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Electric Capital Co-Founder Avichal Garg warned the crypto community about a new method fraudsters are using to steal money from investors. Scammers have started pretending to be venture capital firms in a bid to lure crypto startups to believe they’re talking to legit investors. Unfortunately, scammers are pretending to be @ElectricCapital, setting up meetings, and asking people to send them money before investing . Electric Capital will *never* ask you to send money before receiving an investment. We will never reach out cold via Telegram. We almost… — Avichal – Electric ϟ Capital (@avichal) November 27, 2023 In an X post on Nov. 28, 2023 Electric Capital Co-Founder Avichal Garg said fraudsters are now setting up meetings, and “asking people to send them money before investing .” The Electric Capital head emphasized that the Palo Alto-headquartered firm “will never ask you to send money before receiving an investment.” “We w...

The former official warned that these influencers would face the same anti-fraud rules that apply for manipulating the price of exchange listed-securities. advertisement SEC to crackdown on influencers manipulating crypto prices There has been a surge of influencers and so called analysts forcing cryptocurrencies down their viewers’ throat recently. Reed warned that these influencers will be dealt swiftly by the SEC.” What amazes me most about crypto promoters in particular is the brazen and arrogant way so many of them grift their victims — always in plain view,” the former SEC official wrote on Twitter. Crypto industry is still a wild west in terms of regulations in the US and around the world. These regulation loopholes let influencers off the hook when engaging in such fraud and manipulating the prices of cryptocurrencies for their benefits. Read More: Scam Tokens Ride The Wave Of Meme Coin Mania The case of Ricky Bobby Jo...