DENVER, Co. – The Denver Division of the Federal Bureau of Investigation (FBI) is warning about crypto investment scams, especially involving Tether (USDT) and USD Coin (USDC), that have been affecting mature adults.
In a common scenario, the victim is approached on a social media platform, dating app, or discussion forum with a cryptocurrency investment opportunity. The victim is directed to a link or phone number to set up the investment account. This is a scam – the link or phone number is controlled by the fraudster, who has set up a fictitious support site. Once the victim transfers the funds, the fraudster disappears with the money.
Nationwide, of the reported crypto fraud losses that began on social media, most are investment scams: Since 2021, $575 million of all crypto fraud losses reported to the Federal Trade Commission (FTC) were about bogus investment opportunities, far more than any other fraud type. More than 46,000 people have reported losing over $1 billion in crypto.
In 2021, Coloradans reported losing almost $25 million to investment scams, according to the FBI’s Internet Crime Complaint Center (IC3). Coloradans 60 and older lost more money to scams than any other age group.
“As more people use and invest in cryptocurrency, the more crypto scams we see,” said Special Agent in Charge Mark Michalek. “The FBI will investigate allegations of crypto scams, but the best path is not to fall victim in the first place. FBI Denver wants people to be aware of the warning signs and be alert to the ways fraudsters try to reel them in.”
Specifically, Tether (USDT) and USD Coin (USDC) are tied to the U.S. dollar; an investment pitch into these cryptocurrencies should raise additional red flags the opportunity is likely a scam.
FBI Denver is seeing two major cons when it comes to cryptocurrency investment fraud:
Here are some tips to protect yourself against cryptocurrency investment fraud (compiled from FBI Denver, IC3 and FTC):
To find more information on this scam, follow the link here. You can also check out the data by following the link here.
Click Here For The Original Story
Recently, SEC Chair Gary Gensler issued fresh warnings about cryptocurrencies amid Bitcoin's surge to a…
Pay Dirt is Slate’s money advice column. Have a question? Send it to Athena here. (It’s anonymous!) Dear…
By Virma Simonette & Kelly Ngin Manila and Singapore14 March 2024Image source, Presidential Anti-Organized Crime…
Technology has disrupted many aspects of traditional life. When you are sitting at dinner and…
Reports of suicides, missing bodies, sexual kompromat and emptied bank accounts as fake sangomas con…
A South African woman has been left with her head in her hands after she…