The Commodity Futures Trading Commission (CFTC) warns about repeated fraud targeting victims multiple times, often by the same criminals. Common fraud types include relationship crypto frauds, also known as “pig butchering,” where scammers form online relationships, encourage investments in bogus crypto trading schemes, and then steal funds. Victims often face additional scams, such as fraud-recovery schemes that promise to retrieve lost money for a fee, and money laundering scams that recruit victims to move stolen funds. To protect against such frauds, the CFTC advises avoiding financial involvement with long-distance relationships, verifying new contacts, being wary of unsolicited communications, ensuring trading platforms are U.S.-registered, and recognizing government imposters.
CFTC Warns of Follow-on Frauds Targeting Victims Multiple Times
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