The U.S. Securities and Exchange Commission (SEC)’s Office of Investor Education and Advocacy has issued a warning, stating that scammers continue to exploit cryptocurrencies to deceive retail investors. Despite the continuous efforts of federal and state regulatory agencies to strengthen enforcement and recover defrauded funds, it remains challenging to do so. Scammers are able to conceal their identities or the flow of funds and even transfer funds overseas quickly.
SEC warns of five major cryptocurrency fraud schemes as community criticizes lack of regulatory action.