FBI Issues Crypto Scam Alert as Market Loses $300 Billion
This market dip, which aligns with broader stock market trends, has erased nearly $300 billion in value from the cryptocurrency market since late July.
The drop coincided with public comments from Elon Musk concerning Bitcoin, exacerbating the market’s volatility.
FBI Warns of Increased Crypto Scams
During these turbulent market conditions, the U.S. Federal Bureau of Investigation (FBI) has stepped forward with a critical warning about an uptick in cryptocurrency scams.
“The FBI is warning of scammers impersonating cryptocurrency exchange employees to steal your money,”
They advise anyone who has fallen victim to such scams to report the fraudulent activities.
The FBI strongly advises cryptocurrency holders to remain vigilant, especially when receiving unsolicited communications about their accounts.
“If you receive a call or message indicating any kind of account problem or compromise, do not respond, even if it appears official and indicates you must act immediately,” warns the FBI.
- They recommend hanging up and calling the cryptocurrency exchange’s official phone number to verify any claims.
- Importantly, users are cautioned against using contact details provided by the caller and advised to access cryptocurrency exchange websites directly rather than clicking on any links sent by callers.
The first half of 2024 has seen a substantial increase in stolen crypto, with losses nearly doubling from the previous year.
This rise is partly attributed to a few large-scale attacks and a general rebound in cryptocurrency prices from their lows in 2022.
“While we have not seen any fundamental changes in the security of the cryptocurrency ecosystem, we have seen a significant increase in the value of various tokens—from Bitcoin to Ethereum and Solana—compared to the same time last year,” explained Ari Redbord, the head of policy at TRM Labs, to Reuters.
This combination of market losses and increased fraudulent activity highlights the dual challenges facing cryptocurrency investors: navigating market volatility and enhancing security measures to protect digital assets.
FBI Issues Serious Crypto Warning Amid $300 Billion Bitcoin, Ethereum, Solana, BNB And XRP Price Crash
Billy Bambrough
Senior Contributor
I write about how bitcoin, crypto and blockchain can change the world.
Bitcoin—along with other major cryptocurrencies ethereum, solana and XRP—have crashed back this week (falling along with the stock market in a crash that could get a lot worse).
The bitcoin price has dropped toward $60,000 per bitcoin after touching $70,000 just last week. Other top ten cryptocurrencies ethereum, solana and XRP have also dropped back wiping a combined $300 billion from the crypto market since late July—just after Elon Musk broke his silence on bitcoin.
Now, as traders brace for a Donald Trump bitcoin "game-changer," the U.S. Federal Bureau of Investigation (FBI) has issued a serious crypto warning over attempts by scammers to steal users' funds.
"While we have not seen any fundamental changes in the security of the cryptocurrency ecosystem, we have seen a significant increase in the value of various tokens - from bitcoin to ethereum and solana—compared to the same time last year," Ari Redbord, global head of policy at TRM Labs, told Reuters.
Hackers stole almost $1.4 billion worth of crypto between January and June 2024, compared with $657 million in the same period in 2023, the blockchain sleuths found.
