Vermont Issues Alert: $340K Crypto Scam on Instagram & Telegram

Vermont's Department of Financial Regulation issued an investor alert after a 74-year-old man lost his life savings of over $340,000 in a cryptocurrency fraud that occurred on popular social media sites, Instagram and Telegram. The incident, which involved a fraudulent platform named SpireBit, highlights the need for extreme caution when investing in cryptocurrencies. According to the Federal Trade Commission (FTC), Instagram is a top platform connected to crypto scams. Authorities stress the importance of vigilance and background checks to protect against these scams. The Justice Department's National Cryptocurrency Enforcement Team (NCET) also warns of the rising threat of DeFi hacks orchestrated by North Korean state-sponsored hackers.