Fake FBI Crypto Tokens Are Being Used to Threaten Tron Users, Authorities Warn

Advertisement

The FBI warned on Thursday of a new threat emerging on Tron’s network, with users receiving tokens that aren’t actually coming from federal law enforcement.

The tokens carry a message visible through a blockchain explorer that demands recipients provide personal information in accordance with anti-money laundering rules using an online form. But users would be wise to disregard them, the FBI’s New York Field Office signaled in a post on X.

“FBI New York encourages users of the Tron blockchain network to exercise caution if they encounter a token purported to be from the FBI,” the office said. “Do not provide any identifying information to any website associated with such [a] token.”

The token, which bears the FBI’s name, claims recipient wallets are under investigation. And if users fail to verify their personal information, they risk “a total block on your assets.”

A website that the token’s recipients are directed to meanwhile claims that “current sanctions” can be avoided if users immediately comply with the request—echoing the same urgency that other crypto scams have invoked to swipe digital assets from victims in vulnerable moments.

It’s likely that the token identified by the FBI is being sent to users who fear the government could be breathing down their neck, considering that Tron has developed a reputation for its use among illicit actors, whether they’re involved in human trafficking or terrorist financing.

Although some of the token’s recipients may breathe a sigh of relief, it is unclear how many of them will file a report with the FBI’s division for reporting internet-facilitated crimes, as suggested. 

Last year, a crime-fighting coalition co-led by stablecoin issuer Tether, intelligence firm TRM, and Tron said that they had frozen more than $100 million worth of assets. The initiative is aimed at stamping out criminals that have adopted Tether’s USDT to launder ill-gotten gains.

In a January report, TRM said that blockchain founded by Justin Sun—who reached a $10 million settlement this month with the SEC to resolve a 2023 lawsuit accusing him of fraud and selling unregistered securities—was a common tool for evading sanctions in Iran.

The token identified by the FBI on Thursday was created eight days ago and held by 728 digital wallets, according to Tronscan. Several of them held more than $1 million in USDT.

Although the FBI said it’s not behind the token in question, agents did create their own Ethereum token to crack down on market manipulation in 2024. The token, dubbed NexF, was used to identify, disrupt, and bring alleged fraudsters to justice. Eventually, NexF was disabled for trading, but not before authorities eked out $14,500 in profits.