Larger warning signs to alert people of the dam ahead. All >> right. Greenstuff you’ve got money and what do you do with it? You put it in the bank. Maybe it’s a retirement fund, money market accounts stocks because what do you want?
You want your money to grow. Ok, this is pretty standard folks right over time you hope that your money doubles triple quadruple wants five and ten, and all those things I don’t know billions. Right. Ok, so if someone promised you that they could double your money imedi scale. >> yes.
Yes. I was just saying that you jumped right into the jump you jump right. I’m kidding. No, but see that’s the thing because the danger signs should start flashing in your head. Right.
But sometimes you bypass that danger because we’re like oh what if it actually is true? The hope of the money makes you think funny things. All right. The federal trade commission says Americans have lost more than 80 million dollars in cryptocurrency investment scams between October and March. That’s a 1000 percent increase from the previous year.
Now the most common kind of crypto is bitcoin. Here’s how many of the scams work. It all starts with an online pop-up or an app. >> it requires you to give them your cryptocurrency. Often what happens is that poof, the cryptochrome is gone when you try and remove it from the investment fund >> of course it is.
Scammers also send emails posing as celebrities including well-known crypto investor Elon musk >> and saying you give me some cryptocurrency, you can be entered into a drawing to and a whole lot more cryptocurrency.
>> This particular scam and the story focuses on cryptocurrency. Right. But this kind of scam is as old as time. Right promising to double your money. Right. But you’re right that lure >> when someone says we can you can do this or double it and then you’ll carry it plays to your wings and we >> hear people call to us know all the time it’s talking about things and i wish that one hundred percent of the people in the triad watched us because then no one would ever become a victim.