June 25, 2018 will be the day for the US Federal Trade Commission to speak about cryptocurrency scams during their scheduled workshop “decrypting Cryptocurrency Scams”.
Among attendees will be researchers, members of law enforcement and consumer interest groups, industry operators who have to work with crypto. During the workshop FTC plans to discuss the recent surge in demand fro cryptocurrencies, the scams that accompany it and how to protect customers from such risks.
“As consumer interest in cryptocurrencies like Bitcoin has grown, scammers have reportedly become more active in this area. Reported scams include deceptive investment and business opportunities, bait-and-switch schemes, and deceptively marketed mining machines. The FTC has continued its efforts to educate consumers about cryptocurrencies and hold fraudsters accountable,” the organization wrote in its announcement.
This workshop is a good effort at increasing customer protection from fraud in light of recent illegal activity. Multiple pyramid schemes, pump-and-dump action, plain fraud with impossible returns from negligible investment – market is ripe with all of the schemes and while customers themselves can filter out the most noticeable scams, the companies in the market should be informed about how to protect their clients and what to protect them from. This is the main focus of the announced event, and it's good to see the government taking a proactive stance to shield people in the growing crypto market.