244 investors lost $42.7M to crypto frauds reveals FBI

The US Federal Bureau of Investigation (FBI) has issued a public warning about fraudulent cryptocurrency applications, which have swindled 244 US investors out of an estimated $42.7 million, since October 2021.

According to an advisory published on Monday by the securities and intelligence agency, cybercriminals have created apps using the same logos and identifying information as legitimate crypto companies to defraud investors.

“The FBI has observed cybercriminals contacting US investors, fraudulently claiming to offer legitimate cryptocurrency investment services, and convincing investors to download fraudulent mobile apps, which the cybercriminals have used with increasing success over time to defraud the investors of their cryptocurrency,” the warning, published on Monday, said.

Around $3.7 million was defrauded from 28 victims between December 2021 and May 2022, said the FBI.