A crypto investment fraud that is believed to have syphoned “millions of dollars” from Americans has been the subject of a widespread warning from the FBI.
The U.S. Federal Bureau of Investigation (FBI) has issued a warning regarding a cryptocurrency swindle that it suspects has fraudulently obtained “millions of dollars” from American investors.
The FBI’s recent disclosure that it had received more than 18,000 complaints regarding crypto investment schemes during the first six months of 2024 prompted the warning, which resulted in losses totaling $1.9 billion.
According to an abc13 report on October 4, The FBI has accused ICHCoin of being a sophisticated cryptocurrency scheme that has taken the “entire life resources.” of some individuals who trusted the fraudulent investment platform.
Amanda Culver, the Assistant Special Agent in Charge of the FBI Houston, stated that the scheme commences with an individual contacting prospective victims on Facebook or Instagram and offering to provide them with information regarding cryptocurrency investments.
The victims would be enticed to direct messaging platforms such as WhatsApp, where fraudsters would encourage them to make substantial wire transfers from their bank accounts to the ICHCoin platform once they were persuaded.
Victims were able to monitor their locations using the ICHCoin app; however, they were unable to generate any returns on their investments and were ultimately abandoned when they attempted to retrieve their funds.
“This trick could definitely deceive the ordinary individual,” Culver said. “These platforms are exceedingly simple to employ in order to deceive individuals. People are highly interested in investing in cryptocurrency, and it is one of the platforms on which they recognize the potential for a return on investment.”
The FBI is currently conducting an investigation into the swindle and has determined that the fraudulent ICHCoin platform has resulted in a loss of approximately $30 million, according to the report. Culver encouraged additional ICHCoin victims to report their experiences, as the agency suspects that the fraud may have affected Americans from states other than Houston.
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