The Federal Bureau of Investigation (FBI) reports a prevailing trend in online dating fraud, where scammers convince individuals they meet on dating apps or social media to invest in or trade cryptocurrencies. The Internet Crime Complaint Center (IC3) of the FBI received over 1,800 reports of romance scams involving cryptocurrency in the first seven months of 2021, with losses totaling $133 million.

Conversely, scammers may pose as legitimate cryptocurrency traders or create fake exchanges to deceive individuals into giving them money. Other cryptocurrency transaction scams involve fraudulent sales of Individual Retirement Accounts (IRAs) using cryptocurrencies. This is followed by direct breaches of cryptocurrencies, where criminals infiltrate digital wallets where individuals store their virtual currency to steal it.

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