(COLORADO) — FBI Denver is warning of cryptocurrency scams impacting Coloradans, specifically a variant of the “pig butchering” scam.
“In this scheme, fraudsters, posing as highly successful traders in cryptocurrency, entice victims to make purported investments in cryptocurrency providing fictitious returns to encourage additional investments,” according to a recent FBI press release.
Investigators at the FBI Denver office said there is a new trend where adults are being caught up in crypto investment scams, especially involving Tether (USDT) and USD Coin (USDC).
According to FBI Denver, victims are being approached on social media, dating apps, or discussion forums with an opportunity to invest in cryptocurrency. The victim is then sent a fraudulent link or phone number to set up an investment account, controlled by scammers, who then disappear with the money once the victim transfers funds.
According to the FBI’s Internet Crime Complaint Center (IC3), Coloradans 60 years and older “lost more money to scams than any other age group.” In 2021, IC3 said Coloradans reported losing almost $25 million to investment scams.
“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.”
FBI Denver said it is seeing two major cons when it comes to cryptocurrency investment fraud; “a so-called “investment manager” contacts you,” or “an online “love interest” wants you to send money or cryptocurrency to help you invest.”
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