A well-known American cryptocurrency project is in the FBI’s sights

The FBI is sounding the alarm in connection with the operation of the popular US cryptocurrency platform ICHCoin. According to the feds, over the past year, Americans alone have lost tens of millions of dollars due to reckless investment in the cryptocurrency pyramid scheme.

The warning comes amid a recent FBI report that the bureau received more than 18,000 complaints of cryptocurrency investment fraud in the first six months of 2024, with losses from these cases amounting to $ 1.9 billion.

What is known so far? The FBI claims that ICHCoin is an elaborate and planned cryptocurrency scam that resulted in the loss of «all savings» of some people who trusted the fraudsters.

FBI Assistant Special Agent in Charge in Houston Amanda Culver explained that the scam began with the attackers offering potential victims to learn how to invest in cryptocurrency via Facebook or Instagram.

Once contact was made, victims were transferred to direct messaging platforms such as WhatsApp, where the fraudsters convinced them to make large bank transfers to fund their ICHCoin account.

Victims were able to monitor their investments through the ICHCoin app, but they did not receive any real returns. When people tried to get their money back, the connection with the attackers was cut off.

«The average person can easily fall victim to this scam,» said Culver. «These platforms are extremely convenient for fraudsters. Many people are eager to invest in cryptocurrencies, believing that it will bring big profits.»

According to the FBI, the losses from this scam are estimated at at least $ 30 million. The investigation is currently ongoing, and Culver urged victims of the ICHCoin platform to get in touch, as the agency suspects that the fraud may have spread beyond Houston to other states.