The FBI’s Baltimore office has raised concerns about the increasing incidence of cryptocurrency investment fraud in Maryland. This type of scam is often referred to as “pig butchering.” This scam involves deceitful tactics that trick individuals into making false investments in cryptocurrencies, leading to substantial financial losses.
Maryland Residents Lose Over $54 Million in Crypto Scams in 2024
Various investigations show that many victims are pressured into sending more money to what they believe are legal investment processes. Sadly, these so-called investments are simply scams, and the money is funneled off, often to criminal elements. As a common theme, they are largely located outside the United States. In the end, they end up losing their whole investment, which is not good for anyone.
The Internet Crime Complaint Center of the FBI reported that Maryland residents were conned into $54,481,928 in cryptocurrencies from January to August 2024, with 482 complaints. This trend escalates a distressing trajectory from 2023, when 668 residents lost $69.1 million. The increasing size of these scams underscores the need for more public awareness.
An agent from the FBI advised people to stay away from people who promise them big returns on their investments without any reference. Anyone from young adults to seniors has been a victim, and all have described catastrophic financial losses.
FBI Warns Against Scam Recovery Services
To avoid falling prey to these scams, the FBI suggests that people should not disclose personal finances to strangers and should investigate any investment opportunity under discussion over the Internet. They draw particular attention to the fact that the sender’s URL may resemble real financial institutions and avoid any investment offer that seems to be too good to be true.
The FBI wants people to stay alert. When an investment seems to be too good to be true, it actually is too good to be true. It is always crucial for people to ensure that any investment website or application is authentic. If people feel that they have been scammed, they should not pay extra fees to get their money back or to pay for so-called services that claim to refund stolen money.
