Crypto Scams Target Colorado Residents: FBI Report Reveals Millions Lost

• The Federal Bureau of Investigation (FBI) released a report showing that Colorado residents have been targeted by crypto criminals.
• Scams involving stable assets such as Tether and USD Coin (USDC) have stolen over $4 million from victims in the Centennial State.
• Fraudsters typically reach out to victims on social media platforms, dating apps, or discussion forums and direct them to phony websites where they are unable to make withdrawals after investing money.

Colorado Residents Targeted By Crypto Criminals

The Federal Bureau of Investigation (FBI) has issued a report stating that millions of dollars have been stolen from cryptocurrency traders and everyday people living in Colorado. According to the FBI, these scams involve stable assets such as Tether and USD Coin (USDC). Victims are often approached on social media platforms, dating apps, or discussion forums with „cryptocurrency investment opportunities“. They are then directed to links or phone numbers controlled by fraudsters who set up fictitious support sites in order to steal money.

Examples of Colorado Residents Being Targeted

The FBI provided five recent examples of Colorado residents being scammed out of large sums of money. These victims included a 52-year-old man from Aurora who lost over $600K, a 61-year-old woman from Denver who was defrauded out of $1.3 million, a 62-year-old man from Evergreen who was scammed out of $350K and a pair in their late 40s living in Parker who were robbed of $1.2 million through Tether scams.

How Do Crypto Scams Work?

Typically, fraudsters pose as investment managers when reaching out to potential victims about new „investment opportunities“. They direct them towards phony websites under their control where profits seem promising and portfolios appear attractive at first glance. After making an initial investment however, victims find they cannot make withdrawals unless they invest more money which is when the scammer disappears with the funds.

Romance Scams Follow Similar Pattern

Crypto scams follow the same pattern as romance scams – fraudsters posing as potential dates or people looking for love reach out to victims before directing them towards fraudulent websites for monetary gain. However unlike crypto scams which typically involve investments with no returns, romance scams tend not to require any form of initial investment but instead ask for help with payments later on down the line once trust has been built up between victim and perpetrator which is when financial losses occur.

FBI Advice Regarding Crypto Investments

The FBI warns against following advice or offers related to cryptocurrency investments as these will likely be nothing more than scams resulting in significant financial losses for those involved. If you’re ever contacted about investing into cryptocurrencies it’s best practice to do your own research into any new venture before committing any funds or personal information – if it seems too good to be true then it probably is!