🚨 ALERT:
California has witnessed a dramatic surge in cryptocurrency and AI-related scams during 2024, with regulators identifying seven new types of fraud and recording substantial financial losses. Here's a comprehensive breakdown of the situation:

- 2,668 total complaints filed in 2024
- 42 crypto scam websites shut down by California DOJ
- $6.5 million total losses identified
- Average loss per victim: $146,306

New Types of Scams Identified:

1. Fake Bitcoin Mining Schemes
- Fraudulent investment opportunities in mining operations
- Promise unusually high returns

2. Crypto Gaming Fraud
- Users tricked into depositing funds
- Wallets drained immediately after deposits

3. Cryptocurrency Job Scams
- Require victims to transfer cryptocurrency
- Demand sensitive personal information

4. Private Key Theft
- Executed through fake airdrops
- Results in immediate asset theft

5. AI Investment Scams
- Offer unusually high returns
- Target AI market enthusiasm

Regulatory Response:

1. California Department of Justice (DOJ):
- Successfully dismantled 42 fraudulent websites
- Recovered $6.5 million in stolen funds

2. Department of Financial Protection and Innovation (DFPI):
- Shut down 26 fraudulent sites
- Uncovered $4.6 million in losses

Warning Signs of Scams:

Be cautious of websites featuring-
- Promises of unusually high returns
- No contact information available
- Offers of signup prizes

Crypto Scam Tracker:
https://dfpi.ca.gov/cons