Crypto Crackdown: California Shuts 26 Scam Sites

California Authorities Combat Crypto Fraud, Uncovering Millions in Losses

• 26 fraudulent crypto websites were shut down by California authorities.
• Over $4.6 million in consumer losses were revealed in 2024.
• The DFPI identified seven new scam types using its “Crypto Scam Tracker.”
• The tracker processed over 2,600 complaints related to crypto scams.
• The DOJ dismantled 42 scam websites, uncovering $6.5 million in losses.
• Pig-butchering scams have seen a nearly 40% revenue increase compared to the previous year.

California’s efforts against crypto fraud led to the shutdown of numerous scam websites and uncovered millions in losses. The DFPI’s “Crypto Scam Tracker” played a crucial role by processing thousands of complaints and identifying new scam types. Meanwhile, pig-butchering scams have significantly increased, contributing to the overall rise in fraud-related losses.