ICH Crypto Scam defrauds victims of $30M across the U.S.

ICH Crypto Scam fools 600 investors, FBI takes action

The FBI has launched a full-scale investigation into the ICHCoin cryptocurrency scam, which has defrauded victims across the United States of over $30 million. The fraudulent platform, which began its operation in December 2023, has targeted nearly 600 people, many of whom lost their life savings in this elaborate scheme.

According to FBI Houston’s Assistant Special Agent in Charge Amanda Culver, ICHCoin is both a “scheme” and a “scam,” and the bureau is urging more victims to come forward as the investigation unfolds.

How the ICHCoin Scam Works

The ICHCoin scam uses social media platforms like Facebook and Instagram to reach potential victims, initially offering what appears to be genuine advice or courses on cryptocurrency investing. Scammers, posing as financial experts, build trust through fake profiles and eventually direct victims to a messaging app, such as WhatsApp. Here, a so-called “crypto expert” provides step-by-step guidance on how to invest.

Victims are convinced to transfer large sums of money to the ICHCoin platform. While they can track their supposed investments through a fraudulent app, the gains are purely an illusion. When victims attempt to withdraw their funds, they are met with silence or frozen accounts, leaving them unable to recover their money.

FBI Urges More Victims to Come Forward

The FBI is intensifying its efforts to combat cryptocurrency fraud, as millions of dollars continue to be lost through scams like ICHCoin. In 2023, the FBI’s Internet Crime Complaint Center (IC3) reported a staggering $5.6 billion in losses from crypto-related crimes, with investment scams accounting for nearly half of these losses.

The bureau has already identified victims in Houston but is actively seeking more across the country. The FBI is calling on anyone affected by ICHCoin or similar crypto scams to come forward and share their experiences. A questionnaire is available on the FBI’s website to assist in gathering information.

The investigation into ICHCoin is ongoing, and the FBI remains committed to bringing the perpetrators to justice.

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