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Amanda Culver, FBI Houston’s Assistant Special Agent in Charge, stressed the severity of the scam, pointing out that some individuals have lost everything.
Key Notes
FBI reveals ICHCoin crypto scam has stolen $30M from US investors since December 2023.Scammers lure victims with fake crypto courses, using platforms like Facebook and WhatsApp for fraud.FBI urges victims to report the scam as investigations intensify to prevent further losses.The Federal Bureau of Investigation (FBI) has issued a strong public warning about the ICHCoin crypto scam, which has reportedly drained Americans of their life savings. An ABC13 report reveals that ICHCoin lured victims with a quick course on crypto investing, ultimately stealing millions from people nationwide.
Amanda Culver, FBI Houston’s Assistant Special Agent in Charge, told ABC13 that the scam has been ongoing since December 2023. So far, the fraudsters have stolen around $30 million through the ICHCoin app. Culver emphasized the gravity of the situation, pointing out that some individuals have lost everything.
She also stressed how easily scammers target their victims, especially as more people show interest in cryptocurrency investments. Culver urged the public to do their homework before investing to avoid becoming a victim.
FBI Urges Victims to Report Scam
The FBI is actively investigating the ICHCoin scam and has urged victims to come forward with any information related to ICHCoin or similar fraudulent schemes. Individuals are encouraged to fill out the FBI’s online questionnaire to aid in the investigation and help prevent further losses.
Culver detailed the multi-stage process of the scam, explaining that scammers initially approach potential victims on popular social media platforms like Facebook and Instagram. The initial contact involves an offer to educate the victim on cryptocurrency investing, with promises of lucrative profits through crypto investments.
Once trust is established, victims are redirected to messaging platforms such as WhatsApp, where a fake professor or teacher continues the scam.
While Culver did not elaborate further on the subsequent steps of the scam, it is known that the Washington State Department of Financial Institutions flagged ICHCoin in a July warning. At that time, victims were drawn into the “Excellence and Innovation Fortune Business School”, a front for the ICHCoin scam. Here, victims were added to groups controlled by these fake academics, who provided daily trading signals and investment tips promising massive returns.
Crypto Scam Spirals Out of Control
In these groups, victims encounter the fake crypto trading platform called the ICHCoin app, where they are encouraged to invest money. Culver explained that scammers often instruct victims to deceive their banks during fund transfers to these platforms. Although the app shows inflated profit figures, victims face issues when withdrawing their earnings; their accounts may be frozen, or the scammers might vanish entirely.
Culver also highlighted the need to identify warning signs, especially unsolicited messages that promise high returns or offer “free money.” These are clear indicators of potential scams, and she urged the public to stay alert and cautious.
Recently, the FBI has stepped up its fight against crypto scams by increasing investigations and issuing several alerts. In September, the agency warned businesses dealing with crypto exchange-traded funds about the notorious North Korean hacking group Lazarus, known for using complex strategies to breach their systems.
Furthermore, the FBI reported that more than $5.6 billion was lost in cryptocurrency-related frauds and scams, with individuals over 60 being the most affected group. In early October, the federal agency took additional measures by charging a person for trying to extort cryptocurrency assets.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
