US Regulator Launches Crypto Scam Tracker – Featured Bitcoin News

The California Department of Financial Protection and Innovation (DFPI) has launched a cryptocurrency scam tracker to help residents “detect and avoid crypto scams.” The regulator stated, “As reports of new crypto scams surface, DFPI will continually update this tracker to promptly alert and protect the public.”

California Regulatory Agency Crypto Scam Tracker

The State of California’s Department of Financial Protection and Innovation (DFPI) last week announced the launch of its Crypto Scam Tracker to help people in the state “detect and avoid crypto scams.” The financial regulator described:

The tracker details blatant crypto scams identified through a review of public complaints and allows California consumers and investors to do their own research and prevent harm to themselves and others.

The California regulator’s crypto scam tracker is a database searchable by company name, scam type, or keyword, where consumers can learn more about crypto-specific complaints received by the DFPI. Each year, the DFPI receives thousands of consumer and investor complaints; The tracker’s content is based on information reported to the DFPI by members of the public. The regulator clarified that it “did not verify the losses reported by the complainants”.

There is also an accompanying glossary designed to “help consumers better understand common scams,” the state regulator continued. “As reports of new crypto scams surface, DFPI will continually update this tracker to promptly alert and protect the public.”

DFPI Commissioner Clothilde Hewlett commented, “Scammers are in the shadows, using the public’s interest in crypto assets to prey on the most vulnerable Californians.” The commissioner added:

Through the new crypto scam tracker, combined with rigorous enforcement efforts, DFPI is committed to shedding light on these ruthless predators and protecting consumers and investors.

There are already some well-known crypto scam trackers that help investors avoid crypto-related scams, including Bitcoin Abuse and Scam Alert. Published this last week BlockchainData analysis firm Chainalysis released a report showing that crypto scam revenue fell 46% to $5.9 billion in 2022 from $10.9 billion the previous year.

What do you think of the crypto scam tracker launched by the California regulator? Let us know in the comment section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.

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