The Oregon DFR believes that crypto investors should “do their homework before giving any money to a crypto trading platform.”
The Oregon Division of Financial Regulation (DFR), an institution protecting consumers and regulating insurance and consumer financial products and services, has issued a warning to the public.
According to the warning issued on December 27th, the Oregon DFR suggested that all investors should “do their homework before giving any money to a crypto trading platform.”
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In the alert to the public, the institution claims that many scammers create fake crypto trading apps or platforms to mislead the customer and take their money, giving “nothing in return.”
When talking about the warning, the Oregon DFR administrator TK Keen, stated:
We have said this before, but if it sounds too good to be true, it probably is. We encourage everyone to do their homework and invest wisely, and be diligent in protecting their usernames, passwords, and other sensitive data.”
On top of that, Keen added that the crypto industry is full of things that look legitimate but aim to take advantage of crypto investors.
The Oregon DFR shared an example that shows how scammers use various crypto-related events to lure investors into the trap. In the example, DFR discusses a recent scam, which included a website that is said to be managed by the US Department of State and allegedly aimed to return funds to users affected by the FTX collapse.
The DFR claims that scammers asked for investor usernames and passwords “along with other account information.” Regarding this situation, the Oregon DFR stated:
Please be advised that if anyone contacts you asking for usernames and passwords for your accounts, it is more than likely a scam.
At the end of its warning, the institution advised investors to file a complaint with the Oregon Division of Financial Regulation if they believe to be exposed to a crypto-related scam.
