ftc decrypting cryptocurrency scams event

The US Federal Trade Commission (FTC), has released a statement in which announces that it will be hosting public and free event about cryptocurrency scams. The meeting will be called ‘Decrypting Cryptocurrency Scams’ and will take place at DePaul University on Jun the 25th, 2018.

FTC Workshop on Crypto Scams

The FCT announced on Monday that it will be hosting a workshop in which they will feature different stakeholders from law enforcement, consumer groups and the private sector.

The statement released reads as follows:

“As consumer interest in cryptocurrencies like bitcoin has grown, scammers have reportedly become more active in this area. Reported scams include deceptive investment and business opportunities, bait-and-switch schemes, and deceptively marketed mining machines. The FTC has continued its efforts to educate consumers about cryptocurrencies and hold fraudsters accountable.”

It is important to mention that earlier this year, Google, Facebook and Twitter decided to ban virtual currency and ICO-related ads. The main intention was to fight against scams that were promoted through the famous social networks.

The event organized by the Federal Trade Commission is a very important meeting amid growing efforts from governments to regulate and control virtual currencies.

“As technological advances expand the ways consumers can store, share, spend, and borrow money, the FTC is working to keep consumers protected while encouraging innovation for consumer’s benefit,” reads the official press release.

In the last months, several scams have been registered in many different countries. Just to mention one case, between February and March a South African trader known as Steve Twain escaped with all the bitcoin savings of 27,500 individuals. According to local news sources, the amount stolen is over $50 million dollars.

ftc avoid crypto scam event

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