Markets Wired

The Federal Trade Commission will host a workshop in Chicago on June 25 to examine scams involving cryptocurrencies.

The “Decrypting Cryptocurrency Scams” workshop will bring together consumer groups, law enforcement, research organizations, and the private sector to explore how scammers are exploiting public interest in cryptocurrencies such as bitcoin and Litecoin and to discuss ways to empower and protect consumers.

Cryptocurrencies are digital assets that use cryptography to secure or verify transactions. They are not created by a government or central bank, but they can be exchanged for U.S. dollars or other government-backed currencies.

As consumer interest in cryptocurrencies has grown, so has interest from scammers, who are always looking for new ways to take advantage of consumers. Scams involving cryptocurrencies include deceptive investment and business opportunities, bait-and-switch schemes, and deceptively marketed mining machines. The FTC has worked to educate consumers about cryptocurrencies and hold fraudsters accountable.

The workshop, which is free and open to the public, will be held starting at 1 pm Central Time at DePaul University located at 1 East Jackson Blvd., Suite 8005, Chicago, IL 60604. Pre-registration is not required, but attendees are encouraged to register for the event at fintechseries@ftc.gov. This event will be webcast on the FTC’s website. A link will be posted on the event page on the day of the event.

The Federal Trade Commission works to promote competition, and protect and educate consumers. You can learn more about consumer topics and file a consumer complaint online or by calling 1-877-FTC-HELP (382-4357). Like the FTC on Facebook, follow us on Twitter, read our blogs and subscribe to press releases for the latest FTC news and resources.