{"id":6800,"date":"2022-08-31T11:12:40","date_gmt":"2022-08-31T11:12:40","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=6800"},"modified":"2022-08-31T11:12:40","modified_gmt":"2022-08-31T11:12:40","slug":"sec-warns-crypto-investors-of-scammers-exploiting-their-fear-of-missing-out-on-social-media","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=6800","title":{"rendered":"SEC Warns Crypto Investors of Scammers Exploiting Their Fear of Missing Out on Social Media"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The U.S. Securities and Exchange Commission (SEC) has warned about scammers exploiting investors\u2019 fear of missing out (FOMO) on social media. \u201cIf a crypto investment \u2018opportunity\u2019 sounds too good to be true, it probably is,\u201d the SEC cautioned.<\/strong><\/p>\n<h2>SEC Says Scammers Often Use Social Media to Defraud Investors<\/h2>\n<p>The U.S. Securities and Exchange Commission (SEC) published an Investor Alert titled \u201cSocial Media and Investment Fraud\u201d Monday.<\/p>\n<p>The SEC\u2019s Office of Investor Education and Advocacy warned that \u201cfraudsters often use social media to scam investors.\u201d Encouraging investors to be skeptical and \u201cnever make investment decisions based solely on information from social media platforms or apps,\u201d the securities regulator described:<\/p>\n<p>Fraudsters may exploit investors\u2019 fear of missing out to lure investors on social media into \u2018crypto\u2019 investment scams.<\/p>\n<p>\u201cIf a crypto investment \u2018opportunity\u2019 sounds too good to be true, it probably is,\u201d the SEC stressed. \u201cPromises of high investment returns, with little or no risk, are classic warning signs of fraud.\u201d<\/p>\n<p>Fraudsters may also post fabricated historical returns on their websites showing high investment returns as a way to lure investors into their schemes.<\/p>\n<p>Anyone considering investing in crypto assets or any crypto-related investments should \u201ctake the time to understand how the investment works,\u201d the securities watchdog advised. \u201cCheck out the background (including license and registration status) of anyone offering you an investment in securities using the search tool on Investor.gov.\u201d<\/p>\n<p>Besides the SEC, several other U.S. regulators have warned about cryptocurrency scams. Recently, authorities warned of the \u201cpig butchering\u201d cryptocurrency scam becoming alarmingly popular. The Federal Bureau of Investigation (FBI) also recently cautioned crypto investors not to fall for the liquidity mining scam.<\/p>\n<p>According to blockchain analytics firm Chainalysis, illicit crypto volumes were down 15% in the first six months of this year, compared to the previous year. Specifically, \u201cTotal scam revenue for 2022 currently sits at $1.6 billion, 65% lower than where it was through the end of July in 2021, and this decline appears linked to declining prices across different currencies,\u201d the firm noted.<\/p>\n<p><em><strong>What do you think about the crypto investment scam warning by the SEC? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/sec-warns-crypto-investors-of-scammers-exploiting-their-fear-of-missing-out-on-social-media\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) has warned about scammers exploiting investors\u2019 fear of missing out (FOMO) on social media. \u201cIf a crypto investment \u2018opportunity\u2019 sounds too good to be true, it probably is,\u201d the SEC cautioned. SEC Says Scammers Often Use Social Media to Defraud Investors The U.S. Securities and Exchange Commission (SEC) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-6800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6800"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6800\/revisions"}],"predecessor-version":[{"id":6802,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/6800\/revisions\/6802"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/6801"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}