CRYPTOCURRENCY SCAMS

BBB study finds lack of regulation and

consumer education results in dramatic
increase in fraud and financial losses

BETTER BUSINESS BUREAU

INTERNATIONAL INVESTIGATIONS INITIATIVE ISSUED: MARCH 2022
 CRIMINALS ARE FINDING NEW METHODS WITH THE
CRYPTOCURRENCY MARKET, LIKE BITCOIN AND
ETHEREUM, TO STEAL FROM UNSUSPECTING INVESTORS
OR VICTIMS OF COMMON SCAMS.

A
s Bitcoin and other types of cryptocurrencies transactions — has now grown into a major
gain attention in the news for their volatility, worldwide industry. New York, Arkansas, Brazil,
novelty and celebrity investors, scammers and Puerto Rico expressed interest in becoming
are quickly discovering how to use people’s lack of attractive locations for the cryptocurrency industry.
knowledge about the system to rip off investors and However, in the spring of 2021 China banned
dress up old scams. cryptocurrency. It was the second largest country
using cryptocurrency.
Early entrants into the market made enormous
amounts of money, and later others rushed in A virtual tug of war exists between the legitimate
with hopes of similar gains. The total value of all and fraudulent use of cryptocurrency.
bitcoins in the world is estimated at $1.03 trillion.
A single bitcoin, worth $2,000 in 2017, reached This study examines digital currencies and the
an all-time high of $67,549 in 2021. But Bitcoin is scams that use them. It provides background on
volatile, and the value can swing wildly. After hitting key terms and concepts, examines cryptocurrency’s
a high in 2021, it declined to $35,484 in early 2022. susceptibility for large-scale scams, and notes the
Purchasing power of a bitcoin can vary day-to-day. risks and provides tips for common investors and
Nonetheless, cryptocurrency — a digital payment others using cryptocurrency as a payment method.
system that does not rely on banks to verify

• SECTION 1 - CRYPTOCURRENCY SCAMS ARE ON THE RISE

• SECTION 2 - INDUSTRY KEY CONCEPTS AND DEFINITIONS
• SECTION 3 - CRIME IN CRYPTOCURRENCY MARKETS
• SECTION 4 - VICTIMS SHARE EXPERIENCES
• SECTION 5 - HOW SCAMMERS TAKE PAYMENTS WITH CRYPTOCURRENCY
• SECTION 6 - TIPS TO AVOID DIGITAL CURRENCY SCAMS
• SECTION 7 - WHERE TO REPORT A SCAM OR REGISTER A COMPLAINT
• SECTION 8 - RECOMMENDATIONS

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CRYPTOCURRENCY SCAMS ARE ON THE RISE

B etter Business Bureau® (BBB®)

reports received about
fraudulent activity involving
cryptocurrency have tripled in the
past three years.
reported losses of $159 million.

The Canadian Anti-Fraud Centre

(CAFC) describes similar trends.
Losses reported nearly tripled from
Bitcoin mining, Ponzi schemes
and more. This year, a U.S. married
couple was arrested for allegedly
conspiring to launder $4.5 billion in
Bitcoin and are accused in the U.S.’s
$8.3 million in 2019 to $22.8 million biggest-ever cryptocurrency theft
The cryptocurrency payment in 2020 and then skyrocketed to case.
method accounted for the second- $75 million in 2021. Many of those
highest scam losses reported to the reports used Bitcoin. It was the While BBB Scam Tracker® shows the
Federal Trade Commission (FTC) payment method in 9,445 instances number of victims reporting financial
in 2021 with losses of $750 million, while the use of other forms of losses through cryptocurrency
only slightly behind bank-to-bank cryptocurrency was negligible. nearly tripled between 2019 and
wire transfers. 2021 and monetary loss amounts
Because there is so much money more than tripled during the past
The FBI’s Internet Crime Complaint in this system, and it is relatively two years, the actual number of
Center (IC3) received 35,229 anonymous, there is widespread victims is much higher as most fraud
complaints in which victims used fraud and victims are losing millions. victims do not report it. The FTC
cryptocurrency in 2020, with Many people report being duped found that fewer than 5% of fraud
reported losses of $246 million, a into using Bitcoin when payment victims report scams to BBB or law
64% increase from 2019 when they was demanded for ransomware, enforcement.

COMPLAINTS REPORTING AMOUNT BBB SCAM TRACKER

YEAR MONETARY LOSS DISPUTED
YEAR REPORTS LOSSES
2019 451 $4,915,838
2020 906 $5,438,407 2019 444 $7,399,704*

2021 2,465 $7,933,424 2020 572 $2,897,170

2021 1215 $7,953,502

T wo categories emerged
from Scam Tracker reports
— investment frauds and
cryptocurrency — as new methods
of getting money from victims in
Victims cited social media and
celebrity promotions as the top
means of contact for this type of
scam. California victims reported
*A single Scam Tracker report claimed
$4 million in losses.

traditional frauds. There were also

twice as many complaints as Texas BBB NEGATIVE REVIEWS
victim reports of Ponzi schemes, or number three Florida. The two ABOUT CRYPTOCURRENCY
hacking, malware, and ransomware largest age groups disclosing COMPANIES
attacks. cryptocurrency scams fell into the
25- to 34-year-old age bracket at YEAR REVIEWS
There is a clear trend that 29% and the 35-44 age range at
scammers are using cryptocurrency 27%. Almost equal numbers 2019 155
and it appears likely to continue. of men and women reported 2020 250
According to the 2021 BBB Scam cryptocurrency-related scams.
Tracker Risk Report, cryptocurrency 2021 579
scams have become the second Several other trends appear from
riskiest type of scams that victims this data. Romance scammers have
encounter. shifted from requesting money I have a Coinbase account with several
For consumers, the line is blurry for supposed emergencies to now thousand dollars in it. I have a new
between losses to outright scams conning people into investing in telephone with a new authenticator. I
and losses to legitimate companies. cryptocurrency. The CAFC found submitted my photo ID and picture to
Over the past three years, nearly that the number of romance
prove my identity in order to use the new
4,000 complaints to BBB have fraud victims asked to invest in
claimed losses of more than $18 cryptocurrency doubled in 2021.
authenticator. Coinbase has not responded
million to companies involved The availability and increase in to me to acknowledge and set up the new
with cryptocurrency, with more Bitcoin ATMs or kiosks make it easy device. There are no working points of
complaints that don’t mention for victims to send cryptocurrency contact on the Coinbase website. No phone
specific losses. At least 1,028 to scammers. Now located at numbers, no email addresses and the chat
negative reviews were filed about
cryptocurrency companies. One nearby convenience stores and big function does not work. Without working
of the largest contributors to BBB box stores, victims need only feed authentication, I cannot access my account.
cryptocurrency complaints is in $20 bills and scan a QR code
Coinbase, with a BBB “F” rating and the scammer provides to have the - from a consumer complaint to BBB
more than 3,000 complaints in the money sent directly to them.
last three years.
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 INDUSTRY KEY CONCEPTS
AND DEFINITIONS

