Home Bitcoin News Bitcoin Scam Florida’s CFO warns of ‘pig butchering’ cryptocurrency rip-off – WJXT News4JAX

Florida’s CFO warns of ‘pig butchering’ cryptocurrency rip-off – WJXT News4JAX

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Florida Chief Monetary Officer Jimmy Patronis on Wednesday warned of a cryptocurrency rip-off often called “pig butchering” or ”pig slaughtering.”

As a part of the rip-off, based on Patronis, persons are enticed to place increasingly cash right into a pretend cryptocurrency funding scheme solely to “fatten them up” earlier than a scammer disappears with huge sums of their cryptocurrency.

Patronis mentioned this rip-off is reportedly most frequently carried out on relationship websites and on social media as a brand new type of a romance rip-off.

“In Florida, we embrace rising know-how and innovation, however shoppers should all the time keep on guard for scams particularly as new monetary merchandise like Bitcoin and different cryptocurrencies turn out to be more and more in style. Experiences say cryptocurrency scams have bilked tens of millions out of unsuspecting crypto buyers; a lot of which had been scammed by means of on-line relationship apps over the course of a number of months,” Patronis mentioned. “Identical to with any main monetary determination, shoppers ought to do analysis and by no means switch funds to somebody you suppose is suspicious, untrustworthy, and whose id you haven’t verified. You could as nicely kiss your cash goodbye.”

In the event you really feel you will have been the sufferer of a rip-off, you’re urged to report it instantly at FraudFreeFlorida.com.

“At all times bear in mind, if a possibility sounds too good to be true, it’s,” Patronis mentioned.

Listed here are three suggestions from the Federal Commerce Fee to keep away from cryptocurrency scams:

  • Solely scammers demand fee in cryptocurrency. No reputable enterprise goes to demand that you simply ship cryptocurrency upfront — to not purchase one thing, and to not shield your cash.
  • Solely scammers will assure earnings or huge returns. Don’t belief individuals who promise you’ll be able to rapidly and simply earn money within the crypto markets.
  • By no means combine on-line relationship and funding recommendation. In the event you meet somebody on a relationship website or app, they usually wish to present you how you can spend money on crypto or ask you to ship them crypto, that’s a rip-off.

For extra recommendation on how you can keep away from cryptocurrency scams, click on here.

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