As Bitcoin hits a new record, a warning about cryptocurrency came from a senior FBI official!

Bitcoin has reached new highs this year, while the FBI has observed a sharp increase in cryptocurrency-related fraud, including fraudulent investment schemes and employment scams.

Special Agent David Paniwozik from the FBI's Baltimore office highlighted the growing trend, saying, 'Criminals view cryptocurrencies as a quick and easy way to make money. Unfortunately, many investors are still unfamiliar with the technology, making them prime targets.'

According to Paniwozik, one of the main challenges is the uninterrupted and borderless nature of cryptocurrency transactions. He explained, "Whether it's $1 or billions of dollars, money can be instantly transferred from a wallet under U.S. control to an overseas wallet." Scammers often convince victims that their investments are rapidly growing by setting up fake cryptocurrency exchanges or by demanding cryptocurrency payments to "unlock" lucrative business offers.

FBI warns that these scams, taking advantage of the public's excitement about cryptocurrencies and high return potential, are becoming increasingly sophisticated and difficult to detect.

In addition to investment fraud, the FBI is seeing an increase in employment fraud involving cryptocurrency. Significant losses were only experienced in Maryland, and reported damages astonishingly rose from $32,033 in January to October 2023 to $3.8 million between January and October 2024. Paniwozik noted that the average person in Maryland lost between $15,000 and $20,000 in such frauds.

According to the FBI's 2023 Cryptocurrency Fraud Report, while complaints related to cryptocurrency account for only 10% of all financial fraud reports, they constitute approximately 50% of total monetary losses.

The FBI advises potential investors and job seekers to be cautious when dealing with opportunities related to cryptocurrency. Key tips include verifying the legitimacy of exchanges, being skeptical of guaranteed high returns, and avoiding payments in cryptocurrency for job offers.