Attorney General’s Office has received nearly 100 complaints regarding these scams

Attorney General Ashley Moody today issued a Consumer Alert about a cryptocurrency scam targeting Floridians through Facebook, Instagram, and other social media platforms.

TALLAHASSEE, FLORIDA – Florida Attorney General Ashley Moody issued a Consumer Alert about a cryptocurrency scam targeting Floridians through Facebook, Instagram and other social media platforms.

The bait-and-switch investing scheme hooks targets by first helping them earn profits, then encouraging the targets to transfer funds to a fraudulent trading platform where the money is stolen.

The Florida Attorney General’s Office has received nearly 100 complaints regarding these types of scams, with a major uptick during the last month.

“The allure of quick profits has drawn millions to cryptocurrency trading—with many new investors joining the market daily,” said Moody.

“Where there is opportunity though, there are also scammers—baiting victims with early success, then prompting them to transfer their profits to fraudulent trading platforms. We are seeing an uptick in reports of cryptocurrency bait-and-switch scams, and I want Floridians to know how to avoid falling…

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