California DFPI alerts investors over 17 fraudulent crypto websites

California Department of Financial Protection and Innovation (DFPI) has given 17 different warnings in a period of two days against crypto brokers and websites it believes to be fraudulent, as reported by Cointelegraph.

According to Cointelegraph, the list consists of Tahoe Digital Exchange, TeleTrade Options, Tony Alin Trading Firm, Hekamenltd/Tosal Markets Limited, Trade 1960, Yong Ying Global Investment Company Limited, Unison FX,, ZC Exchange, among others. It is believed that the warnings were released over December 27-28, 2022. Reportedly, it’s not common for the DFPI to give alerts in one shot, on account of crypto scam reports increasing in the latter half of the year. On June 15, 2022, DFPI released a large bunch of crypto scam alerts for 26 crypto platforms. 

On the basis of information by Cointelegraph, the theme associated with these warnings include pig-slaughtering crimes, which mean fake identities for developing fake relationships through social media, messaging and dating applications. It is anticipated that the end desire is to get the victim’s investments in crypto through a fake version of an actual website. 

“The DFPI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services. To check whether an investment or financial service provider is licensed in California,” the DFPI stated.

(With insights from Cointelegraph)

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