If you’ve already been scammed once in crypto, congratulations: you’re now a prime target for getting scammed again. That’s the grim reality behind a new warning from the Commodity Futures Trading Commission, which revealed on May 14 that fraudsters are posing as CFTC staff to extract even more money from previous fraud victims.
The scheme works like this. Scammers contact people who’ve already lost money to investment fraud, claim to represent the CFTC’s Office of Inspector General, and promise to help recover their stolen funds. The catch? Victims need to pay upfront fees or transfer assets to digital wallets first.
The scope of the problem
Government impersonation fraud isn’t some niche corner of the scam economy. According to Federal Trade Commission data, consumers lost approximately $2.95 billion to impersonation scams in 2024 alone. The FTC took notice. In April 2024, the agency rolled out its Government and Business Impersonation Rule, a regulatory tool designed specifically to go after these schemes. Since then, the FTC has pursued multiple enforcement cases under the new rule.
The CFTC’s Office of Customer Education and Outreach is working with both public and private sector partners to improve fraud awareness and prevention education.
