fbi seeks to secure cryptocurrency sphereAlthough cryptocurrencies are watched closely by security agencies, it is seldom when an agency discloses the way it is observing crypto transactions and exchanges. The Federal Beauru of Investigation (FBI) spoke in an interview by The Paypers describing how traders can remain secure then discussed their plans on preventing future swindle.
Over ten years have passed since the birth of Bitcoin; however, still, no proper regulation exists for the industry. The United States (U.S) and many more countries across the globe are still trying to draft a bill that both protects the industry from scammers and yet does not reduce innovation.
Initial Coin Offerings (ICO) is a particularly risky subject as many tokens have lost significant amounts of value as the developing teams lied about the partnership or just pulled an exit.
The FBI noted the number of people that have been victimized by such scams and has urged individuals to conduct research before investing or participating in activities regarding the crypto markets and relevant projects.
Then the agency elucidated that their agents know about the markets and are always on the lookout for such scams. The agency work through hands in hands cooperation with the U.S Securities and Exchange Commission (SEC) and the Commodity Future Trading Commission to punish such frauds.
The FBI then urged investors to look into the locality of an ICO and research their laws that might help in deducting how legit the ICO is moreover; it stated to avoid the ICOs that are wholly internet based.
The FBI then suggested that increasing awareness about such projects will help in reducing the frauds while promised to keep observing for stopping further frauds.
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