California Man Falls for $47,000 Crypto Scam After Clicking Instagram Ad

A California resident lost $47,000 in a crypto scam after clicking an Instagram ad promising guaranteed profits. The scam involved a sophisticated web of deception, including fake financial analysts and account freezes. The FBI reports that an estimated $5.6 billion was lost to cryptocurrency-related scams in 2023, a 45% increase from the previous year. Investment fraud involving cryptocurrency rose 53% in 2023.

A California resident has recently fallen victim to a sophisticated crypto scam, losing a substantial amount of $47,000. The incident underscores the increasing prevalence of crypto-related fraud, with the FBI reporting that an estimated $5.6 billion was lost to such scams in 2023 alone, marking a 45% increase from the previous year [1]. Investment fraud involving cryptocurrency also surged by 53% in 2023.

The scam involved a complex web of deception, with the victim lured through an Instagram ad promising guaranteed profits. The ad directed the victim to a fake financial analyst, who subsequently froze the victim's account, leading to the loss of $47,000 [1].

Cybercriminals are increasingly exploiting various tactics to target cryptocurrency users. The FBI has issued a public alert regarding a new scam that targets people with cryptocurrency accounts, particularly on the Hedera Hashgraph network [1]. Scammers are using NFT airdrops to trick users into handing over sensitive wallet information, leading to the draining of crypto accounts. Additionally, malicious phishing URLs for NFT airdrop rewards are being shared on social media and through third-party websites, further exacerbating the issue [1].

To protect against such scams, the FBI advises users to be cautious of any unsolicited offers or requests for personal information, especially those involving cryptocurrency. Users are encouraged to report any suspected scams to the FBI’s Internet Crime Complaint Center at www.ic3.gov [1].

References:

[1] https://www.silive.com/news/2025/06/fbi-issues-warning-on-new-scam-targeting-crypto-users.html
[2] https://www.pcrisk.com/removal-guides/33081-stars-airdrop-scam