The financial regulator of the US state of Vermont has warned of the growing crypto scam on social media sites.
The Vermont Department of Financial Regulation (DFR), the financial regulator of the US state of Vermont, has warned citizens of the increasing crypto investment scam on popular social media sites. Many institutions and authorities are issuing warning messages about illegal events that increase with the movement of the crypto money market.
US government agency warnings rise
On June 25, 74-year-old Naum Lantsman lost the $340,000 he had saved in his life to a cryptocurrency scam organized on Instagram and Telegram. DFR referred to the incident, emphasizing that Vermonters should be extremely cautious and careful when using or investing in cryptocurrency.
Instagram has been rated as the top crypto scam-linked platform by the Federal Trade Commission (FTC), which is also true. His first contact with the crypto scammer was on Instagram, where he came across a post from SpireBit claiming to be an international financial broker dealing with cryptocurrencies.
Warnings of the increasing number of crypto thefts lately have not been delayed. DFR continues to issue texts warning investors of the increasing crypto investment scams on popular social media platforms.
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