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Scammers are aiming to “fatten up” unwary cryptocurrency investors before making off with their dough as part of a “pig butchering” scheme, Chief Financial Officer Jimmy Patronis warns.
“In Florida, we embrace emerging technology and innovation, but consumers must always stay on guard for scams, especially as new financial products like Bitcoin and other cryptocurrencies become increasingly popular,” Patronis said.
The scheme is a form of “romance scam” where ostensible online dating paramours convince their partner to invest more and more sums into a fake cryptocurrency investment.
“Reports say cryptocurrency scams have bilked millions out of unsuspecting crypto investors; many of which were scammed through online dating apps over the course of several months,” Patronis said in his Wednesday statement.
“Just like with any major financial decision, consumers should do research and never transfer funds to someone you think is suspicious, untrustworthy, and whose identity you haven’t verified. You may as well kiss your money goodbye.”
Patronis offered three tips from the Federal Trade Commission to spot and avoid cryptocurrency schemes: Stay away from any entity demanding payment upfront in cryptocurrency — “that’s always a scam” — avoid rosy promises of large, quick returns, and don’t mix online dating advice with investment advice.
“If you meet someone on a dating site or app, and they want to show you how to invest in crypto, or asks you to send them crypto, that’s a scam,” the release from Patronis’ office states.
“If you feel you have been the victim of a scam, report it immediately at FraudFreeFlorida.com,” Patronis stated. “Always remember, if an opportunity sounds too good to be true, it is.”
Patronis oversees the Department of Financial Services and the Office of Financial Regulation and has supported embracing the technology of cryptocurrency while arguing for clear oversight of the new form of money, which is generally unregulated, making it a favored form of currency for criminals.
6 comments
Just a comment
August 3, 2022 at 12:30 pm
Besides laundering not much you can buy with a database money
Kathy Pannel
August 7, 2022 at 9:11 pm
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August 8, 2022 at 9:14 am
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Lawrance Chen
August 9, 2022 at 10:18 am
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Anna
August 10, 2022 at 5:30 pm
few months ago i was reading a comment on ScamAdviser page , on how a friend of mine lost her bitcoin to a fake Binary Options company who was an impostor on Facebook, they contacted her as blockchain official support and she fell stupidly for their mischievous act, this made them gain access into her bank account and blockchain wallet account, whereby 7.0938 BTC was stolen from the wallet in total. I was dumbfounded because this was all the savings she banked upon, waiting for the bitcoin rate to improve. So someone on the forum recommended an expert ( Lallroyal .org) website,She wrote directly to the specialist explaining her loss. story short, they finally helped her recover the stolen bitcoin within 18 days. They launched the recovery program, and the culprits were identified as well, all thanks to them
Greg
August 14, 2022 at 4:07 pm
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