Elderly Victim Scammed Out of $803K — Could Crypto Have Stopped It?

Summary: Could crypto have prevented the scam that stole $803K from an elderly victim? Possibly. The scam relied on forged checks, insider access, and a lack of transparency — weaknesses common in traditional banking. A blockchain-based system like Shibarium, with public ledgers and no middlemen, could have made that kind of fraud far harder to pull off. Michel Duarte Suarez, a Cuban national, has pleaded guilty to charges stemming from a scheme in which he gained control of the bank account of an elderly victim, stole over $800,000, and worked with accomplices in South Florida to launder the funds source: https://news.shib.io/2025/07/15/elderly-victim-scammed-out-of-803k-could-crypto-have-stopped-it/