investigating cryptocurrency-related fraud in Nigeria: A case study of Binance transactions.
- Project Research
- 1-5 Chapters
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- Table of Content: Available
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- Recommended for :
- NGN 5000
Background of the Study
Cryptocurrency has emerged as a significant global financial innovation, allowing for decentralized digital transactions. In Nigeria, cryptocurrencies such as Bitcoin, Ethereum, and others have gained popularity, offering a wide range of financial services including investments, remittances, and online transactions. However, the rapid adoption of cryptocurrencies has also led to an increase in cryptocurrency-related fraud, including scams, Ponzi schemes, and money laundering. The decentralized and often anonymous nature of cryptocurrency transactions makes it particularly challenging to trace fraudulent activities without specialized investigative tools (Idris & Olorunfemi, 2023).
Digital forensics, a field focused on investigating cybercrimes involving digital data, has become an essential tool in tackling cryptocurrency fraud. Digital forensics in the context of cryptocurrency involves analyzing blockchain transactions, tracing digital wallets, and using forensic tools to uncover illicit activities. This study examines the role of digital forensics in investigating cryptocurrency-related fraud in Nigeria, with a case study of Binance, a leading cryptocurrency exchange platform. The research aims to explore how digital forensics can enhance fraud detection and resolution in cryptocurrency transactions in Nigeria.
Statement of the Problem
The rise of cryptocurrency-related fraud in Nigeria presents significant challenges for regulators, financial institutions, and law enforcement. While digital forensics offers potential solutions for investigating these frauds, there is a lack of comprehensive understanding of how digital forensic tools and techniques are applied in the context of cryptocurrency fraud investigations. This study seeks to examine the use of digital forensics in investigating cryptocurrency fraud, with a focus on Binance transactions, to understand the effectiveness and limitations of these techniques in uncovering illicit activities in Nigeria's cryptocurrency market.
Objectives of the Study
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To examine the role of digital forensics in investigating cryptocurrency-related fraud in Nigeria.
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To assess the effectiveness of digital forensic techniques in detecting and resolving fraudulent cryptocurrency transactions.
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To identify the challenges faced by digital forensic investigators in tracking cryptocurrency fraud in Nigeria.
Research Questions
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How effective is digital forensics in investigating cryptocurrency-related fraud in Nigeria?
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To what extent do digital forensic techniques aid in detecting and resolving fraudulent cryptocurrency transactions?
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What challenges do digital forensic investigators face when investigating cryptocurrency-related fraud in Nigeria?
Research Hypotheses
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Digital forensics is effective in investigating cryptocurrency-related fraud in Nigeria.
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Digital forensic techniques significantly enhance the detection and resolution of fraudulent cryptocurrency transactions.
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Digital forensic investigators face significant challenges in tracking cryptocurrency-related fraud in Nigeria.
Scope and Limitations of the Study
This study will focus on the application of digital forensics in investigating cryptocurrency-related fraud in Nigeria, with a particular emphasis on Binance transactions. It will explore how forensic techniques can be used to trace illicit cryptocurrency activities and identify perpetrators. Limitations include access to sensitive data on Binance transactions and the challenges of working with decentralized technologies that are inherently resistant to centralized regulation.
Definitions of Terms
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Digital Forensics: The process of collecting, analyzing, and preserving digital evidence to investigate cybercrimes, including fraud.
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Cryptocurrency Fraud: Financial fraud involving digital currencies, such as scams, Ponzi schemes, and money laundering.
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Binance: A leading cryptocurrency exchange platform that facilitates trading in various cryptocurrencies.
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Fraudulent Cryptocurrency Transactions: Illegal or unauthorized transactions involving digital currencies, typically for fraudulent purposes.
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