3 months ago 2 min read

16 Cryptocurrency Websites Listed as Fraudulent by DFPI


Major Words:

  • There are currently 16 notices dated December 27 to 28 on the DFPI's consumer alert page urging companies against appearing to be complicit in consumer fraud against Californians.
  • In response to concerns from the general public about the brokers and websites, warnings were issued, noting that consumer losses had ranged from $2,000 to $1.2 million.

The California Department of Financial Protection and Innovation (DFPI) has warned 16 distinct cryptocurrency brokers and websites it considers to be fraudulent over the course of the last two days.

The alleged cryptocurrency websites consist of:

  1. Tahoe Digital Exchange
  2. ZC Exchange
  3. Tony Alin Trading Firm
  4. TeleTrade Options
  5. Hekamenltd/Tosal Markets Limited
  6. Trade 1960
  7. Yong Ying Global Investment Company Limited
  8. Unison FX
  9. VoyanX.com
  10. rbhoodc.com
  11. Rui Win Capital Group LTD
  12. Reliable Option Trade
  13. Singapore International Monetary Exchange Limited/ Simex
  14. Sun Bit Proa
  15. UniSwap LLC
  16. eth-Wintermute.net

eth-Wintermute.net and UniSwap LLC are two fake websites impersonating well-known players in the cryptocurrency industry.

There are currently 16 alerts dated December 27 to 28 on the DFPI's consumer alert page cautioning that it appears that these companies are defrauding Californian consumers.

The DFPI seldom releases so many notifications at once, suggesting that the number of allegations of cryptocurrency fraud may have surged in the latter half of the year. The DFPI often sends out sporadic alerts on corporate investigations or notices about specific incidents.

The DFPI noted that clients have claimed losses ranging from $2,000 to $1.2 million in some situations. The warnings were issued in response to concerns from the general public regarding the brokers and websites. In contrast, the DFPI only notes that these websites "appears to be engaged in fraud."

Pig slaughtering schemes, in which a person or group develops a false online identity in order to cultivate false ties or friendships via social media, texting, and dating apps, are a significant theme underlined in the bulk of these advisories.

The ultimate goal is to persuade the victim to transmit money to a dubious wallet address or to a fake website impersonating a legitimate website, in this case UniSwap LLC and eth-Wintermute.net.

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