Emergency Alert For Crypto Investors!

So there’s news that the FBI has issued a warning for investors to be careful of fraudulent apps that fraudsters are now using to scam people. Personally, I feel that’s old news because it isn’t a new thing because it has been happening for quite some time and it’s not just crypto exchange apps alone but other centralized money apps that have been developed to scam people.

How it’s done is that they ask you to pay a certain amount of money as the interest you were to pay before they give you the initial capital. The real centralized money lending app won’t do that instead they weigh your account and check your credit history before they can give you a specific amount than the one initially requested.

The FBI warning investors to be careful of fraudulent crypto apps that have been developed by cybercriminals is a good thing because some people have already fallen victim to them and so far over $42 million has been stolen from 244 victims. Well if they can create a fake website for fraudulent activities they can also make an app version for it.

Just like I explained in the fake centralized money lending app where victims are asked to pay interest first well, that’s the same method used in the fake crypto exchange where the victims deposit their crypto in their wallet and when they plan to withdraw it back or use it for other transactions they will be asked to pay tax for it and those who unknowingly paid it well, they lost both the tax paid and their crypto.

However, this could have been avoided by the victims but they couldn’t because the apps looked legit with a convincing logo, names and well-detailed information similar to other financial companies. So if one isn’t careful they are likely to fall for it. The authorities have now warned investors to be careful of any suspicious apps that are using similar logos to other companies and also carry out proper research for any app before use.

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