The Federal Bureau of Investigation has released an advisory warning cryptocurrency investors and firms to be wary of fraudulent cryptocurrency apps that aim to steal money from victims. The advisory was released on Monday of this week and claims that cybercriminals have been convincing US investors to download fake apps, thus leading to financial losses of $42.7 million from 244 victims. Some of the apps copy the names, logos, and information of legitimate cryptocurrency trading and investing platforms. The cybercriminals are both targeting investors and the reputations of the legitimate firms themselves.

In one instance, cybercriminals were successful in scamming 28 investors out of a combined $3.7 million by using app spoofing to masquerade as a legitimate financial institution. When some of the targeted individuals tried to withdraw funds that had previously been deposited into wallets located in the app, an email notice told them that they had to pay taxes on the investments. After completing the required payment, the funds were still unavailable. Investors should be careful about which platforms they trust with their funds, and ensure that the sites and apps they use are legitimate.

Read More: FBI warns of phony cryptocurrency apps aiming to steal money from investors