FBI Warns Fake Cryptocurrency Apps Are Defrauding Investors

The fake mobile apps have duped investors out of an estimated $42.7 million, says the FBI.

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The FBI warns investors of fake crypto investing mobile apps. 

Miguel Candela/SOPA Images/LightRocket via Getty Images

Cybercriminals are creating fake cryptocurrency apps in an effort to defraud investors, according to a Monday warning from the FBI. The bureau's cyber division identified 244 victims that have been swindled by fraudulent apps, accounting for an estimated loss of $42.7 million. 

The fake cryptocurrency apps have used the names, logos and other identifying information of legitimate apps, said the FBI. These fake apps have been seen contacting crypto investors and falsely claiming to offer real services to push people to download them. 

The FBI advises investors to be wary of unsolicited requests to download investment mobile apps and to take steps to verify whether the app is legitimate before downloading. 

If you suspect you've been deceived by a fake cryptocurrency investment app, contact the FBI through the Internet Crime Complaint Center or your local field office.

The warning comes as more than 46,000 Americans have lost over $1 billion to cryptocurrency scams since the start of 2021. The cryptocurrency market has also plummeted in recent months in what investors are calling a "crypto winter." In June, bitcoin dipped below $24,000 and the overall market tumbled under $1 trillion for the first time since February 2021.