Republic Crypto’s Andrew Durgee says regulation will remove unscrupulous actors.
The Federal Bureau of Investigation (FBI) has issued a warning against bogus cryptocurrency programmes, which, according to the agency, have already scammed investors in the United States out of about $43 million.
Two days after the public warning was made by the FBI, Head of Republic Crypto Andrew Durgee chimed in on the situation on Wednesday, claiming that the agency’s cyber branch will continue to assist protect retail individuals throughout the country.
During an appearance on “Mornings with Maria,” Durgee expressed his belief that the proliferation of cryptocurrency-related scams is inevitable given the industry’s current trajectory.
“I think that scams are going to continue to exist just as they do in other aspects of technology, whether it be email fraud or credit card fraud,” said Durgee. “I think that they are going to continue to happen just like they do in other aspects of tech.”
The phrase “this is just another way for bad actors to try to take advantage of retail individuals” aptly describes the situation.
He went on to say, “Actually, I prefer it that the FBI is getting more and more involved.”
“I believe that their digital securities department is becoming more active all the time, and that it is going to help protect citizens all around the United States.”
According to the advisory that was released by the FBI on Monday, cybercriminals have been creating fake cryptocurrency investment apps in order to take advantage of legitimate investments. This has the effect of defrauding investors and damaging the reputations of investment firms in the United States.
The agency made notice of the fact that fraudsters have been “trying to take advantage of the rising interest in mobile banking and cryptocurrency investing,” and that 244 people have already fallen victim to the scam.
The FBI has issued a warning about criminals who construct phoney websites using the names, logos, and other identifying information of real businesses. These criminals have even created bogus websites using the information.
On Wednesday, the price of bitcoin was trading upward around the $23,800 level. This is an increase from its low of $17,601.58 during the previous month but a decrease from its all-time high of over $68,000 during the month of November 2021. On Wednesday, Ethereum prices increased and were hovering around $1,602 per coin.
The cryptocurrency market has been experiencing volatility as of late as a result of a variety of variables. These factors include surging inflation, which is currently sitting at new 40-year highs, and rate hikes from the Federal Reserve, which are intended to try to stem the price spikes.
On Wednesday, Durgee made the observation that when new regulations for the business are developed, “it’s going to continue to carve out areas that are troublesome.”
Because of this, he describes himself as “quite open to control.”
In addition to this, he drew attention to the fact that changes in the market have led to “a lot of the lesser quality ventures or some of the malicious actors falling out or losing their operating cash.”