The FBI has recently released a PSA warning cryptocurrency investors and financial institutions of fraudulent cryptocurrency investment apps. Cybercriminals often lure investors by claiming to offer legitimate investment platforms and ultimately convincing the victim to download fraudulent apps. Between December 2021 and May 2022, cybercriminals defrauded at least 28 investors of more than $3.7 million, with a total of 244 victims and an estimated loss of over $42 million throughout the investigation.
Jon-Jorge Aras, Partner and Chair of Securities Litigation at Warren Law Group, states, "In this current environment where cryptocurrencies are becoming increasingly popular among investors, individuals must verify unsolicited requests by confirming that the company offering the app exists. Contact a trusted attorney if you have any questions about legitimate cryptocurrency investment applications."
Originally published 26 July 2022
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