W
hat is cryptocurrency? It is a digital new types of cryptocurrencies, but they all operate
payment system that does not rely on with blockchain technology. The essential concepts
banks to verify transactions. It is a form are the same.
of digital money that uses encryption technology
that can enable anyone anywhere to send and Bitcoin was developed in 2009 by Satoshi
receive payments. It does not exist in physical Nakamoto, who may or may not be a real person. It
form, like paper money. It exists as lines of operates wholly over the internet. There is an open-
computer code digitally signed each time it travels source code for the programs that operate it and a
from one owner to another. governing committee that sets the basic rules for
the system. This allows person-to-person sharing
To understand the fraudulent aspects of this anywhere in the world without any central authority,
industry, it is necessary to provide background on such as a bank, tracking transactions or reporting to
common terminology and an understanding of any government agency. Importantly, transactions
how this system works. Most cryptocurrency fraud are not reversible. They do not offer many of the
and complaints involve Bitcoin. Another form of safeguards which protect users of traditional
cryptocurrency is Ethereum. There are thousands of financial systems.

H
ow is Bitcoin created? “Miners” solve incredibly consuming massive amounts of electricity, a criticism
complex mathematical problems and receive of the industry. Miners create the “blocks” in the
Bitcoin as a reward. Despite the use of the blockchain and act as auditors to write the ledgers,
term “token,” Bitcoin only exists electronically. The making sure the same Bitcoin is not used twice. This
originating protocols of this system allow for creation prevents double spending and counterfeiting. Miners
of a maximum of 21 million Bitcoin. Mining currently are compensated with Bitcoin.
accounts for 18.7 million Bitcoins. The mathematical
problems are increasingly more complex, and the Bitcoin mining occurs all over the world. Because all
rewards for mining decrease with time. As a result, cryptocurrencies rely on blockchain and require
there is a limited supply of Bitcoin available. mining, some cryptocurrency businesses offer
investments in mining operations. Some hackers use
It takes specialized computers to perform the the others’ computers to surreptitiously run mining
enormous number of calculations needed to mine, programs — an act called cryptojacking.

W
hat is blockchain? Blockchain is what transactions. Every few minutes, miners add “blocks,”
makes cryptocurrencies possible. All which cannot be edited. Proponents believe there is
cryptocurrencies employ it. It is an open great potential in blockchain technology, but there
record of every Bitcoin transaction and serves as a are few situations where it operates outside the
ledger of all transactions and includes a time stamp. realm of cryptocurrency. It is not clear who would
This decentralized system is distributed among pay for the mining necessary to support other uses of
computers all over the world that validate and record the blockchain technology.

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 How can I buy Bitcoin?
Bitcoin and other types of cryptocurrencies can be
purchased at Bitcoin ATMs (kiosks) or at Bitcoin
exchanges with various apps. Exchanges permit
the purchase of cryptocurrency through almost any
method, including bank wiring, credit cards, and even
with gift cards. Cash App, a popular smartphone
application backed by banks, is another option.

Bitcoin ATMs Where can I find Bitcoin near me?

Because many people are unfamiliar with Bitcoin ATMs, or kiosks, have expanded very rapidly
cryptocurrency, one might expect that they would be and are now found at nearby locations across the
reluctant to pay scammers that way. With the advent U.S. and Canada. In January of 2020 there were 4,212
of Bitcoin ATMs, victims can now go to a convenient of these machines in the U.S. But now there are over
place near them to easily and quickly send Bitcoin. 30,000 in the U.S. and 2,235 in Canada, the second
most in the world. There is even a website that can
locate one near you. Bitcoin ATMs are commonly
located at gas stations/convenience stores such as
Circle K and at many Walmart stores.
How does a Bitcoin ATM work?
Most Bitcoin ATMs allow a user to register an of the business for companies like Western Union
account at the machine. One company stated and MoneyGram. There is more privacy in sending
for amounts under $250, consumers just money through Bitcoin, and fees can be lower.
need to enter a phone number to register an
account. Other companies may have different Some Bitcoin ATMs have warning signs on
requirements. Consumers load the Bitcoin into them. Those operated by Bitcoin Depot have
a “wallet” they have created (or set up at the a sign reading:
ATM) or send it to someone else’s Bitcoin
wallet. The FBI warns that scammers WARNING! Have you received a phone
provide victims with a QR code to their call from someone demanding payment
phone, representing the “address” of the with Bitcoin? THIS IS LIKELY A SCAM. All
Bitcoin wallet receiving the funds. The Bitcoin transactions are irreversible. Send
machine scans the code and the money to your own wallet only. NOT SURE if
goes into the blockchain. The recipient can you are being scammed? Call us for
cash it out in just a few minutes after the assistance at…
blockchain is updated.
There is a free phone at the Bitcoin
One use for Bitcoin ATMs is simply to ATM for consumers to call for
purchase Bitcoin, store it in a wallet, assistance with their transactions
and hope it appreciates in value. Bitcoin or to report a possible scam. Some
ATMs may also be used to send money machines also have security cameras
to family members in other countries. These recording videos of those at the machines.
remittances are a major source of income for
Mexico and other countries. They are an important part
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How are Bitcoin ATMs regulated?
Bitcoin ATMs are regulated by through Bitcoin ATMs. unlicensed ATMs operating with few
FinCEN in the U.S. and Fintrack in safeguards to protect the public.
Canada. In the U.S. registration is The FBI warns of an increase
required. The ATM must comply in scammers asking victims to These unlicensed sites were used for
with the Bank Secrecy Act and its pay through Bitcoin ATMs for fraud. The New Jersey investigation
anti-money laundering standards government impostors, those also found that one third of the
(AML), such as Know Your impersonating utility companies ATMs operating in the state had
Customer (KYC) requirement to or law firms, and for lottery frauds. not registered with FinCEN. State
identify who is sending money. Scammers ask victims to withdraw Police had prosecuted an individual
There are also currency transaction cash from bank or retirement who received $600,000 in payment
reports (CTRs) which must be accounts. CAFC also reported that in Bitcoin from victims who
completed if someone tries to send scammers ask victims to go to “purchased” nonexistent vehicles.
more than $10,000 or in total sums Bitcoin ATMs to send money, as has
calculated to evade these controls. the FTC. In 2020, the Justice Department
Owners of these systems must dismantled a network of Bitcoin
also provide the government with These machines also may be subject ATMs that laundered up to $25
Suspicious Activity Reports (SARs) to state licensing and regulation million at ATMs in California. These
about certain transactions. as Money Services Businesses like machines were not registered, and
Western Union and MoneyGram. the owner knew they were used for
There are reports about problems The State of New Jersey issued a illegal activity. He was sentenced to
with scammers seeking money report in February 2021 warning of two years in prison.

