In less than a year, 244 investors have been defrauded of around $42.7 million by a fraudulent mobile app purporting to be a legitimate cryptocurrency investment platform, the FBI said.
These fake apps often use the names and logos of legitimate U.S. companies to deceive investors. Additionally, more than 64,000 people have lost more than $1 billion to cryptocurrency scams since the beginning of 2021, according to consumer protection data from the Federal Trade Commission.