The FBI stated they had identified 244 victims, and estimated the total loss associated with these fraudulent apps to be around $42.7 million.
The FBI's Cyber Division issued a notification about fraudulent cryptocurrency investment apps that are successfully being used to defraud American investors. The scammers typically claim to offer cryptocurrency investment services to their targets, then convince them to download mobile apps that resemble genuine crypto trading apps (sometimes mimicking actual exchanges). The apps typically show the users' accounts increasing in value, but when users try to withdraw funds they find they're unable. Sometimes the apps defraud their victims even further by claiming they need to pay an additional "tax" before they can withdraw.
- "Cyber Criminals Create Fraudulent Cryptocurrency Investment Applications to Defraud US Investors", Federal Bureau of Investigation