• The FBI recently released a report warning Colorado residents about crypto scams in the state.
• Victims have lost millions of dollars to criminals posing as investment managers and directing them to fake websites.
• The FBI warns that if you send money or cryptocurrency, it will likely be gone and you won’t get it back.

Crypto Scams Targeting Colorado Residents

The Federal Bureau of Investigation (FBI) has issued a new report warning Colorado residents about crypto currency scams operating in the Centennial State. According to the report, victims have already lost millions of dollars to fraudsters who posed as investment managers and directed them to phony websites.

How Do Crypto Scams Work?

In a typical situation, victims are approached on social media platforms, dating apps or discussion forums with a seemingly lucrative cryptocurrency investment opportunity. Fraudsters then direct victims to links or phone numbers for setting up an investment account – which is actually under their control – after which they disappear with funds transferred by the victim.

Recent Cases in Colorado

Five recent cases from Colorado cited by the FBI involve stable assets such as Tether and USD Coin (USDC). In total, more than $4 million was stolen from unsuspecting individuals including a 52-year-old man living in Aurora ($600K), a 61-year-old woman in Denver ($1.3 million), a 62-year-old man in Evergreen ($350K), and a pair in their late 40s from Parker ($1.2 million).

Tips To Avoid Getting Duped

The FBI advises everyone to be wary of offers related to cryptocurrency investments and never send money or crypto currency no matter how promising they may seem: “The advice and offers to help you invest in cryptocurrency are nothing but scams. If you send them crypto, or money of any kind, it’ll be gone, and you typically won’t get it back.“

Conclusion

Cryptocurrency scams can take many forms so it is important for everyone involved with digital assets to remain vigilant against potential fraudulent activities online. Always do your own research before investing your hard earned money into any financial scheme without first verifying its authenticity with trusted sources like government agencies or independent experts.

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