United States Commerce Regulator Is Discussing Crypto Frauds In June 25 Seminar
The US Federal Trade Commission is conducting a seminar in which it will examine fraud with cryptocurrencies with consumer interest organizations, police and private sector companies.
The US Federal Trade Commission is continuing to talk in Chicago about fraud with cryptocurrencies during the seminar which is planned to hold on June 25th, 2018.
In the process of “Decrypting Crypto Frauds” seminar, the Federal Trade Commission hopes to decide how frauds like these are using the recent surge in demand for digital currencies and how customers can be protected from them. The participants will include representatives of law enforcement agencies, consumer protection groups, researchers and relevant branch operators.
In its announcment the organization wrote “As consumer interest in cryptocurrencies like Bitcoin has grown, scammers have reportedly become more active in this area. Reported scams include deceptive investment and business opportunities, bait-and-switch schemes, and deceptively marketed mining machines. The Federal Trade Commission has continued its efforts to educate consumers about cryptocurrencies and hold fraudsters accountable.”
Immediatly over a month ago, the Federal Trade Commission closed the “chain recruitment” fraud, based on Bitcoin called My7Network. Fraud has worked, promising its potential customers that they can make a “fortune” if they invest in one of three Bitcoin plans, each of which demanding that buyers recruit others into the whole ordeal.
Presumably, people who paid 0.046 BTC to the“Mini” plan will return 0.26 BTC if they dial at least 14 others into the scheme. This is a “fraud that continues frauding” because people will effectively have to cheat others to make a profit, if they ever get paid.
Frauds like these are aggressively entering the YouTube market themselves, using people’s ignorance of cryptocurrencies to sell them on offer, which is too good to be true. The rapid mentality of many who invest in Bitcoin helps these scammers perpetuate further. However, as the market matures, we can see that these frauds are gradually beginning to disappear into the unknown, like the swindlers of the Nigerian Prince of the 90s.