What is a What can I buy with How do I track

crypto wallet? cryptocurrency? cryptocurrency?
Because Bitcoin and other tokens While there are reports that retailers Because the blockchain is a ledger
have no physical existence, are considering accepting Bitcoin and of all transactions, it is possible to
owners control the encrypted other cryptocurrencies for payment, trace the path of a cryptocurrency
cryptocurrency passwords, which it is unclear that many do currently. payment from where it began
are like incredibly complicated PINs. Tesla said some transactions are to where it went. Chainalysis
The codes are stored in “wallets.” accepted using Dogecoin to is one company that offers a
Those can be stored at Bitcoin purchase merchandise like belt service to track Bitcoin and other
exchanges, on a personal computer buckles, but that form of payment
or other device, like a thumb drive. cryptocurrency. Ciphertrac and
cannot be used to buy a car. Elliptic are other cryptocurrency
Bitcoin exchanges also offer wallets.
Many people store cryptocurrency tracking services.
PayPal now allows people to pay for
in apps on their smart phones. But
scammers can supply victims with purchases with Bitcoin, but not Once cryptocurrency goes into a
corrupt apps they control, and directly. PayPal converts Bitcoin scammer’s wallet, consumers may
bogus apps can be found on the to dollars at a rate they determine not know who owns that wallet.
App Store and Google Play. after converting the cryptocurrency. Scammers can quickly cash out the
This is due to the volatility of cryptocurrency into dollars or other
cryptocurrency. Merchants are national currencies — referred to
understandably reluctant to take in the cryptocurrency field as “fiat
payments in a currency which may currency” — or quickly move the
quickly drop in value. money by trading it for other kinds
of cryptocurrency.
Charitable enterprises do accept
donations in Bitcoin, and BBB Wise
Giving Alliance has developed a
system that allows for donations in
many kinds of cryptocurrency.

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 Password security What are Bitcoin What are non-fungible
Each transaction is recorded on the exchanges? tokens (NFTs)?
blockchain. They are encrypted, and
an electronic code or key to use People often store Bitcoin in wallets Non-fungible tokens are part of the
cryptocurrency is required. Lose the held by exchanges, where one can Ethereum blockchain system. They are
key, and you lose the money. There buy, sell, or trade cryptocurrency. An trending up in popularity. Ethereum
account must be set up to authenticate “smart contracts” can record
is a famous story of Gerald Cotton,
identity, but some exchanges, ownership of a digital asset, such as
who died at age 30 and never
particularly those located in other a digital picture or music, and this
revealed the key to $250 million
countries, may require less information ownership can be recorded on the
worth of cryptocurrency. This led to
about a person’s identity. Those blockchain ledger.
speculation that this was a scam, and
he did not really die. accounts have passwords, and those
must be secure. A piece of digital art can be sold and
ownership of it is recorded; however,
Scammers actively attempt to hack
An exchange can simply store Bitcoin it does not mean it is protected from
these keys. Hackers seek access
with hopes it appreciates in value, copyright violations, despite the
to wallets where cryptocurrency is
but it can also track the value in an recent increase in popularity.
stored, and online exchanges have
usernames and passwords to protect account, trade it for other types of
these keys. Many of these passwords cryptocurrencies or convert it to U.S. The Wall Street Journal reported: “In
require two-factor authentication, dollars or fiat currency. Exchanges 2020, just over $100 million worth
often by text message. Scammers charge a transaction service fee. of NFTs changed hands. Last year
attempt to engage in SIM swapping Chainalysis estimates that grew to
— transferring a phone number to $44.2 billion.”
themselves so that they receive those
text messages. In one recent case, a NFTs can then be sold, or the original
owner can get a royalty every time
New York man pleaded guilty to SIM it changes hands. NFTs are used
swapping, which he used to steal $20 frequently for digital art and music
million in cryptocurrency. In addition, and for video games. The Morning
phishing scams appearing to come Brew noted, “The Bored Ape Yacht
from legitimate exchanges are a
significant issue, since the stolen Club (BAYC), a collection of 10,000
credentials can lead to identity theft What is Ethereum? ape avatars that individually act as
and cryptocurrency loss. tickets to an online social club, has
The second most common become one of the most prominent
cryptocurrency after Bitcoin is brands in the NFT space.”
Ethereum, which can be bought
and sold as investments. Like all The U.S. Treasury Department
cryptocurrency, it uses blockchain, recently warned that NFT’s are
but the codes stored on the block can increasingly used to launder money
contain decentralized applications, and threatened to make them subject
known as dApps. to regulation.
Be careful with
QR code links
Quick Response or QR codes are What is Decentralized their loan needs and an algorithm
matches the needs with a loan with
square barcodes that a smartphone
camera scans and reads to quickly
Finance (DeFi)? acceptable terms. The consumer
lead the user to a website. A QR would need to agree to those terms to
Decentralized Finance allows the receive the loan.
code can also be used to send or Ethereum cryptocurrency system to
receive Bitcoin from one person to
another. A scammer may send a lend money, buy insurance and trade This system is still in its infancy.
victim a QR code that they can scan assets in ways other financial systems Problems include the volatility in prices
at a Bitcoin ATM, and it provides currently perform, but without the and regulatory issues. Although this
the address the Bitcoin is to be use of intermediaries such as banks. system shows much promise, there are
This system works primarily through few reports discussing successful uses
sent. The FBI warns consumers that of this technology in fields outside
“cybercriminals are taking advantage Ethereum. People offer “smart
of this technology by directing QR contracts” stored in the blockchain. cryptocurrency. Reports indicate over
code scans to malicious sites to steal The contracts have simple specific the last two years, the amount of
victim data, embedding malware terms, which allow those who accept money deposited at DeFi services has
to gain access to the victim’s them to have a concrete agreement. spiked from just $500 million to $247
device, and redirecting payment for Using DeFi and a decentralized finance billion. And more than $10 billion was
cybercriminal use.” application (dApp), a consumer enters stolen from them in 2021.

