Crypto News

Cracking Down on Crypto Scams: California Takes Action Against Fraudulent Websites The rise of cryptocurrency has brought about many opportunities for investors, but unfortunately, it has also attracted scammers looking to take advantage of unsuspecting individuals. In an effort to protect consumers, the state of California has taken a strong stance against fraudulent crypto websites. The Numbers Don't Lie: $6.5 Million Scam and $146,306 Average Loss Per Victim In a recent investigation, the California Department of Business Oversight (DBO) uncovered 42 fraudulent cryptocurrency websites that had drained victims of a shocking $6.5 million. This highlights the significant impact that crypto scams can have on individuals and their finances. According to the DBO, the average loss per victim was $146,306, with some individuals losing even more. Protecting Consumers: Shutting Down Scam Websites The DBO has taken swift action in shutting ...