According to Odaily, as Bitcoin reaches new heights, the FBI's Baltimore division has observed a significant increase in cryptocurrency scams. Special Agent David Paniwozik highlighted that many criminals are exploiting the unfamiliarity of investors with this technology to make quick profits. He noted that the allure of fast and easy money is drawing more individuals into these fraudulent schemes. A major concern is the seamless transfer of funds, allowing scammers to move money from U.S.-controlled wallets to overseas accounts in seconds. Fraudsters often create fake cryptocurrency exchanges, convincing victims that their investments are growing exponentially or demanding cryptocurrency payments to 'unlock' high-return opportunities.
Special Agent Paniwozik has recently reported a surge in employment scams involving cryptocurrencies. In Maryland alone, reported losses have skyrocketed from $32,033 in 2023 to $3.8 million from January to October this year. On average, individuals in Maryland are losing between $15,000 and $20,000 to these scams. The FBI's 2023 Cryptocurrency Fraud Report indicates that while cryptocurrency-related complaints account for only about 10% of total financial fraud complaints, the amount stolen represents nearly 50% of total financial losses.