The FBI has issued a public warning about fraudsters posing as lawyers who are contacting crypto scam victims and promising to help recover their lost funds.

These bad actors often use social media and other messaging platforms to impersonate law firms. They reach out to crypto scam victims, offering services to recover lost tokens. The Federal Bureau of Investigation (FBI) highlights this in a recent statement.

According to the bureau, these scammers frequently reference the FBI to validate their contact. Additionally, there are instances where scam victims have contacted fraudsters on fake websites that appear legitimate, hoping to recover their funds.

Be wary of advertisements for cryptocurrency recovery services. Research the advertised company and beware if the company uses vague language, has a minimal online presence, and makes promises regarding an ability to recover funds.

The scam typically involves fraudsters requesting victims to pay a portion of initial fees upfront, with the balance due when funds are recovered. Between February 2023 and February 2024, this scheme has enriched fraudsters by $9.9 million.

In March, the FBI released a report highlighting a significant increase in crypto-related investment fraud schemes. The report revealed that crypto scams accounted for 86% of all investment fraud losses in the U.S. in 2023, totaling $3.94 billion—a 53% increase from 2022.

The report detailed that cybercriminals are increasingly leveraging the anonymity and rapid transaction capabilities of digital currencies, including Bitcoin (BTC), as well as meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).

Stay informed and cautious. For more news on the latest trends and warnings in the world of cryptocurrencies, investing, and finance, explore Global Crypto News.

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