Cryptocurrency fraud soars, spurring state action in the US

In a preliminary report from the third quarter of this year, the FTC found that people lost US$200.8mil (RM839mil) from fraudulent cryptocurrency payments, second only to the US$202.1mil (RM844mil) victims lost from illegitimate bank transfers. — Photo by Ruben Hanssen on Unsplash

Has “Elon Musk” asked you to send him Bitcoins, offering to double your money? Did you get an official-looking solicitation from the Texas firm “Peters Wealth Management” to buy cryptocurrency? How about someone on a dating app touting a “great new investment"?

All of these are scams involving the latest buzz-worthy investment — cryptocurrency. While legitimate currencies such as Bitcoin can offer good, if often volatile, returns, scam artists are proficient at separating unwise investors from their money.