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This is a recent news in which the FBI has released a report regarding the fake crypto apps that have been involved in the scam of more than $40 million to the 244 investors. According to that report most of them were persuaded by the con artists to download an app that has the same trademarks as the original one. This made the investor to trust the frauds and let them be duped. The rate of cyber crime related to cryptocurrency has been on the rise lately. It seems that the criminals have focused their attention on crypto wallets and blockchain bridges.

Fake Crypto

All of the investors were from the US who had over 40 million dollars stolen by the criminals. They had been acting as if they were well reputed businessmen who were well versed with the market. FBI has issued the list of fake apps and has warned to the investors of being aware of the fake crypto investment applications.

The report by the Federal Bureau of Investigation has identified 244 victims of the fake crypto app fraud. The time period of that has been from October of the previous year to May of this year.

The approach of the fraudster was, in most of the cases, an easy approach as they made their target and asked them to download the application that was made by them and seemed like an original app of a trusted cryptocurrency organization. They had hackers with them who convinved the investor to put their crypto into the wallets of their app that they had connected with a new account. And then, the victims started complaining that they were not able to withdraw money from their wallets as the hackers denied them. The frauds kept all the money with them.

Fake Crypto

This has made the FBI to warn the investors of crypto to not make any investments without confirming things and beware of invites from unsolicited application and not to download them. You should check the authenticity of the app and the company that is behind the app. Those apps tend to have a broken operationality and this is the reason for staying aware. The cyber criminals have a history of depending on cryptocurrency as it is a means of exploiting and their attention has been majorly on the exploiting of the crypto wallets and blockchains.

There was a similar incident a month ago where hackers were able to steal 100 million dollars from a blockchain bridge. Let’s hope that the crypto space can become more secure in the future for the investors.

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