As a seasoned researcher with years of experience in the financial industry and a keen interest in digital assets, I can’t help but feel a mix of concern and amusement when reading about these crypto scams. The ever-evolving tactics employed by fraudsters to deceive unsuspecting investors are nothing short of mind-boggling. From pig butchering scams on social media to fake live streams with AI-altered voices, it seems like the bad actors are leaving no stone unturned in their quest to swindle hard-earned money from innocent people.
The United States Securities and Exchange Commission has once again cautioned about potential cryptocurrency scams through a recent update on their social media platforms.
The initial article, first posted in May, outlined several scams commonly aimed at cryptocurrency investors, detailing the methods employed by such fraudsters.
One approach includes reaching out to potential targets via social media with the intention of building a sense of closeness. Once trust is established, con artists begin proposing investment prospects. These deceivers may also pretend to be insiders to make their pitches more convincing.
These types of strategies are often referred to as “swindles involving pork butchery.” Just as U.Today has mentioned, the FBI has recently cautioned the public about these deceitful practices.
Significantly, the advancement in AI has unfortunately given rise to unscrupulous individuals leveraging new technology for malicious purposes. For instance, the latest AI innovations enable the creation of realistic voice simulations even of well-known figures. As mentioned by U.Today, a misleading live stream featuring a fake Apple CEO Tim Cook gained popularity on YouTube, coinciding with one of the company’s major events. The deceptive livestream, which convincingly mimicked Cook’s voice, was advertising a non-existent cryptocurrency giveaway.
The SEC has also warned about various pump-and-dump schemes that might involve red-hot meme coins.
The agency’s most recent investor alert has coincided with a series of head-scratching moves.
According to U.Today’s report, the agency acknowledged that Ethereum is not considered a security in its agreement with the trading platform eToro.
Currently, it appears that the Securities and Exchange Commission (SEC) has stopped using the contentious phrase “cryptocurrency security” following its latest investor alert. Instead, they might be adopting a different term to describe digital assets under their purview.
Stuart Alderoty, chief legal officer at Ripple, claims that the SEC has become “a twisted pretzel of contradictions.”
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2024-09-13 11:12