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California DFPI Warns Over 17 Virtual Currency Websites for Alleged Fraudulent Schemes

Samuel Edyme by Samuel Edyme
December 31, 2022 - 1:17 pm
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Amid the rise of cyber fraud in the industry, California’s Department of Financial Protection and Innovation (DFPI) has published 17 public warnings on digital websites for alleged suspicious activities. 

Per a report, the DFPI claims these supposed websites have been engaging in some fraudulent schemes focused mainly on residents in California. 

Alleged Websites Mimicking Major Platforms to Scam Individuals 

According to the DFPI’s latest warnings, numerous websites have been found imitating major popular legitimate digital asset service provider platforms such as Uniswap and Wintermute.

Platforms involved in the DFPI’s warnings for alleged devious activities include TeleTrade Options, Yong Ying Global Investment Company, Unison FX, ZC Exchange, Tosal Markets Limited, Trade 1960, and Tahoe Digital Exchange.

The warnings are a result of several complaints from multiple residents in California to the DFPI. Amounts ranging from $2000 to over $1 million are said to have been lost due to the fraudulent acts from these sites. 

Given that the websites have mainly one goal in common, which is to scam individuals using ‘pig butchering’ tactics, a mutual theme in the complaint from residents was an investment offer in virtual currencies incentivized with the assurance of profitable returns.

Victims of these scams were said to be mostly contacted via social media platforms like Twitter, Instagram, Whatsapp, or Facebook, the scammers message the victims on these sites and fake romantic interests to win the trust of their victims.

Other fraudulent tactics the scammers used are Advance Fee Fraud, outright phishing, and impersonation. To warn individuals, DFPI stated that consumers should “exercise extreme caution before responding to any solicitation offering investment or financial services.”

Digital Asset Scams on The Rise

The rise of digital assets fraudsters is now beginning to be intimidating, various complaints have led to multiple warnings from officials and countries’ financial watchdogs. Last month, two Estonian citizens were detained over a $575 crypto scam and money laundering scheme. 

As reported by BlockchainReporter, these two citizens swindled hundreds of thousands of victims through a multi-faceted scheme involving a scammy cryptocurrency mining service and luring victims to enter into fraudulent equipment rental contracts.

Prior to that, the Federal Bureau of Investigation (FBI) had already warned investors over the increasing pig butchering crypto scams. The FBI advised individuals to Verify the validity of any investment opportunity, be on the lookout for misspelled URLs and domain names impersonating financial institutions, especially cryptocurrency exchanges and not download any apps until the legitimacy is verified.

Tags: CryptoScam
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Samuel Edyme

Samuel Edyme

Edyme is a mysterious figure in the world of crypto, a writer who has explored every aspect of the blockchain. Some say he's a trader, others claim he's a hacker. His writing is like a key to unlocking the secrets of the crypto world, and his words can move markets. Edyme's stories are like cryptographic puzzles, waiting to be solved. But who is he really? Some speculate that he's hiding behind a pseudonym, like the legendary Satoshi Nakamoto himself.

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