US State Regulator Launches Crypto Scam Tracker

The US state of California’s Department of Financial Protection and Innovation (DFPI) last week announced the launch of its Crypto Scam Tracker to help state residents avoid cryptocurrency scams and financial fraudsters. The financial regulator explained that if we talk about the details of the tracker, it reviews publicly submitted complaints and gives details of crypto scams identified through that. Advises Californian consumers and investors to do their own research and keep themselves away from cryptocurrency scams and indicates how they can protect themselves from cryptocurrency scams.
The California regulator’s Crypto Scam Tracker is a database —— searchable by company name, scam type, or keyword—and it’s helpful for consumers to learn more about specific complaints about crypto from the California Department of Financial Protection and Innovation. Is. Thousands of consumer and investor complaints are received each year, and of course Tracker’s content is based on information provided by the public. The regulator clarifies that it has not exhaustively verified the damages reported by the complainant. A glossary has also been provided with the aim of providing a better understanding of common scams to the consumers as well as to make them aware. According to DFPI Commissioner Clotilde Hewlett, the department has and will continue to update the tracker to communicate and protect the public immediately after reports of the latest cryptocurrency scams surface. Fraudsters certainly use and exploit the public interest in crypto assets to take advantage of the most vulnerable Californians and through this latest effort we will ensure that this fraud is largely eliminated. Together with rigorous efforts, we are determined to bring light to the vicious complaints and protect investors. There are already some well-known trackers to help investors avoid cryptocurrency-related scams, including bitcoin abuse and scam alerts, and last week, blockchain data analytics firm Chainalysis published a report showing that Crypto scam revenue is projected to drop 46% to $5.9 billion in 2022, from $10.9 billion a year earlier.


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