Federal Trade Commission Hosts Workshop on Cryptocurrency Scams

FTC to Host Consumer Protection Workshop on Cryptocurrency Scams

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  • Federal Trade Commission hosts a workshop on cryptocurrency scams.
  • The workshop will educate consumers about cryptocurrencies and hold fraudsters accountable.

United States: Report reaching Cryptona.co has revealed that the Federal Trade Commission (FTC) is making plans to hold a consumer protection workshop on digital currency scams and fraud later in June. FTC made this announcement on Monday 30th April, stating that its planned workshop tagged “Decrypting Cryptocurrency Scams” workshop will present stakeholders from private-sector businesses, consumer advocacy groups, and law enforcement “to explore how scammers are exploiting public interest in cryptocurrencies such as Bitcoin and Litecoin and to discuss ways to empower and protect consumers.”

The workshop is set to take place at DePaul University in Chicago on 25th June. The workshop, which is open to the general public, will commence at 1 pm local time, and would also be broadcast live on the agency’s website that day. According to FTC:

“Reported scams include deceptive investment and business opportunities, bait-and-switch schemes, and deceptively marketed mining machines. The FTC has continued its efforts to educate consumers about cryptocurrencies and hold fraudsters accountable.”

The agency had focused so much on this area in past months with greater frequency, this is evident by the FTC’s moves in the space to date. For instance, in March, FTC lawyers got a restraining order against 4 Florida-based investment organizers with claims that these organizers were promoting cryptocurrency-related scams.

At the time, the acting director of the FTC Bureau of Consumer Protection, Tom Pahl, said:

“This case shows that scammers always find new ways to market old schemes, which is why the FTC will remain vigilant regardless of the platform – or currency used.”

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