Cryptocurrency Scams Using Stolen Social Media Accounts Skyrocket

Cryptocurrency scams have become increasingly sophisticated, with hackers using stolen social media accounts to deceive victims into investing in fake schemes. According to experts, these scams have resulted in nearly $2 billion in losses for unsuspecting investors.

Investor fraud attorney Countney Werning notes that one of the most prevalent forms of crypto scam is social media marketing scams, where hackers take control of influencers' accounts and promote fake investment opportunities to their followers. The scammers often pose as trusted figures or friends to gain credibility with their victims.

Rochester police investigator Dave Simpson, host of The Crime Dawg podcast, has been a victim himself after his social media account was hijacked by hackers who posted fake crypto messages to all his followers. He warns that these scams can be devastating for those affected, and encourages users to exercise caution when dealing with online investment opportunities.

To avoid falling prey to these scams, experts recommend using two-factor authentication apps to secure accounts and hovering over links before opening them to check their origin. If you've lost money in a crypto scam, it's recommended that you report the incident to your local police department or file a complaint with the FBI's Internet Crime Complaint Center.