US State Regulator Launches Crypto Scam Tracker – Last week, the Department of Financial Protection and Innovation (DFPI) in California, USA, unveiled its Crypto Scam Tracker, which aims to assist state residents in identifying and steering clear of cryptocurrency scams. The regulator stated: “As reports of new crypto scams emerge, the DFPI will continually update this tracker to promptly alert and protect the public.”
The financial regulator described: “The tracker details apparent crypto scams identified through a review of complaints submitted by the public and allows California consumers and investors to do their own research and prevent harm to themselves and others.” The DFPI’s crypto scam tracker is a searchable database designed to provide consumers with information about specific crypto-related complaints the regulator has received.
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Users can search by company name, scam type, or keywords to access this information. The DFPI receives numerous consumer and investor complaints each year, and the tracker’s content is based on information provided by the public. However, it’s important to note that the regulator has not independently verified the losses reported by complainants.
There is also an accompanying glossary that “aims to help consumers better understand common scams,” the state regulator continued. DFPI Commissioner Clothilde Hewlett commented: “Scammers are in the shadows using the public’s interest in crypto assets to take advantage of the most vulnerable Californians.” The commissioner added: “Through the new crypto scam tracker, combined with rigorous enforcement efforts, the DFPI is committed to shining a light on these ruthless predators and protecting consumers and investors.”
Several popular crypto scam trackers, such as Bitcoin Abuse and Scam Alert, are available to assist investors in avoiding fraudulent activities. These platforms monitor and track suspicious activities and report them to the relevant authorities. Recently, a blockchain data analytics firm called Chainalysis released a report that analyzed the state of cryptocurrency scams in 2022.
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The report revealed a significant decrease of 46% in the total revenue generated from crypto scams, which dropped from $10.9 billion in 2021 to $5.9 billion in 2022. This is encouraging news for the crypto industry as it demonstrates that efforts to combat scams and fraudulent activities are starting to show results.
