The Federal Bureau of Investigations (FBI) issued an alert on Thursday over crypto scam artists impersonating crypto exchanges in an attempt to steal victims’ funds.
According to the newly released warning, the scam begins by contacting the intended victim, usually through an unsolicited phone call or message pretending to be an employee at a crypto exchange.
FBI Issues Crypto Scam Alert
From there, the con artist falsely tells their target that someone is trying to break into or compromise their account.
The scammers then deceive the victim by telling them they “must safeguard their account by providing log-in information, clicking on a link, and/or providing identification information.”
Using this information, the crypto fraudster can access the victim’s account and wipe it of funds.
The FBI is warning of scammers impersonating cryptocurrency exchange employees to steal your money! If you have been a victim of this scam report the activity associated with it to https://t.co/eGBci0wXVk. https://t.co/ic89u4BDNM pic. .com/dYVLufs0Wo
— FBI Las Vegas (@FBILasVegas) August 1, 2024
The FBI is urging potential targets of the digital asset scheme to avoid clicking links, downloading attachments, opening attachments or answering calls made by a suspected scammer.
“If you receive a call or message indicating any kind of account problem or compromise, do not respond, even if it appears official and indicates you must act immediately,” the alert reads.
However, if you answer a call, the FBI suggests you “hang up” immediately.
“Call the cryptocurrency exchange’s official phone number to verify if there is a problem,” the federal agency states. “Do not use any phone number the caller provides.”
North Korea’s Ties To Crypto Hacking
According to data from the Better Business Bureau, crypto scams are now the most risky type of dupe in the country, with 80% of all those targeted in crypto and investment scams losing money in 2023 alone.
The FBI has previously issued warnings about North Korea’s state-sponsored crypto-hacking malware collective, Lazarus Group, which has amassed billions worth of stolen digital assets over the years.
Just last month, the federal agency released an advisory highlighting the Kim Jong Un-led country’s cyber espionage program aimed at funding the authoritative regime’s military and nuclear programs.
Most notably, Lazarus Group was found to be behind the $60 million Alphapo hacking, the $37 million Coinspaid theft, and the $100 million Atomic Wallet theft – all of which occurred in June 2023.
No specific scammer was identified in the investigative agency’s latest alert, and it is unclear if the Lazarus Group could be tethered to see this newest string of blockchain schemes as well.
The FBI asks anyone who believes they may have fallen victim to a crypto scam to contact its International Crime Complaint Center.