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What You Need to Know: Consumer submissions and DFPI’s Crypto Scam Tracker helped the CA DOJ shut down 26 scam websites and counting, while uncovering new scam types and $4.5 million in consumer losses.
SACRAMENTO, CA – The Department of Financial Protection and Innovation (DFPI) announced today that through its nationally-recognized Crypto Scam Tracker and a new partnership with the California Department of Justice (DOJ), the state has shut down more than 26 different crypto scam websites and uncovered $4.6 million in consumer losses. The DFPI has also identified seven new scam types based on more than 2,668 complaints submitted by consumers in California and from across the U.S. in 2024.
Empowering Consumers in the Fight Against Fraud
Immediately reporting scams to the DFPI is critical to quickly stopping scams and scammers. In 2024, consumer submissions enabled the DFPI to more than double the number of posted alerts, bringing the total to 303 alerts. Use of the tool also doubled, reaching more than 400,000 unique visitors in 2024. The increase in submissions to the Crypto Scam Tracker in 2024 and the subsequent actions demonstrates its potential for identifying even more scam websites and mitigating even further financial losses.
“As crypto scams evolve, DFPI’s Crypto Scam Tracker helps empower consumers to stay vigilant,” said DFPI Commissioner KC Mohseni. “It is a vital part of our enforcement strategy and role as a financial regulator, educator and enforcement agency. We urge all Californians to exercise caution with unknown platforms, verify website domains to avoid fraudulent imitations, and stay wary of crypto recovery scam sites. Staying informed and reporting scams to the DFPI strengthens the Crypto Scam Tracker, making it an even more effective tool in protecting consumers.”
“As scammers grow increasingly sophisticated and calculated, so must our enforcement,” said Attorney General Rob Bonta. “Scammers can use deception and emotional manipulation to take advantage of people looking for connection. While there is much work to be done, I want to take a moment to celebrate the hard work of my team, who took action to protect consumers by shutting down these fake cryptocurrency websites last year. I would also like to thank our state partners at the Department of Financial Protection and Innovation for their collaboration. I urge Californians to be vigilant and protect their finances: Do not send money to anyone you have never met in person.”
Report Scams to DFPI
Consumers and investors who have been targeted by a scam or suspect fraudulent activity should report it immediately by submitting a complaint online at dfpi.ca.gov/submit-a-complaint/ or calling toll-free at (866) 275-2677.
New Scams in the Crypto Scam Tracker
DFPI’s Crypto Scam Tracker is a valuable resource for consumers navigating the risks associated with crypto investments. The searchable database allows users to find scam reports by company name, scam type, or keywords.
An accompanying glossary provides clarity on common fraud tactics, equipping consumers with knowledge to recognize and avoid scams. DFPI has also added a new Screenshots feature that will visually display screenshots of actual interactions with scammers and the fraudulent platforms used in crypto scams for select consumer complaints. These screenshots are directly provided by consumers, and provide visual context to help viewers better understand the structure of crypto scams.
DFPI has updated the Crypto Scam Tracker with several new fraudulent schemes targeting consumers and investors:
- Bitcoin Mining Scam – Scammers solicit investments for fake mining operations, promising shared rewards that never materialize.
- Crypto Gaming Scam – Fraudulent play-to-earn games encourage users to deposit funds, only to drain their wallets using malicious programs.
- Crypto Job Scam – Fraudsters impersonate recruiters, offering fake jobs that require victims to transfer crypto assets or provide sensitive information.
- Crypto Wallet Drainer Attack – Malicious websites trick users into interacting with fraudulent projects that automatically steal crypto assets.
- Crypto Giveaway/Airdrop Scam – Scammers pose as prominent figures or companies, promoting fake giveaways to steal private keys and wallet information.
- Investment Group Scams – Fake investment groups on WhatsApp or Telegram lure victims into fraudulent trades, often led by scammers posing as financial experts.
- AI Investment Scams – Fake investment opportunities that claim to offer high returns through the use of proprietary artificial intelligence systems or automated trading programs.
About DFPI
The California Department of Financial Protection and Innovation (DFPI) protects consumers, regulates financial services, and fosters responsible innovation. The DFPI protects consumers by establishing and enforcing financial regulations that promote transparency and accountability. We empower all Californians to access a fair and equitable financial marketplace through education and preventing potential risks, fraud, and abuse. Learn more at dfpi.ca.gov.