FBI Warns Of Crypto Scammers Prowling LinkedIn, Bitcoin Falls

FBI Warns Of Crypto Scammers Prowling LinkedIn, Bitcoin Falls

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According to the FBI, the crypto scammers went to the professional networking site, LinkedIn.

FBI Special Agent Sean Ragan said investment scams pose a “significant threat” to user safety. “There are a lot of potential victims, and there are a lot of past and current victims,” Ragan said.

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

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

LinkedIn’s director of trust, privacy and fairness, Oscar Rodriguez, has acknowledged that the number of scammers is increasing on his platform. The fake profiles often claim to be associated with legitimate and successful businesses, or depict people with “entrepreneurial spirit”, Rodriguez said.

LinkedIn emphasizes news and business connections. LinkedIn does not currently offer profile verification for notable users, unlike Twitter and Instagram. The company claims to have a proven track record of proactively removing spam and scams.

Elsewhere, with recent crypto losses totaling $1.5 billion, a flood of class action lawsuits is underway. A major question is who, if anyone, is to blame – and who could be held responsible for investors’ losses? From a peak of $3 billion in November 2021, the total value of crypto assets has fallen to less than $1 billion.

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

Crypto prices

The price of Bitcoin in the cryptocurrency market fell 8.24% in the past 24 hours, and it was trading at $19,263.07 as of 5:30 PM IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 43.42%, down 0.90% in the last 24 hours.

In the past 24 hours, Ethereum (ETH) traded at $1,003.66, down 8.30%, while Binance Coin (BNB) was down 7.10% in the same time frame , and it was trading at $202.32. Solana (SOL) was down 5.44% at $30.01, while Cardano (ADA) was down 5.22% at $0.4654.

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Dogecoin was trading at $0.05414 as of 5:30 PM IST, down 5.73% on Coinmarketcap.com. Its rival, Shiba Inu, was down 5.01% and it was trading at $0.000007863. Samoyedcoin was down 1.91% and trading at $0.004003, while Dogelon Mars was down 7.21% and trading at $0.0000002557.

Overall scenario

According to Coinmarketcap.com, the global crypto market capitalization was $846.87 billion, down 6.30% in the last 24 hours, while the total crypto market volume was 69. $62 billion, a decrease of 6.95%.

Idea Chain Coin (ICH) was the biggest gainer, gaining 1,666.42%. It was trading at $0.5063 as of 5:30 p.m. IST, according to Coinmarketcap. In contrast, Teloscoin (TELOS) experienced the maximum loss and a 99.04% drop. It was trading at $0.001606.

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