FBI Flags ICHCoin Crypto Scam Taking “Millions” from Americans

• The FBI has sounded the alarm on the ICHCoin crypto scam.
• The scheme is believed to have stolen millions from Americans.
• The agency urged impacted victims to come forward and report how they were scammed.

The U.S. Federal Bureau of Investigation (FBI) has warned about a cryptocurrency scam it believes has stolen “millions of dollars” from American investors.

The warning came amid a recent revelation by the FBI that it had received over 18,000 complaints reporting crypto investment scams for the first six months of 2024, with losses from these cases totaling $1.9 billion .

The ICHCoin Crypto Scam

According to an abc13 report on October 4, the FBI alleged that ICHCoin is an elaborate cryptocurrency scam that has siphoned “entire life savings” from some of the people who trusted the fraudulent investment platform.

FBI Houston’s Assistant Special Agent in Charge, Amanda Culver, said the scam starts with a person first reaching out to potential victims on Facebook or Instagram, offering to educate them on crypto investment.

Once convinced, the victims would be lured to direct messaging platforms like WhatsApp, where scammers would urge them to conduct large wire transfers from their bank accounts to the ICHCoin platform.

While victims could track their positions via the ICHCoin app, they couldn’t realize any returns on their investments and were ultimately ghosted when they tried to collect their money back.

“The average person could certainly be fooled by this scam,” Culver stated. “It is extremely easy to use these platforms to bamboozle people. People are very interested in investing in cryptocurrency, and crypto is one of those platforms on which folks recognize that there can be a return on investment.”

Per the report, the FBI is still investigating the scam and has identified that about $30 million has been lost to the fraudulent ICHCoin platform. Culver urged additional ICHCoin victims to come forward as the agency believes Americans from other states besides Houston may have also been impacted by the scam.

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