A Belgian financial watchdog says cryptocurrency scams are on the rise and is warning investors to be wary.
The Belgian Financial Services and Markets Authority (FSMA) recently updated its list of known cryptocurrency investment scams.
The number of fraudulent websites known to exploit trusting victims has risen to 131.
During the last few weeks, the FSMA has continued to receive new complaints from consumers who responded to fraudulent offers of investment in cryptocurrencies.
A statement adds: “The principle remains the same: they (the scammers) offer you an investment they claim is secure, easy, and very lucrative.
“They try to inspire confidence by assuring you that you don’t need to be an expert in cryptocurrencies in order to invest in them.
“They claim to have specialists who will manage your investments for you. You are told that your funds can be withdrawn at any time or that they are guaranteed.
“In the end, the result is always the same: the victims find themselves unable to recover their money!”
For the full list, click here.
Cryptocurrency fraud is on the rise
In August, two Canadian men were charged in the United States over the theft of 23.2 Bitcoin ($230,000) from an American woman.
According to Indian publication The Week, the two fraudsters set up a Twitter handle named @HitBTCAssist with the aim of scamming victims who required customer service support.
Karanjit Singh Khatkar, 23, and Jagroop Singh Khatkar, 24, allegedly convinced the victim, a woman in her 60s, to share her login details to HitBTC and Kraken.
The duo then siphoned out Bitcoin worth nearly a quarter of a million dollars before dividing it between their own personal wallets, court documents state.