FBI Releases Advisory on Fraudulent Crypto Apps

Transcript

00:00Welcome back to Decentralized News, a quick news update. It seems like the FBI has released

00:07advisory on fraudulent crypto apps and we've obviously seen that there have been a lot of

00:15victims of fraud and cyber crimes that are in the crypto markets, losing more than $42 million

00:24in the United States alone so far this year and the FBI has issued a public warning to raise

00:32awareness of scams conducted via these fraudulent crypto apps. The four-page document titled

00:39Cyber Criminals Create Fraudulent Crypto Investment Applications to Defraud US Investors explains that

00:48a popular method used by criminals has been to use the logos of and identifying information of

00:54legitimate crypto companies to deceive investors. There have already been an estimated 244 reported

01:00victims of such scams according to the FBI and the advisory highlighted individual cases to explain

01:08the extent of these sophisticated scammers. An application displaying a logo of an actual US

01:16financial institution was used to lure victims into depositing cryptocurrency in their in-app

01:22wallets. When the victims tried to withdraw their funds, they were asked to pay tax on the amount and

01:27such attempts to withdraw were blocked even after the tax payments were made. So according to the FBI,

01:34the scammed victims have been on the rise and this is why they are taking this action to now sort of

01:42put out some advisory information to ensure that the consumer is in the know. Let me know what you think. I

01:52personally think there has to be more of a consented effort to try to tackle a lot of these crimes, especially

01:59on the internet. You have no idea, you know, sometimes in the comments there are some people that just

02:05always dropping kind of scammy sort of comments to try to get people to DM them on Telegram and things of

02:16that nature. And you see these YouTube hacks where they hack a channel and they will run a live stream

02:23of like Michael Saylor or Shamath or somebody like that asking people to deposit money so they can get

02:29your money back etc. And it's just, yeah, I think it's definitely has to do something. They have to

02:37start speaking out about this so that at least these guys are aware that, you know, there are some

02:43authorities out there on the lookout for them. And hopefully, yeah, you know, over time we can see

02:49a much massive reduction in these type of scams in this space. And let me know what your thoughts

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