California financial regulator warns of 7 new types of crypto, AI scams

California’s Department of Justice says it took down 42 crypto scam websites in 2024 that haad stolen $6.5 million from users.

A California financial regulator says users reported seven new types of crypto and AI scams that it hadn’t seen before through thousands of complaints in 2024. 

The California Department of Financial Protection and Innovation (DFPI) said in a March 10 statement that it received 2,668 complaints in 2024 and found seven types of scams they didn’t have on record yet, such as fake Bitcoin (BTC) mining schemes, where fraudsters offer fake investments in mining. 

The DFPI also received complaints about fake crypto gaming schemes, where users are encouraged to deposit funds only to have their wallets drained, and fraudsters offering fake jobs that require victims to transfer crypto and provide private information.

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