SEC Warns of Five Major Cryptocurrency Scam Techniques, Community Criticizes Regulatory Inaction

The U.S. Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy has issued a warning, stating that scammers continue to use cryptocurrencies to defraud retail investors. Despite the ongoing efforts of federal and state regulatory agencies to strengthen enforcement and recover funds lost to fraud, it remains challenging to track the identity of scammers or the flow of funds, and scammers can even rapidly transfer funds overseas.