US State Regulator Launches Crypto Scam Tracker
The California Department of Financial Protection and Innovation (DFPI) has launched a cryptocurrency scam tracker to help residents “spot and avoid crypto scams.” The regulator stated: “As reports of new crypto scams emerge, the DFPI will continually update this tracker to promptly alert and protect the public.” California Regulator’s Crypto Scam Tracker
The Department of Financial Protection and Innovation (DFPI) of the U.S. state of California announced last week the launch of its Crypto Scam Tracker to help people in the state “spot and avoid crypto scams.” The financial regulator described: The tracker details apparent crypto scams identified through a review of complaints submitted by the public and allows California consumers and investors to do their own research and prevent harm to themselves and others.
The Californian regulator’s crypto scam tracker is a database — searchable by company name, scam type, or keywords — for consumers to learn more about crypto-specific complaints the DFPI has received. Each year, the DFPI receives thousands of consumer and investor complaints; the tracker’s content is based on information reported by members of the public to the DFPI. The regulator clarified that it “has not verified the losses reported by complainants.”
There is also an accompanying glossary that “aims to help consumers better understand common scams,” the state regulator continued. “As reports of new crypto scams emerge, the DFPI will continually update this tracker to promptly alert and protect the public.”
DFPI Commissioner Clothilde Hewlett commented: “Scammers are in the shadows using the public’s interest in crypto assets to take advantage of the most vulnerable Californians.” The commissioner added: Through the new crypto scam tracker, combined with rigorous enforcement efforts, the DFPI is committed to shining a light on these ruthless predators and protecting consumers and investors.
There are already some well-known crypto scam trackers to help investors avoid crypto-related scams, including Bitcoin Abuse and Scam Alert. Last week, blockchain data analytics firm Chainalysis published a report showing that crypto scam revenue dropped 46% in 2022 to $5.9 billion from $10.9 billion the year prior. Tags in this story California crypto scam tracker, California regulator, crypto scam database, crypto scam trackers, Crypto Scams, cryptocurrency scam trackers, cryptocurrency scams, report crypto scams
What do you think about the crypto scam tracker launched by the California state regulator? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Chainalysis: Crypto Scam Revenue Dropped 46% in 2022 FEATURED | 3 hours ago Crypto Hedge Fund Galois Capital Shuts Down — "We Lost Almost Half Our Assets to FTX Disaster" FEATURED | 9 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleNext Crypto Bull Run Will Start From the East, Says Gemini Co-Founder Next articleChainalysis: Crypto Scam Revenue Dropped 46% in 2022 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand"
Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design