In 2023, California had 9,500 fraud complaints, double that of Texas or Florida, indicating a growing number of citizens falling victim to scams.
According to a recent FBI report, California lost $1.1 billion to cryptocurrency scams in 2023, with investment scams being the most prevalent.
The rise in cryptocurrency scams in California could be linked to the high per capita of crypto investors, proximity to tech, and awareness of reporting scams.
Mark Leyes from DFPI noted that the issue of cryptocurrency fraud has expanded significantly in recent years, prompting them to monitor and respond to increasing complaints.
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