In a recent social media post, the SEC reiterated its warning about crypto scams, highlighting common fraud tactics targeting investors.
In a recent social media post, the U.S. Securities and Exchange Commission has reiterated its warning against cryptocurrency scams.
The post, which was initially published in May, detailed a variety of fraud schemes that are frequently employed to prey on cryptocurrency investors.
One such scheme entails communicating with potential victims via social media platforms to establish intimacy. Fraudsters commence proposing investment opportunities after establishing trust with their victims. Bad actors may even assume the role of purported insiders.
These types of operations are referred to as “pig butchering scams.” As reported by U.Today, the FBI has also recently issued a warning regarding these schemes.
Additionally, the proliferation of AI has resulted in evil actors’ increasing reliance on emerging technology. The most recent AI technology enables the genuine modification of the voices of well-known individuals.
On the eve of Apple’s most recent event, a fabricated livestream featuring Apple CEO Tim Cook acquired popularity on YouTube, as reported by U.Today. The bogus cryptocurrency giveaway was promoted by the livestream, which realistically imitated Cook’s voice.
The SEC has also issued warnings regarding various pump-and-dump schemes involving red-hot meme coins. A series of head-scratching actions has coincided with the agency’s most recent investor alert.
In its settlement with the trading platform eToro, the agency acknowledged Ethereum as a non-security, as reported by U.Today.
The SEC has reportedly discontinued using the contentious term “crypto asset security” following its inclusion in its most recent investor alert. Stuart Alderoty, the chief legal officer at Ripple, asserts that the SEC has evolved into “a twisted pretzel of contradictions.”
