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California Regulators Shut Down Dozens of Crypto Scam Sites

As federal regulators take a step back in crypto enforcement efforts, California's regulators are cracking down.
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Mar 11, 2025 • 1 min read

California has enhanced its crackdown on crypto fraud by shutting down 26 counterfeit crypto websites tied to $4.6 million in consumer losses. The California Department of Financial Protection and Innovation (DFPI) utilized its Crypto Scam Tracker to detect seven new scam types from over 2,600 complaints. Additionally, the California Department of Justice (DOJ) dismantled 42 fraudulent websites, linked to $6.5 million in losses.

What’s the Scoop?

  • Crypto Scam Tracker: The DFPI's Crypto Scam Tracker processed over 2,600 complaints, exposing crypto fraud including fake Bitcoin mining and job scams.
  • DOJ Action: The California DOJ dismantled 42 fraud websites, revealing extensive financial losses and highlighting the increase of scam activity.
  • Rise of Pig-butchering Scams: Scams involving emotional manipulation, like pig-butchering schemes, have surged, with significant financial implications for victims.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

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