CandleFocus CFTC Forms Alliances to Address Crypto "Pig Butchering" Scams
2024-09-11
Author: Content Editor
The Commodity Futures Trading Commission (CFTC) is partnering with various organizations, including the American Bankers Association Foundation, federal agencies, and private regulators, to raise awareness about cryptocurrency investment scams known as "pig butchering." The CFTC's Office of Customer Outreach and Education (OCEO) is leading the initiative by creating an infographic that outlines the scam and its warning signs. They are also collaborating with the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the North American Securities Administrators Association (NASAA) to develop an investor alert. The goal is to educate and protect investors from falling victim to these fraudulent schemes. One important tip for investors is to avoid responding to unsolicited messages from unknown sources. The CFTC hopes that these partnerships and educational efforts will reduce the prevalence of "pig butchering" scams and safeguard investors from financial harm.
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