Gairika Mitra
The FBI is urging more victims of the fraudulent cryptocurrency platform, ICHCoin, to come forward. This is after the scam platform reportedly siphoned millions of dollars from unsuspecting individuals across the United States.
Assistant Special Agent in Charge Amanda Culver labeled ICHCoin as both a “scheme” and a “scam.” The scheme typically begins with fake social media profiles reaching out to potential victims on platforms like Instagram and Facebook. These accounts lure users with promises of lucrative investment opportunities in cryptocurrency. Once the initial contact is made, victims are redirected to WhatsApp, where they communicate with individuals posing as experts eager to teach them about cryptocurrency investments.
ICHCoin Victims Lose Millions in Fraudulent Crypto Scheme
Culver revealed that victims are often pressured to deceive their banks regarding large wire transfers to ICHCoin, which are marketed as investment opportunities. “The average person could certainly be fooled by this scam,” she warned.
Victims are then led to believe they can track their supposed returns through an ICHCoin app, but in reality, no returns exist. When individuals attempt to withdraw their money, they are ghosted by the platform, leaving them with no recourse to recover their funds. The FBI has already uncovered heartbreaking stories of individuals who have lost their entire life savings to it.
Since December 2023, the FBI estimates that approximately $30 million has been lost to ICHCoin in the U.S. alone. “It’s extremely easy to use these platforms to bamboozle people,” Culver stated. “People recognize that there can be a return on investment, but the concern is that proper research needs to be done.”
In a similar case, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Cambodian businessman and ruling party senator Ly Yong Phat, along with his conglomerate, L.Y.P. Group Co., Ltd., and several associated businesses, including O-Smach Resort. These measures were taken due to their involvement in human rights abuses and financial misconduct related to online scam operations.
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Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
