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The California Division of Monetary Safety and Innovation (DFPI) has launched a cryptocurrency rip-off tracker to assist residents “spot and keep away from crypto scams.” The regulator said: “As experiences of latest crypto scams emerge, the DFPI will regularly replace this tracker to promptly alert and defend the general public.”
California Regulator’s Crypto Rip-off Tracker
The Division of Monetary Safety and Innovation (DFPI) of the U.S. state of California introduced final week the launch of its Crypto Scam Tracker to assist folks within the state “spot and keep away from crypto scams.” The monetary regulator described:
The tracker particulars obvious crypto scams recognized by way of a overview of complaints submitted by the general public and permits California shoppers and buyers to do their very own analysis and stop hurt to themselves and others.
The Californian regulator’s crypto rip-off tracker is a database — searchable by firm identify, rip-off kind, or key phrases — for shoppers to study extra about crypto-specific complaints the DFPI has acquired. Annually, the DFPI receives hundreds of client and investor complaints; the tracker’s content material relies on data reported by members of the general public to the DFPI. The regulator clarified that it “has not verified the losses reported by complainants.”
There’s additionally an accompanying glossary that “goals to assist shoppers higher perceive frequent scams,” the state regulator continued. “As experiences of latest crypto scams emerge, the DFPI will regularly replace this tracker to promptly alert and defend the general public.”
DFPI Commissioner Clothilde Hewlett commented: “Scammers are within the shadows utilizing the general public’s curiosity in crypto belongings to make the most of probably the most weak Californians.” The commissioner added:
Via the brand new crypto rip-off tracker, mixed with rigorous enforcement efforts, the DFPI is dedicated to shining a lightweight on these ruthless predators and defending shoppers and buyers.
There are already some well-known crypto rip-off trackers to assist buyers keep away from crypto-related scams, together with Bitcoin Abuse and Scam Alert. Final week, blockchain information analytics agency Chainalysis printed a report exhibiting that crypto rip-off income dropped 46% in 2022 to $5.9 billion from $10.9 billion the yr prior.
What do you concentrate on the crypto rip-off tracker launched by the California state regulator? Tell us within the feedback part under.
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