The FBI issued a warning to cryptocurrency investors that the digital currency has become a major target for hackers and thieves.
According to a report, California was hit the hardest by stolen cryptocurrency in 2023, losing more than $1 billion. In the Bay Area alone, hacks and theft cost the region's investors more than $260 million.
"I'm typically gonna target the retired or elderly because I know they're gonna have retirement money, and I'm gonna trick them into re-investing their retirement funds into a cryptocurrency investment opportunity," said Scott Hellman, a special agent with the FBI focused on cyber crimes. "Then, at some point, I'll scare them into giving me even more money, and then the whole scam disappears, and the money disappears, and I've made off with a bunch of cryptocurrency."
According to the FBI, investment fraud is the number one way money is lost in the crypto world.
Crypto is hard to trace, and none is insured, leading more people to prey on those investors.
The FBI said people should be wary if they receive a call or text about a crypto investment opportunity or money-making schemes that seem too good to be true.
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