Scott Melker, host of The Wolf Of All Streets podcast, reported a scam where criminals are using his name and image to defraud people.
How Crypto Investors are Deceived
Melker noted that scammers have tricked several individuals by sending fake driver's licenses and using his social media photos. This enhanced users' trust in the perpetrators. The counterfeit documents created by AI, along with a fake but convincing email, added legitimacy to the scammers' actions.
Rising Losses from Crypto Scams
According to the IC3 report, the largest financial losses from crypto fraud in 2024 were expected among individuals aged 60 and older, with total losses of $2.84 billion. In total, IC3 recorded 149,686 complaints related to crypto fraud, with total losses reaching $9.3 billion, a 66 percent increase from the previous year.
Precautions for Users
Melker emphasizes that the cybersecurity situation within the crypto industry is worsening, and users must be cautious when interacting with unfamiliar individuals online. It is recommended to store most of one's crypto holdings in hardware wallets and to ignore suspicious messages.
Scott Melker's story serves as a warning that even experienced investors are not immune to fraud. Users should remain vigilant and avoid suspicious offers.
