The US Federal Trade Commission (FTC) has announced it will host a workshop to examine the recent wave of cryptocurrency scams.
The Federal Agency, which works with the mission of promoting consumer protection, is bringing together consumer groups, law enforcement, research organizations, and the private sector to create an open dialogue about securing public interest in cryptocurrencies.
The workshop titled “Decrypting Cryptocurrency Scams” will hold discussions on the exploitation of public interest in cryptocurrencies by scammers, and the need to empower and protect the consumers in the industry.
“As consumer interest in cryptocurrencies has grown, so has interest from scammers, who are always looking for new ways to take advantage of consumers,” FTC writes on its website. “Scams involving cryptocurrencies include deceptive investment and business opportunities, bait-and-switch schemes, and deceptively marketed mining machines.”
The workshop will be hosted on June 25 at DePaul University in Chicago. It will be free and open to the public; the event is also expected to be webcast live on the FTC’s website.
This is not the first time that FTC is getting involved in cryptocurrencies. The agency has previously focussed on fighting scams within the space.
Back in 2014, FTC was responsible for the shutting down of Butterfly Labs, a Bitcoin mining equipment provider, that charged money to its customers but didn’t provide the equipments on time.
FTC had also initiated action against four individuals who were allegedly promoting a pyramid scheme involving cryptocurrencies.
The federal agency has also attempted to educate consumers about the risks involved in investing in cryptocurrencies on its website before.
Those interested in the workshop can find more details on the official FTC page here.
Published May 1, 2018 — 10:31 UTC