The FBI recently released a warning about a new tactic that scammers are using to further deceive victims of crypto fraud. According to the agency, these fraudsters are pretending to be lawyers from nonexistent law companies. They contact victims through messaging apps and social media, offering services to help recover their lost funds, with the real aim of swindling more funds or personal information from them.
According to the FBI’s warning, the con artists frequently assert that they are approved by the Consumer Financial Protection Bureau (CFPB), the FBI or other governmental organizations. Victims find these fake lawyers through fraudulent websites designed to look authentic and seek help to recover their lost cryptocurrency.
According to the agency’s Internet Crime Complaint Center (IC3), victims of crypto scams who were taken advantage of by these phony law companies reported losses exceeding $9.9 million between February last year and February this year.
The fraudulent attorneys may request identity verification from their targets by requesting personal or financial details or by requesting an estimate of the money they intend to win from the initial fraud. Oftentimes, they demand upfront fees, with the remainder payable once funds are recovered. Victims might also be told to pay back taxes and other fees to retrieve their funds. Further, to make their schemes seem more credible, the scammers often reference real money exchanges and financial institutions.
The FBI’s advisory provides investors with various tips to assist them in guarding against this kind of crypto scam. First, when it comes to marketing for crypto-recovery services, the agency suggests being cautious. It advises doing extensive research on any business providing these services and avoiding those that use ambiguous terminology, have a poor internet presence or make implausible claims about recovering lost money.
The FBI made it clear that victims are not charged by law enforcement for their investigation of crimes. Additionally, the agency issued a warning that investors should avoid paying money or divulging any financial or personally identifiable information to an unknown person who contacts them claiming to be able to retrieve stolen crypto.
The FBI’s alerts underscore the necessity of exercising caution and diligence when responding to unsolicited offers of help, particularly in the specific domain of cryptocurrency investing. People can better protect themselves from falling for these sophisticated frauds by being informed and following the FBI’s advice.
Industry players such as Stronghold Digital Mining Inc. (NASDAQ: SDIG) can also work proactively with the authorities to strengthen existing security measures so that crypto losses arising from cyber hacks can be prevented.
About CryptoCurrencyWire
CryptoCurrencyWire (“CCW”) is a specialized communications platform with a focus on blockchain and the cryptocurrency sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled recognition and brand awareness. CCW is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from CryptoCurrencyWire, text “CRYPTO” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.CryptoCurrencyWire.com
Please see full terms of use and disclaimers on the CryptoCurrencyWire website applicable to all content provided by CCW, wherever published or re-published: https://www.CryptoCurrencyWire.com/Disclaimer
CryptoCurrencyWire
New York, NY
www.CryptoCurrencyWire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com
CryptoCurrencyWire is powered by IBN
Argentina is stepping up its efforts to stop the use of crypto in the financing…
PayPal has rolled out a new feature that lets users pay with crypto directly through…
As digital currencies become more connected with mainstream finance, major players in the industry are…
While Bitcoin remains the top pick for most corporate treasuries, a growing number of companies…
Crypto-related stocks experienced a surge on Monday as Ether reached its highest price of the…
Johannesburg and Cape Town, South Africa – July 10, 2025 Bitcoin Events is proud to…