Belgian Gov’t Launches Website to Warn Public About Crypto Scams, Risks

Belgian authorities have launched a website to raise awareness of the risks associated with investments in crypto, the FPS Economy (FPS) announced in a public statement June 5.

The FPS noted the sharp spike in interest towards crypto investments, which they said “causes a lot more people to be scammed.” According to the statement, Belgian investors reported the loss of €2.2 mln ($2.5 mln) in crypto scams to the FPS last year. The FPS said that this is “just the tip of the iceberg” as only 4 percent of crypto fraud cases are reported. Per their estimations, investors in Belgium lose about €130 mln ($152 mln) to scam crypto projects per year.

The website “Too Good to Be True” from FPS Economy and the Federal Services and Markets Authority (FSMA) warns the public about crypto investment risks, stressing that crypto fraudsters usually “promise big profits,” and “often seem reliable.” The website encourages potential crypto investors to carefully check the details of the projects before investing as well as to be “cautious when paying online with cryptocurrencies.” […]

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