The Director of the Federal Bureau of Investigation (FBI), Kash Patel, has said that the fight against encryption fraud will be intensified. Citing data on cybercrime in the United States, it was reported that in the past year, the United States population had reached a high level of loss from cybercrime, with investment fraud being the most significant.
Last year's loss rose to $20.9 billion.
Reports indicate that US citizens lost $20.9 billion last year to cybercrime. The loss of investment fraud in those countries was approximately $10.7 billion, one of the highest categories.
Encrypted fraud accounts for a large proportion of such cases. Often, the frauds take advantage of the anonymity of block chain addresses or the pseudo-alonymity, bypassing traditional financial tracking methods and making tracing more difficult for law enforcement.
Fake exchanges and DeFi scams.
It was mentioned that common methods included “pigboard killing”, a false trading platform, a mobile pool scam and a fraudulent project in the name of DeFi. Such hoaxes often attract inexperienced users to encrypted assets in high-yield commitments or complex terms.
From the group of victims, older persons are among the most seriously affected, accounting for almost one third of the total losses over the past year. Investment traps, emotional fraud and technical support fraud are some of the more common types of cases experienced by this group.
FBI has frozen over 3000 wallets.
By region, encryption-related losses in California, Texas and Florida are high. The report also stated that the FBI had frozen more than 3000 encrypted wallets involved, avoiding further losses of over $500 million.
In terms of law enforcement and freezing data, United States regulatory and enforcement authorities are continuing to focus on encryption fraud, and follow-up to related tracing operations may be further expanded.