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  • Writer's pictureMichael Paulyn

Warning from FBI: Watch Out for Fake Crypto Apps Looking to Steal Millions from Investors

The FBI has recently released a strong warning that there's a growing trend among cybercriminals developing fake crypto-themed apps with the hopes of stealing millions from investors.

In this statement, the FBI explains they have "observed cybercriminals contacting U.S. investors, fraudulently claiming to offer legitimate cryptocurrency investment services, and convincing investors to download fraudulent mobile apps, which the cybercriminals have used with increasing success over time to defraud the investors of their cryptocurrency."

These ongoing schemes, which attempt to defraud unsuspecting victims, have increased to $42.5 million being raked between October 4, 2021, to May 13, 2022, from 244 victims. These criminals have gotten so good that they have mastered (in some cases) creating apps or websites with stellar-looking logos and a layout that mirrors legitimate platforms.

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