CFTC Warns Investors of Coronavirus-related Scams
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March 24, 2020

The US Commodity Futures Trading Commission (CFTC), the regulator of the country's derivatives markets, has warned that scammers are taking advantage of the COVID-19 crisis to steal cryptos.

In a statement shared on March 19, the CFTC warned users that scammers usually take advantage of events that grab users' attention, such as the coronavirus epidemic, to increase the credibility of their schemes or manipulate emotions.

The CFTC has received hundreds of reports of digital asset scams in which scammers promise high and fast returns amid growing concerns about coronavirus. In addition, the regulator has warned scammers are not only tricking users into investing in fraudulent schemes, but also charging fees for withdrawing their funds.

According to the CFTC:

"After depositing a few hundred dollars of cryptocurrency, the traders are fed a number of fake statements showing huge returns. When the traders try to cash out, they’re told they must first pay a fee to get their earnings. They pay the fee, then are told they need to pay a tax, then more fees, and so forth. Never send more money to get what is yours."

Scammers always try to take advantage of any situation that might spread fear among investors in order to steal money, as under these circumstances users act less cautiously trying to make the highest possible profits quickly in order to prepare for the crisis.

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