Crypto Crackdown: California Shuts 26 Scams

California Shuts Down 26 Crypto Scam Websites

• The California Department of Financial Protection and Innovation (DFPI) closed 26 fraudulent cryptocurrency websites.
• Consumer losses from these scams totaled $4.6 million.
• Over 2,600 consumer complaints were processed by officials.
• The DFPI identified seven new types of crypto scams.
• “Pig-butchering” scams are a significant contributor to global crypto scam losses of $9.9 billion reported in 2024.

The DFPI’s initiative to combat crypto fraud led to the shutdown of 26 scam websites, revealing $4.6 million in consumer losses. Over 2,600 complaints helped identify evolving scam tactics, including “pig-butchering.”