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Scam artists know no bounds—that also applies to stealing your cryptocurrency.
Swindlers exploit various schemes to lure victims into fraudulent crypto investments. They even go as far as entering into fake relationships through dating apps like Tinder.
Headlines like “Crypto and Romance Scams Continue to Cost Victims Billions” and “A Romance Scammer Took Her Life Savings in Crypto” are becoming commonplace.
In fact, crypto romance scammers conned victims out of $139 million last year, according to a 2022 report by the Federal Trade Commission (FTC). But that’s just one type of scam of many.
The FTC also found that more than 46,000 consumers reported losing more than $1 billion in crypto between Jan. 1, 2021 and March 31, 2022. And that might be just the tip of the iceberg—there are likely more victims out there who didn’t report their incidents.
Aaron Cohn, partner at Weinberg Wheeler Hudgins Gunn & Dial, a law firm focused on financial fraud, says his practice has seen a strong increase in victims seeking help with hacked crypto accounts.
“Retail investors considering crypto investments need to understand the elevated risks and should employ heightened safeguards to help ensure they do not become the next victim,” Cohn says.
To avoid schemes that prey upon crypto enthusiasts,…
