The California Department of Financial Protection and Innovation (DFPI) has launched a tracking system to detect and prevent crypto fraud.
The increasing interest in cryptocurrencies on a global scale also strengthens the illegal structure. Based on a decentralized system and smart contracts, cryptocurrencies proliferate to defraud investors and users. In this situation, which is tried to be avoided, billions of dollars of money have evaporated. In the face of this widespread situation, DFPI started to follow crypto fraud.
California Regulator Launches Crypto Fraud Tracking System
The California Department of Financial Protection and Innovation (DFPI) has launched a tracking system to prevent illegal business and fraud in the crypto industry.
This tracking system initiated by DFPI is based on user complaints and published on the website. The department lists relevant complaints from victims who allege they have been defrauded or attempted to be scammed.
These listed complaints help identify victims as part of a fraudulent or deceptive operation and monitor the status of casualties. However, DFPI has yet to confirm any of the listed complaints in this system. Every year, the editor receives thousands of complaints from users. That’s why the regulator started a system that tracks all these complaints.
Clothilde Hewlett, DFPI official, said the following on the subject;
“Scammers are overshadowing, using the public’s interest in cryptoassets to take advantage of the most vulnerable Californians. Through the new Crypto Fraud Tracker, combined with rigorous enforcement efforts, DFPI is determined to shine a light on these ruthless predators and protect consumers and investors.”
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