93-3-WMR Audio on Demand presents the Preston and Steve show podcast.

And now, Preston and Steve's news update with Kathy Romano.

Today is Thursday, September 8th. Good morning, Kathy.

Good morning. And the news this morning. The value of cryptocurrency has plummeted so much that financial

experts have dubbed it the crypto winter. But despite the chill, crypto scams continue to heat up

reaching record highs in the number of complaints. The Federal Trade Commission said cryptocurrency

scams now far exceed any fraud. And the scammers are utilizing social media to prey on their

victims, including a man named John who wanted his identity hidden due to embarrassment. Kathy, I've sold my cryptocurrency into my mattress.

Oh, yeah. You can't be sure. Yeah. I don't understand. I don't understand this at all,

so I don't even understand how you could get, how you could be scammed because to me the whole thing is a

scam,

but I'll tell you this, it involves elves. Well, so listen, this guy, John, so he is literally

is hiding his identity because he's so embarrassed. He said, never in my life did I think I would be a

victim. He said he found an advertisement on Instagram to invest in Bitcoin mining, an investing

space of which he was curious.

He said that they were very pushy, and he didn't invest right away.

John said that he was baited by the slick and professional website called Safecoin Miners,

which was eventually traced back to Nigeria.

It claimed investment returns from 84% to over 100% mining for cryptocurrency.

Simply put, crypto mining is the process of using powerful computers to create new digital

currency through encryption algorithms.

They wanted me to send them $500 because $500 would make it $3,500.

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