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FBI reports Americans lost $5.6B to cryptocurrency fraud in 2023

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The Federal Bureau of Investigation (FBI) has released a troubling report indicating that Americans lost over $5 billion to cryptocurrency fraud in 2023. This significant figure highlights the escalating risks associated with digital asset investments and underscores the need for enhanced vigilance and regulatory measures.

The FBI’s 2023 Cryptocurrency Fraud Report details a sharp increase in financial losses due to various types of scams and fraudulent schemes targeting cryptocurrency investors. These include investment frauds, Ponzi schemes, phishing attacks, and fraudulent Initial Coin Offerings (ICOs).

According to the report, the most common types of fraud involved fake investment opportunities promising high returns with little risk. Scammers exploited the hype around cryptocurrencies to lure unsuspecting victims, often using sophisticated tactics to appear legitimate.

The FBI’s Internet Crime Complaint Center (IC3) received thousands of complaints related to cryptocurrency fraud last year. The report notes that the average amount lost per victim has also increased, reflecting both the growing number of scams and the larger sums involved.

“Cryptocurrency fraud has become a major concern for investors and law enforcement alike,” said an FBI spokesperson. “The scale of the losses reported in 2023 underscores the urgent need for individuals to exercise caution and conduct thorough due diligence before engaging in digital asset transactions.”

The rise in cryptocurrency fraud has prompted calls for stronger regulatory frameworks and improved security measures within the digital asset industry. Experts recommend that investors be wary of unregulated platforms and high-pressure tactics that promise guaranteed returns. Additionally, increasing public awareness about common fraud schemes is seen as a critical step in combating these crimes.

In response to the growing threat, the FBI has been working closely with other federal and international agencies to track down and prosecute fraudsters. The agency also emphasizes the importance of reporting suspicious activities and potential scams to authorities.

As the cryptocurrency market continues to evolve, the need for robust regulatory oversight and security measures is becoming increasingly evident. The FBI’s report serves as a stark reminder of the risks associated with digital investments and the importance of protecting oneself from fraudulent schemes.

Investors are encouraged to stay informed about the latest security practices and to be cautious of offers that seem too good to be true. The ongoing efforts to address cryptocurrency fraud highlight the broader challenge of ensuring a safe and transparent environment for digital asset transactions.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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