Illinois AG Warns Consumers About Cryptocurrency Scams

FILE – This April 3, 2013 photo shows bitcoin tokens at software engineer Mike Caldwell’s shop in Sandy, Utah. The Federal Reserve Board has denied a Wyoming cryptocurrency bank’s application for Federal Reserve System membership, officials announced Friday, Jan. 27, 2023, dealing a setback to the crypto industry’s attempts to build acceptance in mainstream U.S. banking. (AP Photo/Rick Bowmer)

Illinois Attorney General Kwame Raoul is warning Illinoisans about cryptocurrency scams. The Attorney General’s office is aware of reports that people have been contacted by scammers who pose as cryptocurrency investors and promise significant investment returns or offer cryptocurrency investment advice. The scammers either ask that money be sent to them directly or refer people to a website or app that looks authentic but that the scammer controls Scammers will then take the investor’s money and disappear.