FBI Warns Of Crypto Scammers Prowling On LinkedIn, Bitcoin Falls

Crypto scammers have taken to the professional networking site, LinkedIn, now, according to the FBI.

FBI special agent Sean Ragan said that investment scams are a “significant threat” to user safety. “There are many potential victims, and there are many past and current victims,” Ragan said.

The Microsoft-owned social networking platform claims to have 830 million members in more than 200 countries.

Apparently, the FBI has noticed an increase in investment-related fraud. From January 2021 to March 2022, US cryptocurrency traders lost $575 million due to investment fraud, according to the Federal Trade Commission.

LinkedIn’s director of trust, privacy, and equity, Oscar Rodriguez acknowledged that the number of scammers are increasing on its platform. Fake profiles often claim to be associated with legitimate and successful companies, or represent people with “entrepreneurial spirit”, Rodriguez said.

LinkedIn emphasizes business news and relationships. LinkedIn does not currently offer profile verification for notable users, unlike Twitter and Instagram. The company says it has a track record of proactively removing spam and scam content.

Elsewhere, with recent crypto losses totalling $1.5 trillion, a flood of class-action lawsuits is on the way. One major question is who, if anyone, is to blame — and who might be held accountable for investors’ losses? From a peak of $3 trillion in November 2021, the total value of crypto assets has fallen to less than $1 trillion.

The lawsuit alleges that followers were encouraged to join a “pump-and-dump” scheme that deceived investors. Earlier this month, a former employee of OpenSea, a non-fungible token (NFT) marketplace was charged with wire fraud and money laundering.

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