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What are stablecoins and other types Is cryptocurrency “real’” money?
of cryptocurrencies?
Money, as we know it, has value in its own right. It may
The wide swings in the value of cryptocurrency are represent the right to tangible goods, and it is backed
an issue. One solution is to attach the coins to a fiat by a government. Paper dollar bills have little inherent
currency such as the dollar. This is being explored, and value but are backed by the full faith and credit of the
the U.S. government issued a report framing how this United States government. Paper money is used to pay
might work and the necessary regulations. all debts, public and private. The U.S. Treasury holds
real assets, such as gold. Banks are backed by collateral
There are now hundreds of other types of assets such as real estate or stock in companies. There
cryptocurrencies. All operate on blockchain and there is no collateral backing cryptocurrency.
is a lure to get in on the ground floor for maximum
appreciation like Bitcoin. In addition, the Department This all works when people have confidence in the
of Justice (DOJ) reports that some are more difficult to monetary system. If people lose confidence, the system
trace than others. could collapse. In the 1600s the Dutch financial system
was the most powerful in Europe. Speculation grew in
tulip bulbs, and prices increased to dizzying heights.
However, this “tulip bubble” crashed, costing many their
life savings.

The Bank of England warned cryptocurrency could

become worthless. Some have suggested the entire
system is little more than a Ponzi scheme.

What are Central Bank Digital Is cryptocurrency protected by

Currencies (CBDCs)? financial systems?
There is much discussion about governments having There are many safeguards and regulations built into
to issue CBDCs, digital currencies which would standard financial systems to remedy abuses or other
be backed by central banks. Some 91 countries problems experienced throughout history. Despite
reportedly are examining this possibility. China banned the efforts of regulators to apply those safeguards to
cryptocurrency, and reportedly is working on one tied cryptocurrency worldwide, many do not apply or are
to the Yuan for internal purposes in China. The U.S. not followed. This adds increased risks.
Federal Reserve recently issued a policy paper on
the subject. The hope is that these cryptocurrencies Two common protections do not apply
could simplify and expedite financial transactions. to cryptocurrency:
The paper expresses serious concerns about crime
surrounding the effort and would require “robust rules” • Bank deposits are backed by the Federal Deposit
that address money laundering and terrorist financing. Insurance Corporation (FDIC). If a bank makes a
These transactions would require record keeping and bad loan, the owners embezzle funds, or the bank
reporting requirements. is robbed, you are insured, and your money is
protected.

• Credit cards offer chargeback protection. If you

buy something over the internet with your credit
card and scammers do not send anything or send
counterfeit goods, you can contact your bank and
get your money back. The credit card system holds
a reserve account of money, and they can assess
fines or take some of that money.

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BETTER BUSINESS
BUSINESS BUREAU
BUREAU
CRIME IN CRYPTOCURRENCY MARKETS
Criminals use Bitcoin and other cryptocurrency to support enormous amounts of criminal conduct. Because this
conduct can involve huge sums of money and because some actions affect the stability of the cryptocurrency
market, they deserve mention. Chainalysis reports $14 billion was lost to cryptocurrency fraud in 2021. This is
double the $7.8 billion lost in 2020. DOJ details the types of criminal conduct involved in cryptocurrency markets
and sketched out efforts to combat it.

Darknet marketplaces operate in Rug pulls are another major form Stolen cryptocurrency and hacking
parts of the Internet not accessible of fraud in the cryptocurrency are common. In 2021, Chainalysis
by search engines. These markets ecosystem. In this scheme, users reports $3.2 billion in cryptocurrency
allow criminals to buy and sell illegal find investors who provide financial stolen, with $2.3 billion taken from
drugs, firearms, child pornography, support for new cryptocurrency DeFi protocols, a 516% increase
counterfeit passports and other projects by trading in their from 2020. Other kinds of large-
documents. Payment for these cryptocurrency to fund a new kind scale thefts occur in cryptocurrency
goods and services is mainly in of token, anticipating expansion markets. In 2021, Thodex, a large
cryptocurrency. DOJ is concerned and value appreciation. These centralized exchange, disappeared
about some “anonymity enhanced new tokens are created on the
after the exchange stopped investors
cryptocurrencies” that are difficult to Ethereum blockchain and listed on
from withdrawing funds. The result:
track with non-public blockchains like decentralized exchanges. Sometimes
the new type of cryptocurrency does a loss of $2 billion in cryptocurrency.
Monero, Zcash, and Dash.
not really exist, and the investors lose Pakistanis recently lost $100 million
DOJ has acted against some of these all their money. Chainalysis reports in investments in a local Bitcoin
dark web markets. In 2017, DOJ rug pulls accounted for 37% of all exchange.
indicted a Russian and a large digital cryptocurrency scam revenue in 2021.
currency exchange for laundering Hackers also direct their efforts
$4 billion in illicit proceeds from The Squid Game rug pull is an to cryptocurrency exchanges.
ransomware, hacks, and narcotic sales. example. Developers launched a new Reports show hackers attacking
In 2019, DOJ indicted the owners of token following the popular Netflix cryptocurrency exchanges and DeFI
DeepDotWeb, a site that facilitated series and claimed the tokens could platforms stole $4 billion in 2021.
money payments for fentanyl, heroin, be used on online games then traded Hackers from North Korea reportedly
crystal meth, firearms, hacking for other types of cryptocurrencies. stole $400 million by hacking
tools, and stolen credit cards using The token’s developers took an centralized exchanges. There are many
cryptocurrency. One member was estimated $3.3 million. more cases where cryptocurrency
sentenced to prison. Similarly, the exchanges have been hacked and
Government Accountability Office money stolen. In February 2022, the
(GAO) reported cryptocurrency U.S. announced the arrest of two
markets are increasingly used to fund people for laundering $3.6 billion in
sex trafficking operations and to buy cryptocurrency stolen in an earlier
and sell illegal drugs. hack of a cryptocurrency exchange.
Fake websites are used by scammers
who often send “phishing” emails
Money laundering is a concern of law
impersonating real banks and other
enforcement in the cryptocurrency
organizations which ask victims to field. Through various means, criminals
“confirm” their log in information. This can transfer cryptocurrency through
happens to cryptocurrency wallets and a variety of other cryptocurrencies
now it has spread to Google. Victims and into fiat money. This conduct can
searching Google for a cryptocurrency include tax evasion and disguising
app such as phantom.com find a site criminal profits. In 2021 DOJ got a guilty
for phanton.com. When they set up a plea in a case against Helix, which used
wallet on the fake website, which looks mixers and tumblers to launder over
quite professional and authentic, they $300 million from narcotics and other
unwittingly transfer their money into a criminal transactions.
scammer-owned wallet. Reports from
the fall of 2021 show fraudsters used Rogue nations can also use this
these tactics and stole $500,000. system to evade financial sanctions.
For example, the U.S. issued sanctions
against a Russian exchange that
laundered money for ransomware and
other crimes.

