The US Federal Trade Commission (FTC) will host a full-day event to raise awareness of growing cryptocurrency scams on June 25 at DePaul University in Chicago. The event will be free and open to the public, and is also expected to be webcast live.
According to the FTC, fraudulent activity and interest from scammers has grown along with consumer involvement in cryptocurrencies. The regulator cites a rise in reported “deceptive investment and business opportunities, bait-and-switch schemes, and deceptively marketed mining machines”.
This workshop is part of the agency’s ongoing efforts to “educate consumers about cryptocurrencies and hold fraudsters accountable”. In March, the FTC created a Blockchain Working Group to target cryptocurrency and blockchain-related scams. The same month also saw the agency initiating legal action against four individuals who were promoting an alleged pyramid scheme involving cryptocurrencies.
The FTC isn’t the only agency taking a firm stance on crypto fraud - both the SEC and CFTC have also taken actions to increase ICO oversight and increase public awareness of potential scams.
By Nadya Astam