California's Department of Financial Protection and Innovation launched a crypto scam tracker tool on February 16, 2023, to assist residents in identifying and avoiding cryptocurrency scams. This searchable database compiles complaints about fraudulent schemes reported by the public and provides essential resources, including a glossary of crypto terms and regular updates on new scams. Investors can search by company name, scam type, or keywords to conduct due diligence, analyze messaging trends, and educate themselves about potential scams. The tracker has proven vital in revealing numerous fraudulent schemes, including pig butchering scams, rug pulls, job scams, and wallet drainers. For instance, in 2024, California received over 2,668 complaints, leading to the shutdown of 26 scam websites and preventing $4.6 million in consumer losses. Various US agencies, including the FTC and CFPB, support consumer protection by offering resources and investigating scams, while other states are actively engaged in raising awareness about crypto fraud. The overall effort highlights the necessity of consumer vigilance and proactive measures in the evolving crypto landscape.

Source 🔗