Connecticut State Police urge residents to beware of cryptocurrency scams | Police & Courts

The growing use of cryptocurrency as a financial trading tool has led to an exponential increase in the buying and selling by everyday residents. It has also led to an increase in the number of reported scams associated with the virtual currency.

Connecticut State Police have issued a warning to state residents, urging them to be wary of an increase in the number of cryptocurrency-based scams in the past couple years.

“The most common scams often begin with a strange text message, phone call, or email,” Connecticut State Police said in a press release. “Scammers will often lure victims to cryptocurrency ATMs or web-based investment sites or exchange platforms, where it is relatively easy to convert U.S. dollars into cryptocurrency such as Bitcoin, Ethereum, and Solana.”

In such scams, the victim is led to believe that their bank account or investments are under attack and are prompted to convert assets to cryptocurrency and send them to a “secure” account, which is controlled by the scammer.

The danger of sending money via cryptocurrency is that it is completely anonymous — and officials warn that also means the person taking the money may never be identified.

State police said recent scams have also tempted victims with “get rich quick” schemes, enticing them to invest in a new cryptocurrency coin, which is ultimately a fake investment.

If you believe that you have been scammed, report it immediately to your local police. The earlier the notification, the better the chance police can catch the individual in the act, state police said.

“Scammers are looking to cash out quick, so the sooner you report an incident, the better the chances of making a recovery,” police said.

— Jason Vallee