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 VICTIMS SHARE EXPERIENCES
Cryptocurrency investment fraud
As long as people have invested money, there has been fraud. Cryptocurrency simply opens new opportunities
for the repackaging of common investment frauds. With the development of new types of cryptocurrencies after
the success of Bitcoin, there are more opportunities for investment fraud. Various investor protections developed
through government regulation are less effective to those who are victims of this type of fraud.

T
hough large investors lose large sums, these
scams are increasingly aimed at the public and
Shanell works in the finance department of a university in St.
Louis. In the summer of 2021, she heard about making money small investors. Investment frauds are a major
from Bitcoin investing. She watched a YouTube video about how portion of cryptocurrency reports to BBB Scam Tracker,
Bitcoin investments work and noticed several comments on the doubling between 2019 and 2021. In addition, both
video by people claiming that they made money successfully the FTC and the CAFC report a substantial number of
with Graham S. Cassidy Trading Services. Shanell reached out cryptocurrency investment complaints and millions of
through WhatsApp and contacted Graham. Shanell was told to buy dollars lost to these schemes.
Bitcoin through Cash App and send $1,500. Though it stretched
her financially, she sent the money. After ten days, she received The Chairman of the U.S. Securities and Exchange
a screenshot that showed her account increased to $7,345.56. Commission (SEC) recently testified to Congress
describing cryptocurrency investment field as the
When Shanell decided to withdraw her earnings, she was first
told that she had to pay a 10% commission of $734.56 and then “wild west” riddled with fraud and investor risk. The
a broker’s fee of $812.45. After she paid both, an email requested SEC issued a warning about this topic. State securities
an additional $1,167.88 to withdraw her money, which she did not regulators similarly expressed serious concerns about
pay. Shanell concluded it was a scam and reported it to BBB.  investment in cryptocurrency, as have securities
regulators in Canada.

ROMANCE SCAMMERS ASK VICTIMS FOR CRYPTOCURRENCY INVESTMENTS

R omance scams are one

of the costliest frauds
operating around the
world. For 2020, the FBI’s IC3
reported they were second in
emergency, claiming a temporary
need for funds due to a business
issue, or for the financial means
to visit the victim in person, often
claiming marriage plans.
investments. These sophisticated
fake apps pretend to be from the
Apple App store or from Google
Play. The apps allow victims to
check the bogus online accounts
reported losses only to Business and have live customer service
Email Compromise frauds in terms Over the past two years, personnel to answer questions.
of money lost. For the first six romance scammers began Victims may be allowed initially
months of 2021 the IC3 reported convincing victims to invest in to take out money, but then are
1,800 romance scam complaints cryptocurrency. The CAFC reports encouraged to invest more. Some
with losses of $133.4 million. in 2018 and 2019 they had 85 romantic interests claim to have
The FTC recently reported that romance victims who paid with invested, which provides a sense
romance scam victims reported cryptocurrency. In 2020, this rose of shared risk and legitimacy.
losses of $547 million in 2021, the to 178. In May of 2021, an analysis Online accounts appear to show
most of any fraud category. by the FTC found in the previous funds rapidly increasing in value.
six months 20% of lost money But if the victim tries to remove
The nature of romance scams is through romance scams was to money, they are locked out of
explained in the BBB’s romance cryptocurrency investments. And the account money unless they
scam study. Scammers using for 2021, the FTC had 2,985 reports pay additional fees. The romantic
fake profiles and stolen photos of romance scams where money interest disappears, and the
contact individuals on dating was lost through cryptocurrency, money is gone.
sites or social media, and then with losses of $139 million.
quickly move victims to other
methods of communication. They Both the FBI and Interpol report
groom victims and build trust scammers are asking romance
with them for several months, and scam targets to download bogus
then extract money from them cryptocurrency apps, assuring
by feigning an illness or another them of great returns on the

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COMMON TYPES OF INVESTMENT FRAUDS REPORTED
TO SCAM TRACKER AND ACTIONS TAKEN BY
ENFORCEMENT AGENCIES IN THE CRYPTOCURRENCY
REALM INCLUDE:

Investment fraud reported to BBB

BBB Scam Tracker Reports include victims of Ponzi
schemes, mining investments and rug pulls. However,
most reports assert these investment scams began on
social media and some report the victim relied on the
endorsement of a celebrity when they became involved.

Ponzi schemes Social Media

Ponzi schemes, named for Charles Ponzi and most BBB Scam Tracker data show that social media is the most
recently made newsworthy by Bernie Madoff, offer initial common place victims find cryptocurrency scams. The FTC
investors high returns on their investment. These earnings reports that 25% of all scams in 2021 began on social media.
draw in more new investors, whose money is used to pay
the returns to early participants, not from any increase in In a common tactic, scammers impersonate friends on
value. But at some point, there is not enough new money Facebook who then tell victims about their success in making
coming in to pay investors, and the system collapses. The money and urge victims to follow suit. Other common
SEC has warned investors about this type of scam. In one Facebook posts tell people they can quickly double their
case the SEC alleged that cryptocurrency lending money or steer people to “investment advisors.”
platform BitConnect was a Ponzi scheme which cost
investors $2 billion. The owner of BitConnect has since
been indicted.

Initial Coin Offerings (ICOs)

With ICOs, some investors are interested in funding the
launch of a new kind of cryptocurrency token and are
led to believe they can get in on the ground floor with
such an investment. Often these are just rug pulls, and
the organizers simply disappear with the money
from investors.

