Law Enforcement Warns of Cryptocurrency Fraud

Law Enforcement Agencies across the country warn people of the potential for Cryptocurrency Fraud.

The Missouri State Highway Patrol is among those agencies and a release on the subject is below:

The Missouri State Highway Patrol’s Division of Drug and Crime Control is warning the public about a growing number of cryptocurrency fraud cases reported across the state. Investigators have seen a considerable increase in scams often targeting older adults and other members of the public, resulting in significant financial losses.

Criminals are using the internet, social media, email, dating sites, text messages, end to end encrypted messaging apps and phone calls to convince victims to send money through cryptocurrency, such as Bitcoin, or other virtual currencies. These scams are designed to appear legitimate and frequently rely on urgency, fear, or promises of guaranteed returns. Many times, the victim will be groomed and have established mutual trust with the bad actor before money is requested. If you believe you have fallen victim, or someone suspicious has reached out to you, please notify local law enforcement as soon as possible. Timely reporting can increase the likelihood of prosecution and the possibility of recovering assets.

Below are a few common warning signs of fraud involving cryptocurrency:

Pressure to act quickly or claims that immediate action is required to avoid arrest, financial loss, or legal trouble.
Requests for payment in cryptocurrency, gift cards, wire transfers, Bitcoin ATM (or kiosk).
Unsolicited contact from individuals claiming to represent government agencies, financial institutions, tech support, or investment firms.
Promises of guaranteed profits or “risk-free” investment opportunities.
Instructions to keep the transaction secret, including requests not to tell family members, friends, law enforcement or bank employees.
Online relationships (romance schemes) that quickly turn into requests for money or investment assistance.
Requests for personal or financial information sent through email, text message, or social media.

Important Reminders:
Legitimate government agencies and law enforcement do not request payment in cryptocurrency, gift cards, or wire transfers.
Time is crucial—report cryptocurrency scams immediately to assist in the recovery of funds.
Scammers frequently impersonate trusted organizations or individuals to gain credibility with a potential victim.
If you own cryptocurrency, never share your wallet’s seed phrase—legitimate platforms will never ask for it.
Always confirm the legitimacy of websites and apps before logging in to your cryptocurrency accounts.
If someone asks you to withdraw cash and deposit it into a Bitcoin (BTC) kiosk, pause and read the kiosk’s disclaimers carefully, they often include fraud warnings. Make sure the transaction is legitimate before…