The California Department of Financial Protection and Innovation (DFPI) has launched a cryptocurrency scam tracker to help residents “spot and avoid crypto scams.” The regulator stated: “As reports of new crypto scams emerge, the DFPI will continually update this tracker to promptly alert and protect the public.
California Regulator’s Crypto Scam Tracker
The Department of Financial Protection and Innovation (DFPI) of the U.S. state of California announced the previous week the launch of its Crypto Scam Tracker to help people in the state “spot and avoid crypto scams.” The financial regulator described:
The tracker details apparent crypto scams identified through a review of complaints submitted by the public and allows California consumers and investors to do their own research and prevent harm to themselves and others.
The Californian regulator’s crypto scam tracker is a database — searchable by company name, scam type, or keywords for consumers to learn further about crypto-specific complaints the DFPI has received. Each year, the DFPI receives thousands of consumer and investor complaints; the tracker’s content is grounded on information reported by members of the public to the DFPI. The regulator clarified that it “ has not verified the losses reported by complainants. ”
There's also an accompanying glossary that “ aims to help consumers more understand common scams, ” the state regulator continued. “ As reported, the DFPI'll continually update this tracker to promptly alert and protect the public. ”
DFPI Commissioner Clothilde Hewlett commented “ Scammers are in the shadows using the public’s interest in crypto assets to take advantage of the most vulnerable Californians. ” The commissioner added:
Through the new crypto scam tracker, combined with rigorous enforcement efforts, the DFPI is committed to shining a light on these ruthless predators and protecting consumers and investors.
There are already some well-known crypto scam trackers to help investors avoid crypto-related scams Last week, a blockchain data analytics firm published a report showing that crypto scam gain dropped 46 in 2022 to $5.9 billion from $10.9 billion the year prior.
(Kevin Helms, Bitcoin.com, 2023)