FBI Investigates All-Encompassing ICHCoin Crypto Scam that Siphoned Millions from Victims
The Federal Bureau of Investigation is investigating the pervasive cryptocurrency scam involving ICHCoin, which swindled over 30 million dollars from unsuspecting victims throughout the United States. Since its inception in December 2023, this scam has targeted almost 600 individuals, with some losing their entire life savings.
How the ICHCoin Scam Operates
The ICHCoin scam preys on individuals via social media platforms like Facebook and Instagram, whereby scammers-posing as financial experts-promise unsuspecting victims unusually high returns on their cryptocurrency investments. Victims are then migrated to a messaging app like WhatsApp, where so-called “crypto experts” walk them through the process of making fraud investments.
Once the victims transfer their money to this ICHCoin platform, via an app, they have the opportunity to follow the status of their investments. The application will create the illusion of profits, but that’s it. At the moment in which the victims try to withdraw funds, then their accounts are going to get frozen, or they can’t log into them anymore.
FBI Crackdown on Fraud Involving Cryptocurrencies
The FBI has made fraud through cryptocurrency a high priority because of the jump in cases throughout the nation. For 2023 alone, the FBI’s IC3 reports losses exceeding $5.6 billion, nearly half of which relate to cryptocurrency scams. Investment scams saw a tremendous 53 percent increase from 2022, with heavy hits among victims within the ages of 30 to 49 years old. However, when it came to monetary value of losses, older victims suffered the most.
Considering the magnitude of this fraud, the Assistant Special Agent of FBI Houston, Amanda Culver, asked for more victims to come forward. Meanwhile, continuing investigations promised that the FBI was still committed to finding out who is responsible and holding them accountable.
Public Warning
The FBI urges all investors to be cautious with cryptocurrencies and invest only through registered platforms with adherence to AML. Victims of ICHCoin or any similar scams may report their experiences at the FBI’s website.
