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FBI Warns of Fake Crypto Apps — 244 Investors Defrauded, $42.7 Million Lost

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The Federal Bureau of Investigation (FBI) has issued a warning about fake cryptocurrency apps defrauding investors. “The FBI has identified 244 victims and estimates the estimated damages associated with this activity at $42.7 million,” US law enforcement officials said.

FBI crypto app warning

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The Cyber ​​Division of the Federal Bureau of Investigation (FBI) released a notice on Monday warning investors and financial institutions about fraudulent cryptocurrency applications. The notice states:

The FBI is warning financial institutions and investors about cybercriminals creating fraudulent crypto investment apps (apps) to defraud crypto investors.

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The FBI explained that it had observed cybercriminals contacting US investors claiming to offer legitimate cryptocurrency investment services. The criminals then convinced the investors to download the fraudulent mobile apps.

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Notice continues:

The FBI has identified 244 victims and estimates the estimated damages associated with this activity at $42.7 million.

One scheme cited by the FBI as an example ran from December 2021 to May of this year. The cybercriminals posed as a legitimate US financial institution. They convinced the victims to download the fake app and deposit cryptocurrencies into wallets linked to the victims’ accounts on the app. When the victims tried to withdraw funds, they were required to pay taxes. However, after paying, they were never able to withdraw their money.

Another similar scheme, operating under the name Yibit, ran from October 2021 to May of this year. Victims were asked to download the Yibit app, deposit crypto, and then pay taxes before withdrawing. However, after paying, they were never able to withdraw their funds.

The third example provided by the FBI was a scheme that was in operation in November 2021. The cybercriminals, operating under the company name Supayos, also known as Supay, instructed victims to download the Supay app and make several cryptocurrency deposits into their Supay accounts. The scammers then told one victim that he was enrolled in a program requiring a minimum balance of $900,000 without his consent. When the victim tried to cancel the subscription, they were told to deposit the requested funds or freeze all assets.

The FBI has advised financial institutions and investors who believe they have been scammed with fake crypto investment apps to contact the bureau through the Internet Crime Complaint Center or their local FBI office.

What do you think of the FBI warning about fake crypto apps? Let us know in the comments below.

Denial of responsibilityA: This article is for informational purposes only. This is not a direct offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly liable for any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods or services mentioned in this article.



Credit : news.bitcoin.com

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