Key Points:
The Oregon Division of Financial Regulation (DFR) cautioned cryptocurrency investors in a post that phony websites and applications have been set up by con artists to steal money and deliver nothing in return. Before transmitting money to cryptocurrency trading platforms, the DFR advised traders to “do their homework.”
The DFR also mentioned an event involving a website that purported to be run by the US Department of State as an illustration. The website stated that it was attempting to assist FTX customers in recovering their assets, according to the DFR. As a result, the website obtained data from an investor, including usernames and passwords. TK Keen, a DFR administrator, said:
“We have said this before, but if it sounds too good to be true, it probably is. We encourage everyone to do their homework and invest wisely, and be diligent in protecting their usernames, passwords, and other sensitive data.”
Keen also pointed out that there are numerous practices in the cryptocurrency market that appear genuine but are intended to exploit individuals. In addition to issuing a warning, officials urged those who have been the victims of cryptocurrency-related frauds to report them to their office.
Executives responsible for a South Korean cryptocurrency exchange scam were given prison terms of up to eight years. Six officials were apprehended for their roles in the $1.5 billion swindle that attracted 50,000 investors with promises of 300% profits. However, three were not due to their right to self-defense in court and claims of innocence against some allegations.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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