FBI Warns Public Over Phishing Crypto Apps

FBI Warns Public Over Phishing Crypto Apps
  • FBI has issued a public warning about fraudulent cryptocurrency apps.
  • According to the FBI, $3.7 million was defrauded from 28 victims.

The Federal Bureau of Investigation (FBI) has issued a public alert concerning fake cryptocurrency apps.  According to the Securities and Intelligence Agency alert released on July 18, hackers have developed apps using the same logos and other identifying details as real cryptocurrency organizations in an effort to scam investors. 

Already 244 people have been victimized  by these fraudulent apps. Cyber criminals persuaded victims in one instance to download an app with the same logo as a legitimate U.S. banking  institution, then encouraged them to deposit cryptocurrency into wallets that were ostensibly associated with their accounts.

Victims who attempted to withdraw money from the app were prompted to pay taxes. Even if the victims paid the payments, the withdrawals wouldn’t be available, therefore this was merely another scheme to take money from them. 

Scammers Are All Around Crypto

The FBI estimates that 28 individuals were victimized about $3.7 million. Cyber criminals using the firm name YiBit1 scammed at least four victims out of almost $5.5 million, between 4 October 2021 and 13 May 2022.

Criminals using the identity “Supay” were involved in a third crime in November 2021. By persuading two victims to add cryptocurrencies to their app wallets, which were later frozen until more money was added, they were able to scam them.

Also last month, the FBI warned about crypto fraudulent on Linkedin. In an interview On June 17, FBI special agent SeanRagan said that the networking site had turned into a hub for illegal activity. According to him, Linkedin and its community members are a “Significant threat” by these cryptocurrency schemes.

The FBI has advised cryptocurrency investors to exercise caution when receiving unsolicited offers to download investing applications, confirm the legitimacy of the app and view apps with limited or broken functionality with skepticism.

Journalism graduate who loves to write and Karate. And I love exploring new concepts and that brought me into the fascinating crypto and blockchain technology…