TYLER, Texas (KETK) — The Better Business Bureau held a press conference at their Tyler office Monday to address their investigation into the world of cryptocurrency, and how it has led many consumers to cases of fraud and financial loss.
The BBB’s in-depth study of these cryptocurrency scams was assisted by the Federal Bureau of Investigation (FBI), the Federal Trade Commission (FTC) and the Canadian Anti-Fraud Centre (CAFC). The findings resulted in staggering losses and countless fraud schemes.
Cryptocurrency is a form of digital money whereby encryption technology can enable anyone anywhere to send and receive payments. It does not exist in a physical form such as paper money, but as lines of computer code, supported by a decentralized computer system known as blockchain and stored in a “crypto wallet.”
Bitcoin, developed in 2009, is the most popular form of cryptocurrency, available for purchase at tens of thousands of Bitcoin ATMs and increasingly accepted as payment in certain retail transactions. Ethereum is the second most common cryptocurrency and is centrally involved in the increasingly popular non-fungible tokens (NFTs), digital assets such as pictures or music that are purchased with cryptocurrency as an investment.
Critically, cryptocurrency operates outside the traditional banking system and is not subject to the same protections as bank deposits or credit card…