(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.
FBI Denver: Crypto fraud losses since 2021 in the U.S.
- $575 million of all crypto fraud losses reported to the Federal Trade Commission (FTC) were about bogus investment opportunities.
- More than 46,000 people have reported losing over $1 billion in crypto.
- Reported losses in 2021 were nearly 60 times what they were in 2018.
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…
