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OAKLAND — California Attorney General Rob Bonta today warned Californians of the proliferation of fraudulent cryptocurrency websites and vowed to continue to protect consumers from crypto confidence scams, sometimes referred to as “pig-butchering” scams. While these scams are often carried out by international scammers who are difficult to prosecute and arrest, the California Department of Justice (DOJ) is mitigating these scammers' effectiveness by shutting down fake websites used to entice victims with fictitious investment returns. In 2024, the California Department of Justice shut down 42 fraudulent websites that scammed innocent victims out of at least $6.5 million, with an average loss per victim of $146,306.
“As scammers grow increasingly sophisticated and calculated, so must our enforcement,” said Attorney General Bonta. “Scammers can use deception and emotional manipulation to take advantage of people looking for connection. While there is much work to be done, I want to take a moment to celebrate the hard work of my team, who took action to protect consumers by shutting down 42 fake cryptocurrency websites last year. I would also like to thank our state partners at the Department of Financial Protection and Innovation for their collaboration. I urge Californians to be vigilant and protect their finances: Do not send money to anyone you have never met in person.”
"As crypto scams evolve, DFPI’s Crypto Scam Tracker helps empower consumers to stay vigilant," said DFPI Commissioner KC Mohseni. "It is a vital part of our enforcement strategy and role as a financial regulator, educator and enforcement agency. We urge all Californians to exercise caution with unknown platforms, verify website domains to avoid fraudulent imitations, and stay wary of crypto recovery scam sites. Staying informed and reporting scams to the DFPI strengthens the Crypto Scam Tracker, making it an even more effective tool in protecting consumers."
In a typical pig-butchering scheme, a victim receives a random text or message on social media, builds trust with the scammer, and is then directed to a fraudulent website to invest money in what appears to be legitimate cryptocurrency. The website falsely shows their investment rapidly increasing in value and after seeing the fabricated profits, victims often drain their savings or borrow money to invest more. However, when they try to withdraw their funds, they receive nothing, learn that the website is fake, and the scammer walks away with their money. Victims are often left traumatized and hesitant to report the scam due to feelings of shame.
After reviewing hundreds of websites, DOJ has identified the Top 10 "Red Flags" of an illegitimate website for consumers to beware of, including:
These red flags were developed by the California Department of Justice’s Cybercrime Section as part of their mission to disrupt crime on the internet and an ongoing partnership with the Department of Financial Protection and Innovation to identify fraudulent websites used to victimize Californians.
If you believe you are the victim of a scam, end all contact with the other party immediately and contact your local law enforcement agency. Please also report it to: