Fake Crypto Apps Stole $42M with Over 200 Victims, FBI Warns of Using Platforms

Fake cryptocurrency apps are rampant in the application stores or the internet today, and these dubious platforms aim to steal money from their victims, which are now more than 200 and counting. The FBI warned the public to be more careful in their online and cryptocurrency transactions, as there are more than $42 million stolen from the public.

Threat actors are getting more ingenious in their schemes and scams that significantly affect the general public.

Fake Cryptocurrency Apps: Stole Over $42M, More than 200 Victims

The Federal Bureau of Investigation's Cybercrime Division released a PSA for the entire country and the world regarding the rise of fake cryptocurrency apps that steal money from users. This public service announcement encourages people to be vigilant in online transactions, especially with apps that offer wallets and the like.

The agency said there had been more than 244 victims in the past regarding the fake crypto apps, and the threat actors already stole a massive $42 million from the public, which is not yet done. The threat actors are more persuasive in letting people download their apps and are primarily targetting US investors that want to grow their assets with cryptocurrency.

FBI Warns of Fake Crypto Apps Masquerading as Web3 Platforms

According to Gizmodo, the FBI also said that these threat actors primarily market on Web3 platforms, saying that their apps are already part of the new decentralized online experience. Through it, the hackers may start their deceptive actions via fraudulent applications and unwittingly steal the money from the users.

Cryptocurrency Disputes and Scams Now

Many threat actors are taking advantage of the significant use of cryptocurrency today, and its significance is massive among the general public, where people are growing more fond of the digital blockchain. However, they should be more vigilant during these times, especially as there is more to look out for in the coming months.

Multiple platforms offer cryptocurrency trading and earning for the assets they put in the company or apps, all focusing on digital coins and their transactions. A company called Celsius Crypto, a known lending platform, is an example of a crypto scam that brings people into a "Ponzi scheme," also known as the "pyramid scam."

With other entities like the European Union (EU) focusing on the way to protect people from scams with its MiCA platform, many are joining in the effort to prevent it from happening.

The FBI is one of the entities that aim to help the public avoid scams by making them aware that not all platforms are trustworthy or something that the public should entrust their assets to for investment. People should be more attentive and observant regarding a particular platform, as despite it looking legitimate, they should still opt for the trusted and verified ones online.

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Written by Isaiah Richard