FX.co ★ Investors lose more than $42 million to fake crypto apps

The FBI said fake crypto applications had defrauded 244 people out of about $42.7 million since October 2021.The FBI warning states that fraudsters offer legitimate cryptocurrency investing services and convince investors to download fraudulent mobile apps, which the cyber criminals have used with increasing success over time to defraud the investors of their cryptocurrency.One case highlighted was the company YiBit, which managed to get away with $5.5 million by compelling people to download its app and deposit their cryptocurrency onto it. Seventeen of the victims were then told to pay taxes when withdrawing funds, and four others were never able to withdraw at all.In another case, individuals pretended to be from legitimate financial institutions and scammed people out of $3.7 million.In addition, an app called Supayos or Supay convinced people to deposit their cryptocurrency and then froze their accounts.The FBI calls for vigilance and asks people who suspect they have been defrauded via fake cryptocurrency apps to contact the Internet Crime Complaint Center or a local FBI field office.