The warning came amid a recent revelation by the FBI that it had received over 18000 complaints reporting crypto investment scams for the first six months of 2024
The U.S. Federal Bureau of Investigation (FBI) has issued a warning about a cryptocurrency scam that it believes has swindled “millions of dollars” from American investors.
The warning comes as the FBI recently disclosed that it had received more than 18,000 complaints reporting crypto investment scams in the first six months of 2024, with losses in these cases amounting to $1.9 billion.
The ICHCoin Crypto Scam As per an October 4 report by abc13, the FBI has alleged that ICHCoin is a sophisticated cryptocurrency scam that has drained “entire life savings” from some individuals who fell for the fraudulent investment platform.
FBI Houston’s Assistant Special Agent in Charge Amanda Culver stated that the scam begins with an individual reaching out to potential victims on Facebook or Instagram, offering to teach them about crypto investment.
Once convinced, the victims would be directed to direct messaging platforms such as WhatsApp, where the scammers would pressure them to make large wire transfers from their bank accounts to the ICHCoin platform.
While victims could monitor their positions through the ICHCoin app, they were unable to realize any returns on their investments and were eventually ghosted when they attempted to retrieve their money.
According to the report, the FBI is continuing its investigation into the scam and has determined that approximately $30 million has been lost to the fraudulent ICHCoin platform. Culver encouraged additional ICHCoin victims to come forward, as the agency suspects that Americans from states other than Houston may have also been affected by the scam.
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