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California financial regulator warns of 7 new types of crypto, AI scams

A California financial regulator says users reported seven new types of crypto and AI scams that it hadn’t seen before through thousands of complaints in 2024. 

The California Department of Financial Protection and Innovation (DFPI) said in a March 10 statement that it received 2,668 complaints in 2024 and found seven types of scams they didn’t have on record yet, such as fake Bitcoin (BTC) mining schemes, where fraudsters offer fake investments in mining. 

The DFPI also received complaints about fake crypto gaming schemes, where users are encouraged to deposit funds only to have their wallets drained, and fraudsters offering fake jobs that require victims to transfer crypto and provide private information.

California financial regulator warns of 7 new types of crypto, AI scams

Source: California Department of Financial Protection and Innovation

Victims also reported the theft of private keys through fake airdrops, fake investment group scams in WhatsApp or Telegram, AI Investment scams offering unusually high returns and losing their crypto after interacting with certain sham websites. 

The AI industry experienced significant growth in 2024, reaching a market cap of $638 billion, according to Precedence Research.

There was also a notable rise in crimeware-as-a-service (CaaS), where experienced hackers and cybercriminals sell their tools and services to less experienced offenders for a price.

DFPI Commissioner KC Mohseni said the regulator is urging caution when interacting with unknown platforms and to “verify website domains to avoid fraudulent imitations, and stay wary of crypto recovery scam sites.”

Through its partnership with the State, the DFPI says it shut down more than 26 fraudulent crypto websites and uncovered $4.6 million in user losses last year. 

California DOJ shuts down 42 crypto scam websites

California’s Department of Justice (DOJ) took down 42 crypto scam websites in 2024 that stole $6.5 million from victims, with an average loss per person of $146,306.

In a March 10 statement, the California DOJ said that because international fraudsters often carry out scams, they are difficult to prosecute and arrest.

Common threads among the scam websites were promises of high returns, no contact information, offers of prizes for signing up, and no listings on legitimate crypto industry websites such as CoinMarketCap, the California DOJ said. 

Related: Crypto lost to exploits, scams, hits $1.5B in February with Bybit hack: CertiK

A report from on-chain security firm Cyvers identified pig butchering schemes as one of the most costly in 2024, estimating the scam cost the industry over $5.5 billion across 200,000 identified cases. 

Meanwhile, blockchain security firm CertiK’s annual Web3 security report flagged crypto phishing attacks, which cost users $1 billion across 296 incidents, as the most significant security threat of 2024.

Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8

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Can PM turn diplomatic work with Macron into concrete action on migration?

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Can PM turn diplomatic work with Macron into concrete action on migration?

Emmanuel Macron addressing parliament in the Palace of Westminster’s Royal Gallery was a highly anticipated moment in the long history of our two nations.

That story – the conflict and a historic Anglo-French agreement that ended centuries of feuding, the Entente Cordiale – adorn the walls of this great hall.

Looming over the hundreds of MPs and peers who had gathered in the heat to hear the French president speak, hang two monumental paintings depicting British victories in the Napoleonic wars, while the glass stand in the room commemorates the 408 Lords who lost their lives fighting for Europe in two world wars.

Politics latest: UK and France will get ‘tangible results’ on migration

The French president came to parliament as the first European leader to be honoured with a state visit since Brexit.

It was the first address of a French president to parliament since 2008, and Mr Macron used it to mark what he called a new era in Anglo-Franco relations.

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Sky News’ political correspondent Tamara Cohen was watching Emmanuel Macron’s speech. She highlights the president saying he wants to see tangible results on migration.


Peers and MPs cheered with delight when he confirmed France would loan the Bayeux Tapestry to the UK in the run-up to the anniversary of William the Conqueror’s birthday.

“I have to say, it took properly more years to deliver that project than all the Brexit texts,” he joked as former prime minister Theresa May watched on from the front row

From Brexit to migration, European security, to a two-state solution and the recognition of Palestine, Mr Macron did not shy away from thorny issues, as he turned the page on Brexit tensions woven through Anglo-French relations in recent years, in what one peer described to me as a “very political speech rather than just the usual warm words”.

