The FBI has issued a warning about Ichcoin, a fraudulent cryptocurrency scheme that has duped investors across the U.S., according to ABC13.
Ichcoin's Fraudulent Scheme
The FBI’s Houston office is actively searching for more victims of the scheme, which has stolen around $30 million since December 2023. Amanda Culver, assistant special agent in charge, described Ichcoin as a 'scheme' using fake social media profiles to target people. The scammers lure victims into cryptocurrency investment talks and redirect them to WhatsApp for further communication. Victims are convinced to make large wire transfers to Ichcoin and lie to banks about the transactions.
Criminal Activities in 2024
According to the latest report by Chainalysis, cryptocurrency heists have soared in 2024, with stolen funds jumping from $857 million to $1.58 billion by the end of July. Ransomware inflows also increased with $459.8 million funneled through the first half of 2024 compared to $449.1 million during the same period in 2023, suggesting another potential record year.
Rise of Deceptive Schemes
Pig butchering or romance scams are gaining more attention as a primary threat. This type of scam uses emotional manipulation on social media or dating apps. Scammers create fake identities, engaging victims before discussing investments. Victims often hesitate to report, contributing to underreporting.
The Ichcoin scam highlights the need for vigilance in the cryptocurrency world. Participating in such schemes can lead to significant financial losses, and the FBI continues efforts to identify and prevent these crimes.
