Oregon Financial Regulation Department Warns of Fraudulent Cryptocurrency Apps and Websites

Fraudulent Cryptocurrency Apps and Websites: Before putting their money into bitcoin, the Oregon Division of Financial Regulation (DFR) recommends that prospective investors do their homework on the various trading platforms. Scammers develop a wide variety of trading applications and websites for cryptocurrencies in order to steal the money of investors. Investors will see their account balances grow quickly, and they will be promised tremendous profits in a short amount of time; yet, they will not be able to withdraw funds without first paying “withdrawal fees” or “taxes.”

Oregon Financial Regulation Department Warns of Fraudulent Cryptocurrency Apps and Websites

Until a potential investor starts to get suspicious. After that, both the con artists and the investors had their money taken from them. Verify the firm behind the app or website you want to use to trade cryptocurrencies before you put any money there.

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Scammers will also attempt to victimize victims who are trying to seek restitution for their wrongdoing. For example, after the failure of FTX, a website that claimed to be run by the United States Department of State claimed to be trying to recover client assets.

The user’s FTX login, password, and account information were all required to be entered on the page. This website is not affiliated in any way with the State Department. Be wary of anybody who asks for your usernames and passwords for online accounts.

Oregon Financial Regulation Department Warns of Fraudulent Cryptocurrency Apps and Websites
Oregon Financial Regulation Department Warns of Fraudulent Cryptocurrency Apps and Websites

According to TK Keen, an administrator for DFR, the market for trading cryptocurrencies is volatile and full of individuals who are attempting to take advantage of you. We’ve said it before, and it bears repeating: “If it seems too good to be true, it generally is.” Carry out enough research, make judicious investments, and take precautions to safeguard your login credentials and other private information.

The North American Securities Administrators Association provides a list that details numerous new investment scams being perpetrated by con artists. Examples:

Wallets, especially digital ones, are used to store, transmit, and receive bitcoin. Con artists fabricate bogus digital wallets in the hopes of duping unsuspecting users into divulging private key information or wallet codes. After gaining the private key to a digital wallet, fraudsters are able to remove every bitcoin from the wallet.

Pump-and-dump schemes involve the purchase of a hardly traded cryptocurrency, promotion of that cryptocurrency on social media, and subsequent sale of that cryptocurrency. Those investors who were unaware are now stuck holding devalued cryptocurrencies. MLM is an industry in which companies claim huge profits with a minimal level of risk. Investors have the incentive to bring on board additional members.

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Keen went on to say that “many of them are clear after the fact,” but that “there is so much in this industry that looks and sounds real.” Regrettably, there are a significant number of fraudulent crypto traders operating in the market. Scams involving cryptocurrencies should be reported to our office, and we encourage you to do so.

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