Multiple US federal agencies have partnered to prevent crypto pig butchering scams and help Americans recognize and avoid them.
In the latest developments, the United States Commodity Futures Trading Commission (CFTC) has teamed up with a banking association and several federal regulators to raise awareness among American consumers about “pig butchering” digital asset investment scams.
According to an official release on September 11, 2024, the CFTC confirmed that the American Bankers Association Foundation, a “private regulator,” and other federal regulators, including the Securities and Exchange Commission (SEC), are working with the CFTC’s Office of Customer Outreach and Education (OCEO). Their goal is to educate the general public on how to identify which crypto investment schemes might be scams and how bad actors lure new investors, exploiting greed to perpetrate large-scale scams.
Crypto #investment or “relationship” scams are on the rise and @CFTC is releasing a prevention brochure in partnership with @ABABankers, @FBI, @FinCENnews, @FINRA, @HSI_HQ, @IRSnews, @SecretService, and @SEC_Investor_Ed. Learn more: https://t.co/Rc10CxD6An pic.twitter.com/W3SWNieJs3
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— CFTC (@CFTC) September 11, 2024
The CFTC further stated that this new initiative “targets individuals who believe they would never fall for this type of scam by showing them how these fraudsters have refined their criminal tactics to deceive even the savviest investors.”
It is worth noting that in July of this year, the CFTC partnered with the Justice Department’s computer crime team to establish the first-ever conference aimed at combating pig butchering scams.
USA Crypto Market & Crypto Scam
In terms of capital inflow, the US crypto market ranks at the top. This also presents risks for unsuspecting investors. Data shows that the sudden profits made by some crypto investors attract others, particularly non-crypto individuals, into fake investment schemes, leading to significant losses, both in the US and globally.
Crypto scams are not limited to adults but also target older and younger people. A recent report indicated that individuals over 60 are three times more likely to fall victim than younger adults.
Read also: Indodax Exchange Hit by $22M Hack: Swift Action Prevents Larger Losses as Platform Pauses Operations
CFTC & Other US Federal Agencies Join Forces to Combat Crypto Pig Butchering Scams
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