US state agency issues alert on crypto fraud happening over social media By Cointelegraph

The Vermont Department of Financial Regulation (DFR) — the United States state of Vermont’s financial regulatory agency — warned citizens against rising crypto investment frauds perpetrated over popular social media sites.

On June 25, 74-year-old Naum Lantsman lost his life savings of $340,000 to a crypto scam orchestrated over Instagram and Telegram. The DFR referenced the incident as it emphasized “the need for Vermonters to exercise extreme caution and vigilance when using or investing in cryptocurrency.”