According to the FBI, consumers lost about $5.6 billion in cryptocurrency fraud in 2023.
Some experts are warning that it's a crypto scam crisis.
The investment law firm Carlson Law says its recent study shows Illinois ranks sixth in the nation, with a staggering 74% increase in investment fraud.
Scammers are using artificial intelligence-generated videos featuring fake images of Elon Musk or Jeff Bezos promoting bogus opportunities.
There are also reports of scammers capitalizing on the hype around the legitimate $Trump and $Melania crypto coins.
When investing, only use trusted crypto exchanges.
Find them on your own after researching instead of responding to phishing links.
Consult a financial advisor.
If you see a crypto video ad, you can spot a deepfake by looking for unnatural blinking, mismatched audio or inconsistent visuals.