Share this article
SEC Official Calls Crypto Scams the ‘Flavor of the Year’
Scams involving celebrity endorsements of digital assets are becoming more common.
Updated Sep 14, 2021, 1:45 p.m. Published Aug 25, 2021, 6:51 p.m.
A U.S. Securities and Exchange Commission (SEC) official called crypto scams the “flavor of the year” at a virtual event on consumer fraud Wednesday, according to a report from MarketWatch.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Peter Diskin, an assistant regional director at the SEC’s Atlanta office, said that fraudsters leverage popular sectors such as crypto to get the attention of victims.
- Diskin pointed out that international criminals have a leg up with crypto scams, because the online and global nature of digital assets can make scams harder to spot and stop.
- “Not infrequently the money can be removed from U.S. bank accounts and go overseas, which makes it even more difficult to recoup things if something goes wrong,” Diskin said.
- Diskin also discussed the prevalence of celebrity endorsements in the crypto world, many of which have been tied to scams, such as actor Steven Segal’s promotion of a fraudulent initial coin offering.
- Reports of crypto scams have soared recently, with nearly 7,000 people reporting total losses of more than $80 million to the Federal Trade Commission between last October and May, according to a report cited by MarketWatch. The reported median loss was $1,900.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Oracle TikTok deal lifts AI mining stocks as bitcoin tags $88,000
Oracle shares jumped 6% in pre-market on Friday as TikTok's U.S. agreement helped calm AI bubble fears after a volatile macro week.
What to know:
- Oracle shares climbed about 6% to around $190 Friday's pre market trading.
- TikTok agreed to form a U.S. joint venture led by American investors, reinforcing Oracle’s role as a core AI cloud and data security provider easing AI concerns.
- The deal helped improve broader risk sentiment with bitcoin back above $88,000, also lifting AI mining stocks in the process.
Top Stories
