Now US Federal Trade Commission to offer workshop on Bitcoin scams

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Updated: May 1, 2018 5:48:40 PM

The US Federal Trade Commission (FTC) will be holding a free workshop this summer titled “Decrypting Cryptocurrency Scams” according to a press release published on April 30.

The workshop will include research organisations, consumer groups, law enforcement agencies and other private sector entities.

Cryptocurrencies including Bitcoins were the flavor of the season for the most part of the second half last year. Bitcoin even touched a high of $20,000 in the month of December and this attracted a lot of crypto-maniacs in investing into it. However, various scams related with cryptocurrencies were also reported during the same time period which resulted in various innocent investors getting duped off their hard earned money in different parts of the world. In order to educate public about the risks associated with making investment in the cryptosphere, the US Federal Trade Commission (FTC) will be holding a free workshop this summer titled “Decrypting Cryptocurrency Scams” according to a press release published on April 30.

About workshop

The workshop will include research organisations, consumer groups, law enforcement agencies and other private sector entities. These will educate people about how scamsters are taking advantage of public interest in digital currencies. The FTC’s press release notes that while interest in crypto has increased this year, so have scams. The regulatory agency cites a rise in “deceptive investment and business opportunities, bait-and-switch schemes, and deceptively marketed mining machines.”

The workshop will be organised on 25 June by the FTC to examine various scams which involved digital currencies.

The “Decrypting Cryptocurrency Scams” workshop will bring together consumer groups, law enforcement, research organizations, and the private sector to explore how scammers are exploiting public interest in cryptocurrencies such as bitcoin and Litecoin and to discuss ways to empower and protect consumers.

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