CFTC Warns of Rising Crypto Scams on WhatsApp, Telegram, and SnapChat

The Commodity Futures Trading Commission (CFTC) has issued a warning about the rise of cryptocurrency scams on popular messaging apps such as WhatsApp, Telegram, and SnapChat.

Scammers are exploiting default settings on these platforms to reach users, often through group chats that promise high returns with zero risk. Some scams even offer '300% gains' and engage in pump-and-dump schemes.

CoinMarketCap has also alerted users to be cautious of scammers impersonating their brand and asking for funds. The CFTC advises users to avoid joining random group chats and to delete suspicious messages to protect themselves from fraud.

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