The Federal Bureau of Investigation (FBI) has announced that a new way of tricking crypto fans and investors is making its way through illicit circles.

The FBI Says the Latest Crypto Scam Targets Gamers

The agency, in a statement, said many new pay-to-earn crypto platforms are ultimately stealing digital assets from those willing to try and invest or take part in company services. The way they do this is by offering fake rewards in both online and mobile games that users can play.

The FBI says many illicit scammers and hackers have been creating what appear to be false gaming apps that promise huge financial rewards in exchange for completing certain in-game tasks. This is a major red flag for any investor given how volatile and speculative the digital currency trading scene can be. There is absolutely no way to guarantee returns of any kind given that the market is consistently up and down, and there’s no way to predict where things will go.

The FBI says that already, millions of dollars in crypto have been stolen, and thus the process is going to continue so long as people believe these ongoing false narratives. In a statement, the agency said:

Criminals contact victims online and build a relationship with victims over time. Criminals then introduce victims to an online or mobile game, in which players purportedly earn cryptocurrency rewards in exchange for some activity, such as growing ‘crops’ on an animated farm.

The situation operates very much like a romance scam, though instead of trying to find a romantic partner, this time around, the scammers are looking for alleged gaming partners that they think might be interested in new opportunities.

The process works as such. Gamers or other individuals are contacted personally by scammers, who then work to establish lasting relationships with the victims. From there, they are told about new cryptocurrencies worth buying that can be added to their crypto wallets. The rewards that come with these cryptocurrencies are higher than they would be with others (reportedly), and thus they should get involved quickly before time runs out.

Once a person has bought the asset in question, they are tempted with phony rewards and are often persuaded to put more money into their respective wallet. However, once the deposits stop, the gamer’s wallet is fully drained, and the scammers make off with the money.

Keep Your Eyes and Ears Open

The FBI is telling gamers to stay vigilant. If they receive messages out of the blue about potential opportunities, they are told to think twice before getting involved. They should also contact local law enforcement agents and inform them of what’s going on so they can conduct proper investigations.

Lastly, the FBI reiterated that if something sounds too good to be true, it probably is.

The post The FBI Is Warning of a New Game-Based Crypto Scam appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ April 8, 2023 5:00 pm