The Commodity Futures Trading Commission (CFTC) has joined forces with federal and private organizations to combat the surge in crypto scams known as “pig butchering,” according to a Sept. 11 press release.
According to the agency, these scams have led to billions in losses due to the lack of awareness and understanding. The regulator’s campaign aims to prevent fraud before it occurs by arming consumers with the information they need to recognize the warning signs and avoid falling prey to these schemes.
Raising awareness
Under the partnership, the CFTC’s Office of Customer Outreach and Education (OCEO) will collaborate with groups like the American Bankers Association Foundation, the SEC, and the Financial Industry Regulatory Authority (FINRA) to raise awareness about these scams via educational material.