Bitcoin mining
In these scams, victims are encouraged to invest in Bitcoin
mining. The Texas securities commissioner sued one
fraudulent operation that promised a 10% return within 30
days.

Keishae lives in the Bay Area and works at a hospital,

though she is planning to go back to school soon. In
September 2021, she got a message from a person she
thought was a friend on Facebook. The “friend” told her
that she could instantly increase an investment by ten
times with Bitcoin through Coinbase. She initially sent
$50 through Cash app to the wallet the friend specified.
She got a screen shot showing that the money increased
to $500, and when she asked about withdrawing her
money she was told there was a $200 processing fee,
but that she would also get ten times the investment on
that money. She complied and was told there was still
another processing fee to be paid. This continued, and
eventually Keishae had paid $1,300. She was never able
to get any money back. She complained to the “friend”
on Messenger and started receiving X-rated videos. She
reached out directly to her Facebook friend and learned
she had not really been communicating with her. The
account was hacked. She complained to BBB and called Text message from a scammer to a targeted investor
the police, who told her to go to the FBI. She filed a
complaint online with the FBI.

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MORE VICTIM EXPERIENCES
Lori lives in Chicago, and put some would charge 15% for the service which not come out of her account. So she sent
money into Bitcoin before, so she had a would come out of the earnings. It seemed an additional $1,500 and submitted a
wallet. In September of 2021, she was odd to Lori that there was no “p” in withdrawal request. They then asked her
on Instagram and met “Melissa Snart”, “crytotradeFX,” the name of the website. to send a picture of herself holding her
who messaged Lori that she was with driver’s license and to send an additional
Lori was provided with an account at
crytotradeFX and that money could be $600 for insurance and taxes. She
the website and she had a password for
made in funding Bitcoin mining and get requested proof that these additional
access and to review the status of her
ten times the investment over a brief requirements were needed, and they
account. In six days, the site said her
period. Lori initially sent $500, hoping to refused. Lori realized this was a scam and
account increased to $11,000. So Lori
grow it to $5,000. Melissa told her that told the company that they were criminals.
decided to take out her money. First the
the minimum investment was $1,000. So She filed complaints with BBB, the FBI
company said that she had to pay the 15%
Lori sent another $500 in Bitcoin, hoping and the FTC. She lost a total of $2,500.
fee with additional money, and it could
to get $10,000. The company told her it

Hunter is a college student in legitimate. So Hunter bought about the company again, and was told that she
Kansas, where she is studying sports $4,000 in Bitcoin and transferred that to had to pay $2,000 to the company for
administration. In November 2021, she marketmasteroptions.com. The site asked taxes. Hunter knew this is not how the IRS
was contacted by a “friend” on Instagram her to create a username and password works, so she refused to pay. She called
Messenger. The friend told her that which allowed her to check her balance at the IRS, which encouraged her to file a
she had made a lot of money trading in any time. Within a few weeks, she made complaint with BBB and law enforcement.
cryptocurrency and withdrew her earnings. $35,000 on her investment. Hunter also contacted her friend on
She sent Hunter some links and other Instagram. She learned her friend’s
Hunter decided to withdraw her money.
information about the cryptocurrency Instagram account was hacked and had not
She contacted the company, and they
investment, and it appeared legitimate. talked to Hunter in several months.
told her there was a fee to withdraw the
The friend recommended an app to funds. She paid the fees. When she still
buy cryptocurrency, and Hunter did did not receive her money, she contacted
some research to show that the app was

Myra is as an accountant in Dallas. In continued to check her account and saw taxes. She realized that this was a scam
October 2021, she met Jinghua on a that it increased to $400,000. and reported this to the BBB and the FTC.
dating site; he said he lived in Dallas, Myra decided it was
but they never met in person. They time to withdraw some
communicated through WhatsApp. Myra of her earnings. She
had also invested a little money in Bitcoin communicated with
before and she had a wallet at Coinbase. customer service for the
Jinghua told her that he invested with site. She learned she
cryptocurency and she could make a good needed to pay $70,000
return, too. for taxes. She had to send
He sent her a link to an app for investing in that amount and it
which she downloaded onto her phone, could not come from her
and he deposited money to her account. earnings. She knew from
There also was a website she could check previous experience in
and she set up a user name and password. investing that she did not
As time passed, the website changed its have to pay taxes to the
name several times. They impersonated companies but only to
a real company, ItBit by Paxo. She the IRS. She didn’t pay.
then invested more money for a total Jinghua contacted her
of $40,000. Over the next month, she and urged her to pay the

Text message sent to a victim by a scammer

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WHAT SCAM TRACKER CRYPTOCURRENCY INVESTMENT SCAM
REPORTS HAVE IN COMMON

M
ost Scam Tracker complaints allege to pay still more. Then the original investment
the victim was convinced to invest in vanishes, the “earnings” are nonexistent, and
cryptocurrency and sent Bitcoin to an victims lose even more money.
investment operation. Victims report these scams
have very professional looking websites and look How do scammers develop such professional-
quite legitimate. These sites offer live customer looking websites? Scamadviser and volunteer
support through chat functions. The sites require scam fighting group AA419 report there is a huge
usernames and passwords. Victims then use the site worldwide underground system that can cheaply
to track investment returns, which usually appear to create and host fraudulent websites for scammers.
increase dramatically. These sites often impersonate These typically claim to be a company registered
the websites of legitimate cryptocurrency in the UK, but those registrations are often fake.
companies and exchanges. Registering a real one only costs $17, and the
domain names can be purchased for as little as $1.
But when victims attempt to withdraw money, they Hosting the websites only costs $2.50. The scam
learn they must pay substantial fees for taxes or website creators are very prolific, creating fake
other purposes to withdraw earnings and cannot websites for banking, escrow, and shipping, which
use the funds in their accounts for this purpose. they employ in a variety of other frauds.
Those who pay this additional money are asked

In January 2019, Facebook and Instagram banned ads

for cryptocurrency investments, but the company now
allows them. Facebook had been developing its own
cryptocurrency system, but abandoned those efforts.

