Warning: The FBI Has Issued A Serious Bitcoin And Crypto Alert

Cryptocurrency prices have soared this year, making it a more than $1 trillion market, attracting a slew of cyber crooks. As a rapid flood of new users pour billions of dollars into digital assets, Bitcoin-demanding ransomware assaults and social media-based crypto frauds have become widespread (subscribe now to Forbes’ CryptoAsset & Blockchain Advisor to stay ahead of the industry).
The FBI has issued a warning to bitcoin and cryptocurrency buyers, exchanges, and payment platforms about the growing threat of criminals attempting to steal bitcoin and cryptocurrency assets.
Sign up now for CryptoCodex, a free daily email for crypto enthusiasts that concisely explains the world of bitcoin. Every weekday at 7 a.m. EDT in your mailbox
MORE EXCLUSIVELY AVAILABLE ON FORBES As Ethereum’s crash adds to the $100 billion cryptocurrency route, a JPMorgan report warns of extreme Bitcoin price volatility. Billy Bambrough contributed to this article.

According to the FBI, Bitcoin’s spectacular growth this year has made it and other cryptocurrencies an enticing target… [+] for criminals.
courtesy of Getty Images
ADDITIONAL INFORMATION FOR YOU
Users should be careful of assaults involving technical support fraud, phone sim switching, and identity theft, according to the FBI notice, which was first published by Bleeping Computer.
Sim swapping, in which an attacker requests that a carrier switch a phone number to a new sim card, giving them access to incoming SMS messages and calls, has been increasingly popular in recent years, prompting an FBI warning in 2019 and FTC guidelines.
The rise in criminals targeting those who own bitcoin and other digital currencies comes after the bitcoin price soared to approximately $65,000 per bitcoin in April, up from around $10,000 the previous year, before plummeting. The price of bitcoin is currently about $32,000. Other smaller cryptocurrencies, such as ethereum and the meme-based dogecoin, have seen even more significant price gains.
“In the virtual asset industry, cybercriminals are targeting cryptocurrency users, exchanges, and third-party payment platforms, resulting in large amounts of financial loss to victims,” according to the FBI alert, which was distributed via the Traffic Light Protocol, a system for distributing sensitive information to selected groups and individuals.
It can be difficult for law enforcement to recover stolen bitcoin once it has been transferred to attacker-controlled accounts, according to the FBI.
The FBI advised financial and crypto companies to check the source of emails and keep an eye on newly created accounts, while those buying bitcoin and cryptocurrencies were advised to use multi-factor authentication—which requires them to have access to at least two devices or accounts linked to the platform—avoid download requests, remote access applications, and any unofficial company communication.
CryptoCodex is a free daily email for cryptocurrency enthusiasts. Every day, we’re here to help you grasp the world of bitcoin and cryptocurrency.
FORBES HAS MORE
Goldman Sachs Issues a Surprising Prediction For The Future Of Bitcoin And Ethereum
Billy Bambrough contributed to this article.

The price of bitcoin has increased by almost 250 percent since this time last year, but has since fallen after reaching a high of $65,000 per bitcoin in April.
Coinbase
The warning comes after the FBI seized $4 million in bitcoin paid to the Colonial Pipeline ransomware perpetrators last month, though it’s unclear how the money was recovered.
In other news, authorities in the United Kingdom reported this week that they had seized roughly $250 million in bitcoin as part of a money laundering investigation.
“While cash is still king in the criminal world, as digital platforms evolve, we’re increasingly seeing organized criminals use cryptocurrency to launder their dirty money,” said Graham McNulty, deputy assistant commissioner of the Metropolitan Police./nRead More