Attorney General of California Cautions People About Crypto Scams

California reminded the people today that there were several crypto criminals around..

The attorney general of California, Xavier Becerra, hinted the public that there were crypto criminals around and so they should be more suspicious when presented with new offers.

The California Department of Justice reminded residents today of crypto hacks that have happened previously:

“Recently, unscrupulous actors have impersonated well-known politicians, celebrities, and business executives on social media and YouTube channels in ‘giveaway’ scams that falsely promised, for example, to double any digital assets sent to a specific digital asset wallet.”

Partly, the statement was meant to address the July 15 Twitter hack as it is still fresh in memory. The Twitter hack affected a lot of famous personalities such as Elon Musk and Joe Bidden.

Becerra lamented saying:

“Fraudsters often rely on the excitement and mystery of innovation to persuade consumers and investors to offer up their cash in hopes of earning far more in return.”

He further said:

“Their schemes take many forms, but these swindlers all have the same goal: to separate people from their money. Prior to purchasing or investing, you should always research the company and its claims. And remember, claims that are too good to be true usually are.”

The judge talked about some of the ways by which crypto criminals operate. He said they include ponzi schemes, fake mining projects, ICOs, fake wallets from which withdrawals can never work and exit scams as seen in crypto exchanges.

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