FBI Crypto Scam Warning: Costing Millions Of Dollar In Maryland

Read also: 

• Dr Profit Crypto: Market Insights, Strategies & Predictions
• MANEKI Token: A Coin Bringing Good Fortune and Prosperity on the Solana Blockchain
• Big Time Crypto News: Rises 40% In The Last 24 Hours   

FBI Alerts Maryland to Rise in Cryptocurrency Investing Scams

The growing risk of cryptocurrency investment fraud in Maryland was discussed in a news release released on Tuesday by the Federal Bureau of Investigation (FBI) Baltimore office. This type of fraud, dubbed "pig butchering", entails con artists convincing victims to make large investments in what turn out to be fraudulent Bitcoin offers.

Victims frequently lose all of their investments, and criminal actors - who are typically located abroad - take possession of the money. According to FBI data, Marylanders reported losing about $54.5 million to these scams between January and August of 2024. According to the government, such methods cost 668 Marylanders $69.1 million in 2023.

“Bottom line: never trust someone you haven’t met who claims to be an expert and can help you make money through a can’t-miss investment opportunity,” says William J. DelBagno, FBI Baltimore Special Agent in Charge. It is stated that the victims are becoming absolutely devastated by these schemes. 

FBI Recommendations To Avoid Being Scammed

• If an unknown individual contacts you, do not release any financial or personal identifying information and do not send any money.
• Do not invest per the advice of someone you meet solely online.
• Verify the validity of any investment opportunity from strangers or long-lost contacts on social media websites.
• Be on the lookout for domain names that impersonate legitimate financial institutions, especially cryptocurrency exchanges.
• Misspelled URLs, often with a slight deviation from the actual financial institutions' website, may be fake.
• Do not download or use suspicious-looking apps as a tool for investing unless you can verify the legitimacy of the app.
• If an investment opportunity sounds too good to be true, it likely is. Be cautious of get-rich-quick schemes.
• Confirm the validity of any investment opportunity or cryptocurrency investment website or app.
• If you already invested funds and believe you are a victim of a scheme, do not pay any additional fees or taxes to withdraw your money.
• Do not pay for services that claim to be able to recover lost funds.

Immediately submit a report to ic3.gov if you or anyone you know has any chance of becoming a victim of a crypto scam. 

Explore more crypto insights with our Bitscreener Exclusive

Stay updated with daily hot news on Trending News