ROCHESTER, N.Y. – The number of cryptocurrency scams is exploding with an estimated $9.9 billion lost by victims just last year.
“So, we have only in 2024 have investigated over 6,000 different cases,” said Bezalel Eithan Raviv, CEO of Lionsgate Network.
Deanna Dewberry, News10NBC: “All crypto scams?”
Bezalel Eithan Raviv: “All crypto. We are a blockchain forensics firm.”
Lionsgate Network is a company that specializes in a type of digital forensics that literally follows the money, tracing the flow of funds in fraud cases.
“People will engage with organized crime. We’re talking about incredible operations on the back end and it’s presented through various tactics. We have the known pig butchering scam,” Raviv said.
It’s called pig butchering because the scammer builds a relationship with the victim, metaphorically fattening the pig before the kill.
In a recent report, I showed viewers how I engaged a criminal organization to reveal their tactics. The scammer asked me about my children, and I lied saying I have 6-year-old twin boys. The scammer then said I only have a 6-year-old daughter to build rapport. Later the criminal asked, “What fun things are you going to do today?”
“They groom the relationship for weeks and months and then they offer you an incredible opportunity,” Raviv explained.
That opportunity is investing in cryptocurrency, and the butchering begins. Another common crypto scam?
“You would see an ad on Facebook, you would see an ad online and you would start moving money. You would see an incredible growth of your capital,” Raviv said.
Encouraging you to invest more and more before discovering your money is gone. Unlike putting your money in a bank that is FDIC insured, “with crypto you are the bank, and if you lost access to your funds, you have lost access to your funds,” Raviv said.
If you’re thinking about investing, it’s important to use a trustworthy exchange. Click here for Forbes’ rankings of the top 25. Click here for the recommendations from Business Insider. And click here for NerdWallet’s top 5.
Last week the Senate passed the GENIUS Act. It’s now being considered in the House. The bill tries to regulate cryptocurrency to protect consumers, but Raviv believes the bill doesn’t go far enough.
AI assisted with the formatting of this story. Click here to see how WHEC News 10 uses AI
Consumer Alert: Thinking About Investing in Crypto? Read this First. WHEC.com.
Read More Details
Finally We wish PressBee provided you with enough information of ( Consumer Alert: Thinking About Investing in Crypto? Read this First. )
Also on site :