Macron addressing Parliament
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Emmanuel Macron addresses parliament

He also used this address to praise Sir Keir Starmer, sitting in the audience, for his leadership on security and Ukraine, and his commitment to the international order and alliances forged from the ashes of the Second World War. For that, he received a loud ovation from the gathered parliamentarians.

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Macron’s first-ever state visit: personal or political?

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The test now for Sir Keir is whether he can turn his deft diplomatic work in recent months with Mr Macron into concrete action to give him a much-needed win on the domestic front, particularly after his torrid week on welfare.

The government hopes that France’s aim for “cooperation and tangible results” at the upcoming political summit as part of this state visit, will give Starmer a much-needed boost.

The PM is attempting to drive-down crossings by negotiating a one-in one-out return treaty with France.

Under this plan, those crossing the Channel illegally will be sent back to France in exchange for Britain taking in an asylum seeker with a family connection in the UK.

But as I understand it, the deal is still in the balance, with some EU countries unhappy about France and the UK agreeing on a bilateral deal.

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UK and France have ‘shared responsibility’ to tackle illegal migration, Emmanuel Macron says

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UK and France have 'shared responsibility' to tackle illegal migration, Emmanuel Macron says

Emmanuel Macron has said the UK and France have a “shared responsibility” to tackle the “burden” of illegal migration, as he urged co-operation between London and Paris ahead of a crunch summit later this week.

Addressing parliament in the Palace of Westminster on Tuesday, the French president said the UK-France summit would bring “cooperation and tangible results” regarding the small boats crisis in the Channel.

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Mr Macron – who is the first European leader to make a state visit to the UK since Brexit – told the audience that while migrants’ “hope for a better life elsewhere is legitimate”, “we cannot allow our countries’ rules for taking in people to be flouted and criminal networks to cynically exploit the hopes of so many individuals with so little respect for human life”.

“France and the UK have a shared responsibility to address irregular migration with humanity, solidarity and fairness,” he added.

Looking ahead to the UK-France summit on Thursday, he promised the “best ever co-operation” between France and the UK “to fix today what is a burden for our two countries”.

Sir Keir Starmer will hope to reach a deal with his French counterpart on a “one in, one out” migrant returns deal at the key summit on Thursday.

King Charles also addressed the France-UK summit at the state banquet in Windsor Castle on Tuesday evening, saying it would “deepen our alliance and broaden our partnerships still further”.

King Charles speaking at state banquet welcoming Macron.
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King Charles speaking at state banquet welcoming Macron.

Sitting next to President Macron, the monarch said: “Our armed forces will cooperate even more closely across the world, including to support Ukraine as we join together in leading a coalition of the willing in defence of liberty and freedom from oppression. In other words, in defence of our shared values.”

In April, British officials confirmed a pilot scheme was being considered to deport migrants who cross the English Channel in exchange for the UK accepting asylum seekers in France with legitimate claims.

The two countries have engaged in talks about a one-for-one swap, enabling undocumented asylum seekers who have reached the UK by small boat to be returned to France.

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Britain would then receive migrants from France who would have a right to be in the UK, like those who already have family settled here.

The small boats crisis is a pressing issue for the prime minister, given that more than 20,000 migrants crossed the English Channel to the UK in the first six months of this year – a rise of almost 50% on the number crossing in 2024.

France's President Emmanuel Macron speaks at the Palace of Westminster during a state visit to the UK
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President Macron greets Commons Speaker Sir Lindsay Hoyle at his address to parliament in Westminster.

Elsewhere in his speech, the French president addressed Brexit, and said the UK could not “stay on the sidelines” despite its departure from the European Union.

He said European countries had to break away from economic dependence on the US and China.

