The FBI has issued a warning about Ichcoin, a fraudulent cryptocurrency platform that has scammed investors across the U.S., according to a report from ABC13.

The FBI’s Houston office is actively seeking to identify more victims of the scheme, which has stolen approximately $30 million since December 2023.

Amanda Culver, assistant special agent in charge at FBI Houston, described Ichcoin as a “scheme” that targets people through fake social media profiles on platforms like Instagram and Facebook.

The scammers lure victims into conversations about cryptocurrency investments and eventually direct them to WhatsApp for further communication.

Once engaged, victims are convinced to make large wire transfers to Ichcoin and are urged to lie to their banks about the nature of these transactions.

Victims can track supposed returns on an Ichcoin app, but the platform ultimately fails to deliver any returns. When victims attempt to withdraw their money, they are ghosted, losing all access to their funds. Many have lost their life savings to this scam.

According to the latest report by Chainalysis, crypto heists have surged significantly in 2024, with stolen funds nearly doubling from $857 million to $1.58 billion by the end of July.

Ransomware inflows have also increased, with $459.8 million funneled through the first half of 2024 compared to $449.1 million during the same period in 2023, pointing to another potential record year for ransomware.

Pig butchering, or romance scams, is gaining more attention as a primary threat. This type of scam uses emotional manipulation on social media or dating apps. Scammers create a fake identity, engaging victims before discussing investments. Victims often hesitate to report, contributing to underreporting.