The FBI has issued an urgent warning regarding Ichcoin, a fraudulent cryptocurrency platform that has swindled $30 million from investors across the U.S., according to a report from ABC13. The platform, operational since December 2023, has targeted victims through fake social media profiles on platforms like Instagram and Facebook.
How the Scam Works
Scammers behind Ichcoin lure victims into conversations about cryptocurrency investments, eventually shifting communication to WhatsApp. Once trust is established, victims are persuaded to make large wire transfers to Ichcoin, often being told to lie to their banks about the nature of the transaction. The fraudsters allow victims to track fake returns through an Ichcoin app, but when they attempt to withdraw their funds, they are ghosted—losing access to their money entirely.
The Broader Impact of Crypto Heists
Crypto crimes have surged in 2024. According to a Chainalysis report, stolen crypto funds nearly doubled in 2024, rising from $857 million in 2023 to $1.58 billion by the end of July 2024. Ransomware-related cryptocurrency inflows also grew significantly, with $459.8 million laundered in the first half of 2024 alone.
Emotional Manipulation in Crypto Scams
One prevalent method, known as pig butchering or romance scams, has gained notoriety. Scammers emotionally manipulate victims on social media or dating platforms before introducing investment opportunities. Many victims, ashamed or unaware of the scam, hesitate to report the crimes, contributing to underreporting.
The FBI urges anyone affected by Ichcoin or similar scams to come forward as they continue to investigate and identify more victims of this crypto fraud.
