In 2024, cryptocurrency scams surged, prompting Manitowoc police to warn citizens about the risks. Many victims have lost significant funds due to convincing scammers. The FBI is investigating these fraudulent platforms, stressing the importance of recognising warning signs and reporting scams. The Federal Trade Commission reported $1.4 billion in losses due to cryptocurrency fraud in the same year.
In 2024, there was a notable rise in cryptocurrency investment scams, prompting Manitowoc police to take action. Captain Cooper Schmidt stated their primary goal is to prevent individuals from losing decades of savings to convincing scammers. He noted that victims have lost substantial amounts, sometimes their entire life savings, due to the rapid transfer of funds in the cryptocurrency sector before law enforcement can intervene.
Captain Schmidt described scammers as professional and aggressive, with schemes that can take weeks or months to develop fully. To combat this trend, Manitowoc police are educating the public about potential scams through social media and local media outlets. He emphasised the importance of recognising warning signs and seeking assistance before committing any funds.
The FBI reports that scammers often engage victims via social media, text messages, or dating platforms, using familiar names to build trust. They promise significant returns and present themselves as experts, providing fabricated proof. Victims are often coaxed into transferring funds to fraudulent cryptocurrency websites that closely resemble legitimate ones.
The urgency of this message is highlighted by alarming statistics from the Federal Trade Commission, which revealed that individuals reported losses totalling $1.4 billion in cryptocurrency fraud for 2024. The data indicated that younger individuals, particularly those aged 20 to 29, were more frequently victims, while older adults lost larger sums when scammed. The FBI is actively investigating fraudulent cryptocurrency platforms, and victims are urged to cease monetary transfers and report incidents to local authorities.