Text message sent from a scammer in response to

a request for more information

CELEBRITIES
Cryptocurrency scams on social the address below will be sent back Forest, the richest man in Australia,
media often use the names of doubled! If you send $1,000, I’ll send pressed criminal charges against
celebrities to support their claims of back $2,000. Only doing this for Facebook for allowing his name to be
legitimacy. Ads on Facebook feature 30 minutes.” used in cryptocurrency scams.
photos of celebrities who supposedly
want to share their experiences with In addition, a UK television In January 2022, a class action
cryptocurrency investments. In May investment personality, Martin Lewis, lawsuit was filed against Kim
2021, the FTC found people had sent complained to Facebook about
Kardashian, Floyd Mayweather,
over $2 million in six months to Elon thousands of ads on the Facebook
and several other social media
Musk impersonators. Many of these site using his name to promote
“influencers” alleging they were paid
ads promote links to fake websites. investments without his authority.
to promote a new cryptocurrency
He eventually sued Facebook, which token which subsequently collapsed.
Also in May 2021, Twitter announced settled for £3 million, which went to
that scammers had hacked the a UK charity that assists consumers. Other celebrities, such as Matt
Twitter profiles of Joe Biden, Kanye Facebook also set up a dedicated
Damon and Reese Witherspoon,
West, Barack Obama and others. The team to handle complaints from the
endorse presumably legitimate
fraudulent tweets sent from these UK about scam ads. More recently,
cryptocurrency companies.
accounts stated “all Bitcoin sent to Australian mining magnate Twiggy

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 HOW SCAMMERS TAKE PAYMENTS WITH CRYPTOCURRENCY
Victims are increasingly asked by scammers to pay using cryptocurrency. Cryptocurrency is popular
with scammers because it is quick, easy and hard-to-trace. Many existing scams use cryptocurrency
instead of more traditional payments previously used such as Western Union and gift cards. Scammers’
requests for cryptocurrency as payment methods are rapidly expanding. The FTC advises: “Nobody
from the government, law enforcement, utility company, or prize promoter will ever tell you to pay
them with cryptocurrency. If someone does, it’s a scam, every time.”

Fraudulent sales of Employment scams Government impostors

goods online This is the second-most common scam One of the most frequent contacts
Both BBB Scam Tracker and the reported to BBB Scam Tracker and the people have with scammers is
CAFC report this is the most reported CAFC. These scams take two forms. through calls claiming to be from
problem by victims who paid by Social Security or the IRS (Service
cryptocurrency. There are reports In one scam, people respond to Canada or Revenue Canada in
that major retailers are likely to employment ads for positions like Canada). Callers claim the victim’s
accept payment through Bitcoin in “Financial Transfer Agent.” But the job Social Security Number is suspended
the near future, especially with online is really laundering money, receiving because it is tied to a murder or
purchases. Reports indicate victims and cashing out Bitcoin, and otherwise drug theft. Victims talk to someone
who have a wallet and want to buy handling money as a “money mule.” It claiming to be a criminal investigator
hard-to-find items, like a PlayStation, is unlikely that they will ever be paid who says their bank accounts will be
are asked to pay with Bitcoin. Once for their work. frozen. They are advised to protect
the funds are sent, they are lost their funds by transferring them to a
forever, and no goods are shipped. Another employment scam uses fake “safe” account with the government.
checks and is the subject of another Scammers threaten to arrest the
The reports to Scam Tracker about BBB study. These scams offer people victim immediately if they hang up.
online purchases using cryptocurrency jobs working from home. They are Read BBB’s study on government
reported are primarily about pet told to pay a third-party for a laptop, imposter scams.
scams. In this scenario, a photo of phone, or software to perform the
a pet is posted online. Scammers job. The scammers provide the victim Increasingly, these scammers ask
demand a series of payments for air with a business check to pay for the for payment with cryptocurrency.
transport, special crates, shots, or care. equipment. The victim deposits the The FTC reports that in 2021, it
But no pets are ever delivered. check and the bank credits the funds received 1,392 complaints about
to the account. At this point the cryptocurrency used in government
victim feels protected because they impostor scams with losses of
believe the check has cleared and they $22,510,938. The CAFC reports that
Advance fee loans have the money. Victims then send in 2020 it received 2,890 complaints
This scam offers loans to individuals money to the third-party. Scammers about this fraud, with losses reported
and small businesses with poor credit. now ask victims to send this money of $1,361,737.
Once the province of classified ads, by cryptocurrency. The check is
these have now moved online. This counterfeit, the bank removes the
is the third-most common scam funds from the victim’s account and Other scams
reported to Scam Tracker asking for no equipment is ever shipped. There are recent reports of victims
payment through cryptocurrency. asked to pay taxes by cryptocurrency
to receive lottery winnings, pay for
In these scams victims are offered Extortion scams tech support work -- remoting into
loans, but the scammer requests A common scam involves email a computer, finding “problems” that
money up front for plausible reasons messages sent directly to individuals do not exist, and demanding money
such as insurance. Victims send claiming that the sender hacked to fix them -- and for payments
money for these fees, but no loan their computer and has video of to be eligible for free government
ever appears. them watching pornography. The grants, which never materialize. In
scammers threaten to broadcast this addition, the FBI warns that payment
to friends and family and support is requested in cryptocurrency by
the hacking claims by providing an scammers impersonating a legal
old password the victim has used. office or a utility company.
It is a bluff. They simply have an old
file of passwords from a prior data
breach and no consequences ever
follow from failure to pay. The CAFC
received 5,815 reports of this type of
scam in 2020.

