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DENVER — The number of people falling for cryptocurrency scams is rising as more people start using cryptocurrencies, according to a warning from the Denver Division of the Federal Bureau of Investigation.
Denver investigators said adults tend to get caught in these scams involving Tether (USDT) and USD Coin (USDC).
The FBI Denver is now warning Colorado citizens about how these scams typically work. Scammers typically approach victims on social media, dating apps, and discussion forums. Scammers claim that there are opportunities to invest in cryptocurrencies, often with “zero risk” and “make big money,” and ask victims for a link or phone number. It falsely claims that this is for setting up an investment account. Once the victim transfers the funds, the scammer disappears with the money.
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Colorado investigators said they identified two main tactics. One is that a fake investment manager contacts you and promises to increase your money only if you buy cryptocurrency and transfer it to his account online. The second is online romance seeking money and cryptocurrencies that are useful for investment.
In 2021, Coloradans reportedly lost about $25 million to this type of fraud. The FBI says this includes:
- 52-year-old Aurora man lost nearly $600,000 in Tether investment scam scheme
- 61-year-old Denver woman lost nearly $1.3 million in Tether investment scam scheme
- 62-year-old Evergreen man lost nearly $350,000 in Tether investment fraud scheme
- Parker couple in their late 40s lost about $1.2 million in Tether investment scam scheme
- 53-year-old Timnath man lost nearly $600,000 in USD Coin investment fraud scheme
Of all the money lost to cryptocurrency scams nationwide, $575 million was attributed to fake investment opportunities. According to the FBI, 2021 losses are about 60 times higher than he was in 2018.
read more: Denver man loses $1.6 million in new ‘slaughter of pigs’ cryptocurrency scam
“As more people use and invest in cryptocurrencies, we see more crypto fraud,” said Special Agent Mark Michalek. “The FBI investigates allegations of cryptocurrency fraud, but the best course of action is not to become a victim in the first place. I hope you will pay attention.”
FBI Denver offers the following tips to protect yourself from these scammers.
- Scammers promise you to make money or promise large payouts with guaranteed earnings
- When a company or person promises to make a profit, it is fraud. If an investment opportunity seems too good to be true, it probably is.beware of get-rich-quick schemes
- Scammers make exaggerated claims without details or explanations
- Before investing in cryptocurrencies, search online for company or person names, cryptocurrency names, and words like “reviews,” “scams,” and “complaints.”
- Go to any website individually instead of using provided links or QR codes
- If you’re asked to use a new app, download it from your regular app store, not the link provided
- If you’re sending emails pretending to be investment advisors, make sure they have business email accounts.
- Resist the pressure to act quickly.Legitimate advisors don’t push you to make hasty decisions
If you believe you have been a victim of cryptocurrency fraud, please file a complaint with the FBI’s Internet Crime Complaint Center (www.ic3.gov).
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