The US Regulator Reports an Increase in The Number of Crypto Scams Associated with Coronavirus

The US Commodity Futures Trading Commission (CFTC) has warned the public against scammers trying to earn money on economic collapse caused by coronavirus. The CFTC reports that scammers often use global news events, such as the distribution of COVID-19, to increase confidence in fake crypto schemes and manipulate the emotions of investors.

The regulator recorded an increase in the number of complaints related to cryptoscams. Hundreds of digital asset fraud complaints on the Internet were received. Such schemes often promise quick and tremendous returns amid fears associated with coronavirus. Scammers convince people to invest in fake investment schemes and require unnecessary service fees for depositing and withdrawing funds, as well as for “paying taxes”.

The CFTC issued a warning statement urging investors to beware of posts on social networks that advertise digital assets and before reporting any information and investing make sure that this is secure and registered with the agency .

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