#CryptoScamSurge Context: Cryptoscam Surge
Crypto scams (pig butchering, phishing, rug pulls) have sharply increased in the US.
The FTC reported > $1.5 billion lost in crypto scams (2024), with young adults (20s–40s) heavily targeted.
Scammers use Tinder, Instagram, WhatsApp, Telegram, and Discord to lure victims into fake “investment” schemes.
The rise of AI-generated deepfakes and realistic fake trading apps accelerated these scams.
US Government Response
A. Law Enforcement
DOJ & FBI have:
Seized crypto wallets tied to North Korean, Russian, and domestic scam rings.
Shut down pig-butchering scam call centers in Southeast Asia via collaboration with international partners.
FTC & SEC:
Issue frequent scam warnings.
Sue influencers and fake exchanges