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RANSOMWARE
This is the scam that is most encrypting files and collecting was only $50,000 — but there
troublesome to governments. the ransom. But these scams were billions more in damages.
With the growth of Bitcoin, have now developed ransomware Similarly, experts believe Petya
ransomware exploded in recent as a service (Raas). One set of ransomware was an attack, not
years. Often a hospital, school parties develops the encryption really an effort to obtain ransom.
system, local government or software and may receive ransom
major corporation fall victim to and decrypting files. But the The main way of transmitting
it. When malicious software a virus is through email
is installed on the computer attachments, some of which
system, it allows these frauds appear safe, but have a virus
to encrypt all data on the contained in a PDF or Word
computer system, making it document. There are also
gibberish. Victims receive a reports of scammers attempting
popup telling them how to to bribe employees to install
contact the fraudsters to pay ransomware on systems. For
the ransom and recover the example, a Russian man was
data. Payments are almost recently convicted of trying to
always made through Bitcoin, bribe an employee of Tesla to
and the scammers walk install ransomware. Reports
victims through the steps indicate that bribery
in making payments. A attempts are increasing.
video by McAfee explains Scammers have also
how this works. begun mailing USB devices
ability to spread malware is to organizations, which insert
In 2020 the IC3 received being franchised. The encryption them into a device to learn what
2,474 complaints identified enterprise takes 20% to 30% they are and why they were sent
as ransomware with adjusted of the ransom that is paid. This and then become infected or
losses of over $29.1 million. allows far more enterprises to spread a virus throughout the
Not all ransomware situations attack computers. company’s network.
are reported to the IC3. These
figures do not reflect the costs of In addition, many believe Ransoms paid are typically in
business disruption and recovery, that some governments are Bitcoin and presumably traceable
which can easily exceed the cost developing and employing through the blockchain, but few
of the ransom itself. One study ransomware as a cyberattack. ransomware scammers have been
by Chainalysis found ransomware The goal of the ransomware may prosecuted. Recently, however,
costs globally increased 311% not even really be designed to the FSB in Russia busted
in 2020 to $350 million in collect ransom. For example, the group behind the REvil
cryptocurrency. Symantec says it is “highly ransomware operation.
likely” North Korea was behind The U.S. collects all its
Some ransomware operations the WannaCry ransomware ransomware resources at
perform the full range of attack. Total money paid as Stopransomware.gov.
“services,” installing malware, ransom in WannaCry attack,

1 5 | C r y p t o c u r re n c y S c a m s : H ow s c a m m e r s t a ke p ay m e n t w i t h c r y p t o c u r r e n c y BETTER BUSINESS BUREAU

 TIPS TO AVOID CRYPTOCURRENCY SCAMS

• Guard your wallet. If you buy cryptocurrency, the

security of the wallet is of prime importance. If you
lose the key, then your funds are gone permanently.
• Look carefully at email addresses and website
addresses. Phishing scams often try to trick
people into logging in and then capture the log in
credentials. Those then can be used to steal money.
Looking for an exchange with an internet search
engine may lead to fake sites which advertise and
impersonate real companies. Be especially careful
when viewing these on a phone.
• Do not pay for products with cryptocurrency. Be
careful if someone asks you to pay with Bitcoin or
another cryptocurrency. No one with the government
will
1 6 ever
| O n l iask
n e F for
r a u dthis
S t u dform
y of payment.
• Beware of fake recovery companies. Scam companies
sometimes claim that they can recover stolen money
– for a fee. These are usually scammers.
• Watch out for fake reviews. Scammers often create
fake reviews for their own companies.
• Be wary of celebrity endorsements. It can be
tempting to rely on a prominent figure who has
invested in cryptocurrency. But those endorsements
are often not authorized and even if they are, the
celebrity may be paid for the effort and may not
know more about it than you do.
• Be careful about claims made on social media. This
is the most common place for people to encounter
investment scams.
• Be wary of “friends” who reach out to you on
social media and tell you how they made money
with cryptocurrency. Accounts are frequently
compromised. Call your friend by phone to see if it is
really them.
• Only download apps from Google Play or the App
Store. Trusted app stores do not eliminate the
threat of app scams, but they do offer a basic level
of protection. Be careful with apps. Some contain
malicious software.
• Do not believe promises of guaranteed returns. No
one can guarantee how an investment will perform.
• Seek help and support. Cybercrime Support Network
offers a free, confidential support program for
romance scam survivors.

116
6 || C
Crryyp
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occuurrre
rennccyy S
Sccaam
mss: Ti p s t o avo i d d i g i t a l c u r r e n c y s c a m s BETTER BUSINESS
BETTER BUSINESS BUREAU
BUREAU
WHERE TO REPORT A SCAM
OR REGISTER COMPLAINT
Better Business Bureau — file a complaint with
your local BBB at BBB.org if you lost money or
report a scam online at BBB.org/scamtracker.

Federal Trade Commission (FTC) — file a

complaint online at reportfraud.ftc.gov or call
877-FTC-Help.

Internet Crime Complaint enter (IC3) — file

a complaint online at ic3.gov/complaint and
include:
• All transaction IDs
• Where you sent your crypto from (private
wallet, account at exchange X, etc.)
• Where you believed you were sending your
funds (perpetrator’s private wallet, arbitrage
account, etc.)
• Any details regarding the scam and scammers.

Canadian Anti-Fraud Centre — file a report online

at antifraudcentre-centreantifraude.ca
or call 1-888-495-8501.

U.S. Securities and Exchange Commission —

SEC.gov/tcr

RECOMMENDATIONS
• Social media should do more to:
• Prevent hijacking of profiles
• Stop scam advertisements for cryptocurrency
investment schemes
• Prevent the illegal use of celebrity names to
promote cryptocurrency scams
• Regulators should carefully monitor Bitcoin
ATMs to prevent use by scammers.
• BBB, media, trade groups and government
agencies should continue to educate the
public about risks.
• U.S. Department of Treasury and
security regulators should provide
stringent oversight and regulation of
cryptocurrencies.
1 7 | C r y p t o c u r re n c y S c a m s : W h e r e t o r e p o r t . . . & R e c o m m e n d a t i o n s BETTER BUSINESS BUREAU
 About BBB
BBB is a nonprofit organization that sets and upholds high standards for fair and
honest business behavior. Most BBB services to consumers are free of charge.
BBB provides objective advice, free BBB Business Profiles on more than 5.3
million companies, 11,000 charity reviews, dispute resolution services, alerts
and educational information on topics affecting marketplace trust.

BBB’s mission is to be the leader in advancing marketplace trust. It accomplishes

this by:

• Setting standards for marketplace trust

• Encouraging and supporting best practices by engaging with and educating
consumers and businesses
• Celebrating marketplace role models
• Calling out and addressing substandard marketplace behavior
• Creating a community of trustworthy businesses and charities

Acknowledgments
This study was a joint project of Better Business Bureaus of Chicago, Dallas, Omaha,
San Francisco and St. Louis. Contributions include data from BBB Scam Tracker, BBB
Institute for Marketplace Trust, IABBB and various regulatory agencies.

BBB International Investigations Initiative contact information

BBB Chicago — [email protected]
BBB Dallas — [email protected]
BBB Omaha — [email protected]
BBB San Francisco — [email protected]
BBB St. Louis — [email protected]

By C. Steven Baker, BBB International Investigations Specialist [email protected]

Find more information about this study and other BBB scam studies at
BBB.org/scamstudies

All images courtesy of Getty Images unless otherwise noted.

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