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Cryptocurrency market being a nascent space always carries a possibility of fraud and ponzi schemes. Such programs intend to cast spells on common people turning them into “investors” showing them the bright picture of ‘get rich quick.’ Financial regulators tend to keep a check on these activities and recently a Californian regulator did the same while tackling the potential fraud crypto projects.
The California Department of Financial Protection and Innovation (DFPI) reported a warning against different crypto brokers and websites. Within 17 distinct warnings, the regulator cited these entities to be subject under suspicion of being frauds.
Consumer alert page of DFPI showcases that until now, there are 17 warnings within two days—27th and 28th December 2022. It mentioned these companies likely to be involved in playing fraud against and posing threat on customers in California.
The warning over the regulator’s page includes TeleTrade Options, Tony Alin Trading Firm, Tahoe Digital Exchange, Hekamenltd/Tosal Markets Limited, Yong Ying Global Investment Company Limited, ZC Exchange, VoyanX.com along with several others.
Amidst the list with bit insignificant names, there were two big names from the crypto space. These were UniSwap LLC and eth-Wintermute.net.
Looking at the track record of the Californian regulator to put the updates of companies investigations or warning of some incidents, the recent alert is worth seeking attention. It does not post this many notifications reporting the crypto scams in a row.
Earlier DFPI put a notable number of warnings in June regarding alerts of 26 crypto platforms said to be suspicious. The agency put up warnings following citizens filing complaints. Within the reports, people admitted to lost amounts ranging from 2,000 USD to 1.2 million USD.
The majority of these alerts claim that pig-slaughtering scams, in which a person or group creates a false online identity to forge ties or friendships on social media, messaging services, and dating apps, are a common occurrence.
In a romance or pig slaughter scam, the con artist would typically spend weeks or months cultivating the fictitious family to win the victim’s trust before gradually changing the subject to investments and luring them in with investment “opportunities” that are frequently too good to be true.
The ultimate objective is to convince the victim to invest in cryptocurrency either through a phony website or by sending money to a shady wallet address.
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