FBI’s ICHCoin Investigation Uncovers $30 Million Crypto Scam

The FBI is investigating a fraudulent cryptocurrency platform named ICHCoin that has allegedly swindled millions of dollars from people across the United States. Assistant Special Agent in Charge Amanda Culver from FBI Houston labeled ICHCoin a “scheme” and a “scam,” highlighting the growing concern over cryptocurrency-related fraud.

The FBI’s investigation revealed that since December 2023, about $30 million has been lost to ICHCoin in the U.S. Culver reiterated the importance of recognizing red flags.

The scam typically begins with someone reaching out to potential victims through fake social media profiles on platforms like Instagram and Facebook. They entice individuals with promises of lucrative cryptocurrency investments, eventually guiding them to communicate via WhatsApp with people pretending to offer investment guidance.

Culver warned that victims are often pressured to mislead their banks about substantial wire transfers made to ICHCoin. Although the platform provides a fake app for tracking investments, there are ultimately no real returns. When victims attempt to withdraw their funds, they often find themselves ghosted, unable to recover their money. 

Tragically, some individuals have lost their entire life savings to this scheme. “The average person could certainly be fooled by this scam,” Culver noted, emphasizing the urgency of the situation.

While the FBI has identified victims in Houston, they are actively seeking more individuals affected by this fraudulent platform. Those who believe they have fallen victim to ICHCoin can fill out a questionnaire on the FBI’s website.

Culver stressed the need for people to do their homework before investing in cryptocurrency. “It’s extremely easy to use these platforms to deceive people. As interest in cryptocurrency grows, so does the risk of fraud,” she cautioned.