Texas Regulator Warns of New Crypto Frauds Amid Coronavirus Outbreak
The Texas State Securities Board (TSSB) has issued a warning on March 23 about crypto scams that have emerged in the wake of the COVID-19 pandemic. Regarding existing scam methods, the Texas state regulator warns the following:
“Fraudulent investment offerings ranging from precious metals to real estate to complex stock market strategies are offered as a supposed hedge against stock market crashes or some other economic calamity.”.
The Texas state watchdog warned that crypto is a high-risk investment and requires careful scrutiny. Latest crypto scams Cointelegraph reported on March 20 that the U.S. Securities and Exchange Commission froze the assets of Meta 1 Coin, an alleged crypto scam backed by a former state senator which promised investors high returns of up to 224,923%.