The Federal Bureau of Investigation (FBI) recently called crypto enthusiasts' attention to a scam platform for digital assets, Ichcoin. According to the cyber security and law enforcement agency, Ichcoin is renowned for perpetuating internet vices, resulting in monetary losses for unsuspecting victims. Interestingly, the FBI noted that Ichcoin’s scams have gained prominence in the US, with $30 million in reported stolen assets.
Ichcoin’s Scam Scheme Details
Per the FBI, the fraudulent acts began in September 2023. Since then, the malicious actors have succeeded in stealing hard-earned valuables from about 600 victims. FBI Houston's Assistant Special Agent in Charge Amanda Culver labeled the culprits' operational mode as a "scheme" and a "scam." "The average person could certainly be fooled by this scam," she added.
Meanwhile, describing how the Ichcoin scam masterminds attract unsuspecting victims, the Assistant Special Agent mentioned that it always begins on social media platforms, including Instagram and Facebook. According to Amanda, the fraud perpetrators reach out to their victims inquiring if they wish to learn about cryptocurrency investments.
Upon gaining consent on willingness to learn crypto trading, the scammers direct victims to WhatsApp, where they will meet their supposed crypto investments coach. Subsequently, they are convinced to make deposits to Ichcoin. Notedly, the fraud targets will lie about their transaction narratives to prevent their bank from suspecting foul play.
After making large fund transfers to Ichcoin, victims monitor the returns on their investments via the Ichcoin app. However, problems set in when they attempt to withdraw profits. Per Amanda, the fraudulent platform ghosts victims who tried to make such moves.
“It is a whole new world for folks. People are very interested in investing in cryptocurrency, and crypto is one of those platforms on which folks recognize that there can be a return on investment. The concern is that homework needs to be done,” Amanda stated as she concluded her take on the scam scheme.
