Today's Article

“We’re not talking about what’s going on on farms. We’re talking about a cryptocurrency investment scam that is sweeping the country. It is costing Americans billions of dollars in losses.”

Authorities are urging you to be careful when getting random texts or messages through social media with invitations to start 5investing in cryptocurrencies.

“When you finally ask for your money, guess what, your friend has disappeared.”

It comes as several recent crypto-related headlines sent a chill through an already anxious community. First, Sam Bankman-Fried, the founder of failed crypto exchange platform called FTX 6pleaded not guilty this month to federal fraud and conspiracy charges linked to his company’s 7meltdown. Then, the SEC charged six people in an investment scheme called “CoinDeal” that raised more than $45 million on false promises of access to blockchain technology. And also this month, US regulators have issued their first joint statement warning banks and others about the risks of fraud, 8volatility, and poor risk management in the crypto world. So what can you do to avoid becoming a victim? Law enforcement officials say scammers usually target their victims by sending mass texts hoping somebody takes the bait.

“9Perpetrators of these crimes have been trained in techniques of, uh, 10psychological 11deception, in techniques to gain people’s trust.”