New York officials reported an investigation resulting in the recovery of $ 140,000 and freezing $ 300,000 in stolen funds as part of a cryptocurrency investment scam using fake ads on social media.
In a notice on Wednesday, authorities with the Brooklyn District District’s office, the New York State Attorney’s Office and the New York State of Financial Services Says They interrupted a way to deceive members of the Russian community in the state and the whole country.
According to officials, scammers used cryptocurrency to pay for fake digital investment ads on digital assets on Facebook and other platforms, leading to the seizure of $ 140,000 and freezing a $ 300,000 crypto worth of crypto.
“These scammers are targeting Russia speakers on Facebook with attractive ads and my office including the DFS and the Brooklyn district attorney’s office acted to stop these scammers and protect the New Yorkers,” NY Attorney General Letitia James said. “I encourage all New Yorkers to be vigilant in online cryptocurrency investment ads.”
https://www.youtube.com/watch?v=T06MVWZ6NGM
Although the investigation resulted in recovery or freezing of more than $ 440,000 in stolen funds, authorities reported that the procedure had caused more than $ 1 million in losses from the Brooklyn area only, with more than 300 victims identified.
Purportedly scammers use a fake crypto investment website that claims to have gained a bitlicense, the license demanded by crypto companies that offer New York State services.
Related: Washington’s second largest city, Spokane, prohibits crypto ATMs
Many of the malicious ads on social media, referred to as “Black Hat” commercials, are in Russian and especially on Facebook. Meta, the Facebook parent company, reportedly closed more than 700 ads after finding out the investigation.
Crypto users are still vulnerable to scams
The chainalysis reports that there is is about $ 51 billion With the prohibited amount of transaction involving digital assets in 2024. Although payments related to ransomware attacks drop 35%, there are concerns about growing artificial intelligence to facilitate scams.
Among other deadly scams that working with social media ads For fake crypto investments with fake XRP airdrops indicating ripple CEO Brad Garlinghouse. In addition to being a well -known figure in the crypto industry, the CEO has drawn attention to Ripple’s legal seizures with the US Securities and Exchange Commission.
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