The identity of the currency owner is encrypted, providing a perceived anonymity to the owner. PierFerd’s FinTech and Blockchain team continues to monitor regulatory activity affecting our client and the digital asset and blockchain industry. In addition to protecting consumers from harm, the DFPI is committed to being a resource for accurate information for consumers and investors on financial topics.
Rug Pull Scam – Derived from the expression “pulling the rug out”. Ransomware – Scammer gains access to a victim’s computer systems or private network, encrypts sensitive information or data, and demands a ransom from the victim to restore access to the encrypted information or data upon payment. Scammer will then provide detailed instructions on how to pay the fee to get the decryption key and may accept payment in crypto assets. Of course, since the CCFPL became law, Joe Biden was elected president and Democrats won a slim majority in the U.S. The company avails the expertise of Genesis Custody to provide digital asset security. Genesis is a partner of the popular crypto IRA firm BitIRA as well.
My Digital Money has the same experienced and qualified leadership of Noble Gold Investments managing its growth. It focuses on providing companies with a transparent, secure and reliable crypto IRA platform. For anyone seeking a reliable advisor and a rich array of services, Coin Advisor is a celebrated and proven leader in the numismatic world. They feature rare finds and limited editions that are hard to find elsewhere. Additionally, their Coin Finder service excels at connecting collectors with hard-to-find pieces, thanks to a wide network.
However, the victim is never able to withdraw their funds from the site, and may be asked to transfer even more funds before anything can be withdrawn through a variety of excuses (e.g., service fees, IRS taxes, etc.). The California Department of Financial Protection is warning consumers that “companies that may be engaging in unlicensed activity and/or falsely advertising cryptocurrency products and services”. The warning lists numerous companies or sites allegedly engaged in fraud or other improper actions. The Settlement carries hallmarks of the controversial “regulation by enforcement” approach to cryptocurrency that has defined certain federal regulatory efforts in recent years.
As noted above, the CA DOJ previously had not issued public guidance regarding whether cryptocurrency could be subject to the State’s commodities laws. The California Attorney General’s press release also highlights that this Settlement is the first public action by the CA DOJ against a cryptocurrency company. Prior to the settlement, the application of California’s commodities laws to cryptocurrency was largely speculative.
The victim paid the handling fee, then was told they needed to pay an additional $1,300 transaction fee. The victim has not been able to withdraw any money from the platform and the website is no longer operational. SACRAMENTO ” The Department of Financial Protection and Innovation (DFPI) announced today that it has launched the DFPI Crypto Scam Tracker to help Californians spot and avoid crypto scams. The tracker details apparent crypto scams identified through a review of complaints submitted by the public and allows California consumers and investors to do their own research and prevent harm to themselves and others. The California Department of Financial Protection & Innovation has created an online “Crypto Scam Tracker” that allows the public to by search company name, scam type, or keywords. Scams reported on the Tracker are based on consumer complaints to the department.
Furthermore, My Digital Money stores your assets in a trust, so the platform can’t borrow, lend or leverage against your assets. Investors who prefer investing in smaller digital currencies might not prefer My Digital Money coins. While this selection is certainly impressive, it’s relatively smaller than some of their main competitors. For example, Bitcoin IRA has over 60 cryptocurrencies in its collection. My Digital Money is a crypto IRA provider based in Pasadena, California. Their office is located at 1 S Fair Oaks Ave Suite 200-B, Pasadena, CA 91105.
These are based on their sage advice and variety of quality coin offerings to investors. Key factors for their high scores include accountability, reliability, and comprehensive coin investment resources. When companies or websites (fake or not) have look- or sound-alike names, the potential confusion created for consumers is real. Attempting to take advantage of such confusion is a tactic employed by some bad actors looking to profit from unsuspecting consumers.
