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by Seth Parker on April 14th, 2020

FBI makes anti-advertising cryptocurrency projects

The US Federal Bureau of Investigation, the FBI, issued a warning on Monday against a growing number of cryptocurrency fraud schemes exploiting the theme of the coronavirus epidemic. The FBI reported that criminals are harassing people of all ages and using various methods to lure potential victims.

The Bureau said that if you are asked to pay in cryptocurrency, you need to be on your guard.

The warning also states that fraudsters are not limited to hacking online service providers, but are actively exploiting cryptocurrency exchanges and applications around the world.

Cryptocurrency scam has long been a serious problem for law enforcement agencies around the world, but during the coronavirus pandemic, their number increased many times over. They use blackmail, offer non-existent coronavirus treatments or equipment and work at home, and lure victims into investment schemes. Into all these well-known methods of obtaining money, there has been added intimidation and threats to infect the victim and his entire family with coronavirus.

The FBI warned that although there are legitimate charities, investment platforms, and e-commerce sites that accept cryptocurrency payments, if you are convincingly asked or insisted that you pay in digital money, then this is most likely a fraud.

Regulators keep their finger on the pulse

Many financial regulators also warn of financial fraud related to cryptocurrency that began to spread with the outbreak of COVID-19.

The Commodity Futures Trading Commission (CFTC) previously warned investors against investing in stocks of companies allegedly associated with the treatment of COVID-19.

Several British counties, along with several European regulators, also warned residents against the rise of fraudulent schemes in connection with COVID-19. Coronavirus-related fraud increased in March by 400% in the United Kingdom compared with the same month a year earlier.

In general, it is becoming more and more challenging to protect against the scams, considering their complicated nature. People should always be alert what are they looking for to avoid such scams successfully.



By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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