FBI Warns Fake Crypto Apps Defrauded Investors Out Of $42M

By Ben Kochman (July 18, 2022, 6:07 PM EDT) — Fraudsters have stolen funds worth $42.7 million from cryptocurrency investors after convincing them to download phony mobile applications, the FBI said Monday, in authorities’ latest warning about hacking activity in the world of digital currency.

Since October, at least 244 investors have fallen victim to the schemes, in which the cybercriminals have created apps that mimic the names, logos and other identifying information of actual U.S. financial institutions, the FBI said in an alert. The criminals are taking advantage of investors’ “increased interest” in mobile banking and cryptocurrency investing in recent years, authorities say.

In one spree of fraudulent activity between October…

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