CICC Warns of Rising Crypto Scams Amid BTC’s Record Highs
The Cybercrime Investigation and Coordinating Center (CICC) warns the public about a surge in cryptocurrency and dollar investment scams as Bitcoin prices reach record highs.
What’s the significance: Aside from the usual reminders from crypto KOLs and communities, the regulatory body warns crypto traders and investors to remain vigilant against rising scams exploiting Bitcoin’s record prices, emphasizing due diligence and avoiding high-pressure, too-good-to-be-true offers.
Key details:
- The CICC has received 14 complaints from victims of scams involving investments in crypto and dollars.
- Scammers, mostly foreigners, promise high returns, create urgency, and push victims to invest quickly, typically $100 to $1,000, through foreign account deposits.
- Once funds are transferred, scammers cut off all communications.
- The US Federal Trade Commission (FTC) also warned of increased global investment scams due to heightened digital-age investor interest.
- Authorities advise the public to verify the legitimacy of investment offers with regulatory agencies and remain cautious of “too good to be true” deals.
- Victims can report scams via the toll-free Inter-Agency Response Center hotline at 1326.
Current Bitcoin Price: At the time this article was written, data from CoinGecko shows that Bitcoin is nearly the $100,000 mark at $99,136.12 or ₱5,844,471 and has been up by 4.3% for the last 24 hours.
Recent news on Bitcoin: Following the continuing rally of Bitcoin, its Google search interest in the Philippines surged to its highest in 90 days, peaking at 100 in mid-November.
Bitcoin is a decentralized digital currency that enables secure peer-to-peer transactions without intermediaries, using a blockchain maintained through a proof-of-work process.
Between the lines: The surge in Bitcoin’s value has not only attracted legitimate investors but also emboldened scammers who exploit the excitement and lack of regulatory awareness.
- Many victims fall prey due to inadequate knowledge about crypto investments and the false promise of guaranteed returns.
How to protect Bitcoin and other digital assets:
- How to Protect Your Bitcoin Assets from Fraud
- Address Poisoning Scam: Tips To Avoid Losing Millions in Crypto
- Phishing, Scams, and Exploits: How to Protect Your Crypto Assets
- Personal Responsibilities: How to Avoid Crypto Scams
- BayaniChain CEO Advises How to Use Blockchain for Scam Prevention
- How to Spot Crypto Scams Using the Blockchain
- 6 Essential Security Tips for Protecting Your Crypto Assets
Zooming out: In a 2023 research by ConsenSys and YouGov, it was found that fear of scams is the top barrier preventing Filipinos from entering the crypto space, with additional concerns over market volatility and a lack of knowledge.
Worth reading: In a recent article, BitPinas explored Bitcoin’s fluctuating value from 2009 to 2024, showcasing what Filipinos could afford with 1 BTC over the years, from simple street food to luxury items like Teslas.
For more articles about BTC, check out the BitPinas Bitcoin Series:
- Bitcoin Month: Origins and Key Milestones in Bitcoin’s History
- Bitcoin Pizza Day: The Story Behind the First-Ever Real-World BTC Transaction
- How to Buy and Store Bitcoin: A Step-by-Step Guide
- Bitcoin and the Lightning Network: An Introduction to Scalability Solutions
- Bitcoin in the Philippines: Adoption, Regulation, and Use Cases
- Bitcoin Investing: Strategies, Risks, and Potential Rewards
- Understanding Bitcoin: What is it, How it Works, and Why it Matters
This article is published on BitPinas: CICC Warns of Rising Crypto Scams Amid BTC’s Record Highs
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