{"id":6115,"date":"2024-09-12T20:00:29","date_gmt":"2024-09-12T20:00:29","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=6115"},"modified":"2024-09-12T20:00:29","modified_gmt":"2024-09-12T20:00:29","slug":"cftc-new-joint-crackdown-targets-crypto-pig-butchering-scams","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=6115","title":{"rendered":"CFTC New Joint Crackdown Targets Crypto \u2018Pig Butchering\u2019 Scams"},"content":{"rendered":"

Fighting an increasing menace in bitcoin fraud known as \u201cpig butchering,\u201d the Commodity Futures Trading Commission has declared a coordinated effort<\/a> with other federal and commercial organizations.<\/p>\n

By doing this, the agency will work with several federal and private groups \u2014not just the US Securities and Exchange Commission and the Financial Industry Regulatory Authority\u2014for better awareness and education of the public about such frauds.<\/p>\n

In response to these scams, the Office of Customer Outreach and Education is partnering with organizations such as the American Bankers Association Foundation, the Federal Bureau of Investigation and the Department of Homeland Security to distribute information materials to consumers that raise \u201cred flags\u201d that may help consumers identify and avoid these scams.<\/p>\n

Recently, \u201cpig butchering\u201d scams<\/a> were reported to be the highest-return fraud involving cryptocurrency, leaving victims with staggering losses.<\/p>\n

What Are \u2018Pig Butchering\u2019 Scams?<\/strong><\/h2>\n

Typically, these types of schemes include con artists luring victims into a state of trust\u2014most frequently through the use of dating apps or social media\u2014and then persuading them to fund fictitious cryptocurrency-based ventures. The CFTC\u2019s campaign aims to prevent fraud before it occurs by educating potential victims about the tactics used by scammers.<\/p>\n

CFTC launches effort to combat crypto investment scams<\/p>\n

The Commodity Futures Trading Commission (CFTC) has partnered with organizations like the American Bankers Association Foundation and federal agencies to educate the public on crypto investment scams, specifically \u201cpig\u2026<\/p>\n

\u2014 CoinNess Global (@CoinnessGL) September 11, 2024<\/a><\/p>\n\n

Partnerships And Educational Materials<\/strong><\/h2>\n

The CFTC campaign<\/a> also involves an infographic illustrating the stages involved\u2013from how a victim would be targeted to the final result of losing money. This will be used to identify red flags and give tips on where to report suspicious messages.<\/p>\n

The CFTC also is partnering with the SEC\u2019s Office of Investor Education and Advocacy, FINRA, and the North American Securities Administrators Association in developing and disseminating an investor alert to clearly demonstrate how \u201cpig butchering\u201d fraudsters operate.<\/p>\n

Reporting Mechanism And Goals<\/strong><\/p>\n

The website also urges victims to report the scams to authorities and gives them, step by step, instructions on how to document and report fraudulent activities. The CFTC campaign focuses on the targets of those who would least expect falling prey to scams and underscores a message that even knowledgeable investors may be targeted.<\/p>\n

This coordinated action by the CFTC marks a significant stride toward mitigating the growing concern about frauds connected with cryptocurrency. Alliances shall be utilized to help make the mission accomplish its goal: empowering the people to defend against frauds, which have recently become complex.<\/p>\n

Featured image from Pexels, chart from TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":"

Fighting an increasing menace in bitcoin fraud known as \u201cpig butchering,\u201d the Commodity Futures Trading Commission has declared a coordinated effort with other federal and commercial organizations. By doing this, the agency will work with several federal and private groups \u2014not just the US Securities and Exchange Commission and the Financial Industry Regulatory Authority\u2014for better […]<\/p>\n","protected":false},"author":0,"featured_media":6116,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6115","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6115"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6115"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6115\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6116"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}