FBI Investigates $30 Million ICHCoin Crypto Scam Targeting Hundreds Across the US
The FBI has launched a full-scale investigation into the fraudulent cryptocurrency platform ICHCoin, which has duped over 600 victims in the US, causing losses exceeding $30 million since December 2023. The elaborate scam, operating through social media and messaging apps, lured individuals into investing large sums of money under the false promise of lucrative crypto returns. Many victims lost their life savings as the platform froze accounts and disappeared when they attempted to withdraw their funds.
The ICHCoin Scam Methodology
The ICHCoin scam was orchestrated through fake profiles on social media platforms like Facebook and Instagram, where scammers posed as legitimate cryptocurrency advisors. Victims were then transitioned to messaging apps like WhatsApp, where they were introduced to supposed "crypto experts" who provided guidance on investing in ICHCoin. Once funds were transferred, the ICHCoin app created an illusion of investment gains, but when victims tried to withdraw their money, they were met with silence. According to FBI Houston's Assistant Special Agent Amanda Culver, many victims were coerced into lying to their banks about these transactions.
The scam has had a devastating impact, with many individuals losing their entire savings, and the FBI believes there are more victims yet to be identified. The bureau is urging additional victims to come forward and share their experiences to assist the investigation.
FBI's Efforts Against Crypto Fraud
Cryptocurrency fraud has become a significant focus for the FBI due to the massive financial losses associated with scams like ICHCoin. In 2023 alone, the FBI’s Internet Crime Complaint Center (IC3) reported that crypto-related crimes accounted for nearly half of the $5.6 billion in financial losses due to investment scams. The FBI has intensified efforts to combat these frauds, issuing multiple warnings in September 2024 and actively investigating cases like ICHCoin to uncover the identities of the perpetrators.
The FBI has made a victim questionnaire available on its website for anyone affected by ICHCoin or other crypto scams to report their losses.