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“Our two countries are among the oldest sovereign nations in Europe, and sovereignty means a lot to both of us, and everything I referred to was about sovereignty, deciding for ourselves, choosing our technologies, our economy, deciding our diplomacy, and deciding the content we want to share and the ideas we want to share, and the controversies we want to share.

“Even though it is not part of the European Union, the United Kingdom cannot stay on the sidelines because defence and security, competitiveness, democracy – the very core of our identity – are connected across Europe as a continent.”

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UN criticises Starmer’s welfare reforms and warns measures will ‘increase poverty rates’

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UN criticises Starmer's welfare reforms and warns measures will 'increase poverty rates'

A UN committee on disability rights has criticised the UK government’s welfare reforms, saying they will “increase poverty rates”. 

In an intervention likely to be seized on by MPs seeking to further water down the measures, the committee asks ministers for answers on 10 issues surrounding the benefit changes – and says the reforms risk “regression” for disabled people.

The committee, which reports to the Office of the High Commissioner for Human Rights, asks about British politicians suggesting people are defrauding the benefits system.

Chancellor Rachel Reeves and Prime Minister Sir Keir Starmer at the launch of the 10-year health plan in east London. Pic: PA
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Chancellor Rachel Reeves and Prime Minister Sir Keir Starmer at the launch of the 10-year health plan in east London. Pic: PA

One point on which it wants clarification is: “Public statements by politicians and authorities portraying persons with disabilities as making profit of social benefits, making false statements to get social and disability benefits or being a burden to society.”

Other questions are on the impact the measures will have on “young persons, new claimants of disability benefits, women with disabilities, persons with disabilities with high level supports” and others.

They ask ministers about what measures they have taken to address “the foreseeable risk of increasing poverty rates amongst persons with disabilities if cuts are approved” and claim the welfare bill has had “limited scrutiny”.

The letter claims that the committee has “received credible information” that the Universal Credit and Personal Independent Payment Bill “will deepen the signs of regression” that the committee warned about in a report last year on the cost of living crisis and its impact on disabled people.

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An intervention by the UN will be an embarrassment to the government, which has promised its welfare reforms will help disabled people into work.

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Welfare bill blows ‘black hole’ in chancellor’s accounts

Liz Kendall, the welfare secretary, was criticised heavily earlier in the year for saying some people on benefits were “taking the mickey”.

After a chaotic first vote in Parliament on 1 July, in which MPs succeeded in watering down the reforms significantly, the government now says its reforms will lift 50,000 people out of poverty. The bill was backed by 335 MPs, with 260 against – a majority of 75.

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The first version of the reforms would have – the government’s assessment said – pushed 250,000 people into poverty.

Charities are urging MPs to continue to push for further changes – including on cuts to Universal Credit sickness payments.

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Labour welfare rebel wants ‘respect’

A different UN committee heavily criticised benefit changes made by the Conservatives in 2016 and called on the UK to take “corrective measures” when Labour came into office.

The UN’s committee on Economic, Social and Cultural Rights (CESCR) concluded that “welfare reform” measures introduced by Conservative-led governments in 2012 and 2016 had disproportionately affected disabled people, low-income families, and workers in “precarious employment”.

The committee said this had led to “severe economic hardship, increased reliance on food banks, homelessness, negative impacts on mental health, and the stigmatisation of benefit claimants”.

The Department for Work and Pensions has been contacted for comment.

The Universal Credit and Personal Independent Payment Bill returns to the Commons on Wednesday for its remaining stages.

Mikey Erhardt, policy lead at Disability Rights UK, said: “The fact that the UN has yet again felt it needs to write to the UK government about our cruel and punitive social security system should be a national shame.

“We hope this letter is a wake-up call for MPs. Despite all the chaos of the last-minute climbdowns and concessions, the Universal Credit bill remains broken.

“There are still billions of cuts on the table, and we urge MPs to approach tomorrow’s proceedings with caution as their vote will have serious implications for disabled people across the country.

“If disabled people feel unable to trust the government’s promises on co-production and the UN needed to raise concerns over the bill’s impact, how can MPs vote this bill through?”

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