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Victims Of The FTX Collapse: Investors in digital currencies have been urged by Oregon’s Division of Financial Regulation (DFR) to be cautious in light of the recent rise in fraud within the sector. The warning was posted on the website of the financial regulator, which also included examples of the methods used by con artists. Re-victimizing those who used the now-defunct FTX platform is one such step. The pretext is to recoup consumers’ lost funds.
Scammers Target The Victims Of The FTX Collapse By Imitating The Us State Department
Scammers lure people in by creating a website that seems like it’s managed by the U.S. Department of State and promising to recover customers’ assets. In actuality, the scammers steal personal information to access other digital wallets or demand payment to expedite the recovery of the victim’s possessions.
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This webpage was not developed by the U.S. Department of State. The DFR issued a warning saying, “Please be aware that if somebody reaches you asking for your usernames and passwords, it is more than likely a fraud.”
Scammers in the digital currency industry can make use of phony investment platforms that promise rapid profits. Fraudsters entice victims to deposit digital money like Bitcoin by promising them high profits, but in reality, the scammers control all trade data on the sites.
There will be a sharp increase in users’ balances, but the DFR says they won’t be able to cash them out. They will instead be harassed with demands to deposit additional money for taxes or withdrawal fees until the victim discovers it was a fraud.
There has been a meteoric rise in the prevalence of scams using phony digital wallets, pump-and-dump schemes, and MLM platforms in recent weeks. The director of the DFR, TK Keen, has issued a warning to investors to be cautious while dealing with digital assets since the “market is fluid and full of individuals attempting to take advantage of you.”
End of the year chaos for regulators
Scammers targeting digital assets rose in number and sophistication in 2022, presenting new challenges for governments throughout the world. The state of California’s Department of Financial Protection and Innovation (DFPI) has issued 17 public warnings against fraudulent digital asset organizations.
Scammers target FTX collapse victims by mimicking US State Departmenthttps://t.co/O0qhuuONAC
— CoinGeek (@RealCoinGeek) January 2, 2023
The FBI also issued a Christmas fraud alert, warning that scammers were targeting the elderly with pig slaughtering schemes. The warning states that the scammers pretend to have a romantic interest in the victims before trying to get them to invest in fake investment websites.
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Meanwhile, in 2022, France closed down two digital trading platforms and South Korea’s investigators worked around the clock to prosecute six high-ranking officials of the fraudulent V Global exchange.
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