California Department of Financial Protection and Innovation ( DFPI), started a tracking system to detect and prevent crypto fraud.
The increasing interest in cryptocurrencies on a global scale also strengthens the illegal structure. Based on a decentralized system and smart contracts, cryptocurrencies proliferate to defraud investors and users. In this situation, which is tried to be prevented, billions of dollars of money have evaporated. In the face of this growing situation DFPI, crypto scamstarted to follow.
California Regulator Launches Crypto Fraud Tracking System
California Department of Financial Protection and Innovation ( DFPI), launched the tracking system in order to prevent illegal business and fraud in the crypto sector.
DFPI This tracking system started by the company is based on user complaints and is published on the website. The department lists relevant complaints from victims who allege they have been defrauded or attempted to be scammed.
These listed complaints help identify victims as part of a fraudulent or deceptive operation and monitor the status of casualties. However DFPI has not yet confirmed any listed complaints on this system. Every year to the organizer, complaints from thousands of users.That’s why the regulator started a system that tracks all these complaints.
DFPIofficials Clothilde Hewlettsaid the following on the subject;
“Scammers stay in the shadows, using the public’s interest in cryptoassets to take advantage of the most vulnerable Californians. Through the new Crypto Fraud Tracker, combined with rigorous enforcement efforts, DFPI is determined to shine a light on these ruthless predators and protect consumers and investors.”
