The US Commodity Futures Trading Commission (CFTC) warned users of messaging apps to beware of schemes that aim to defraud crypto assets.

"Fraudsters are exploiting the default settings of commonly used messaging apps, phone networks and mobile devices to lure users into crypto-pumping and other fraud schemes," the statement said.

The CFTC also informed users of default settings on WhatsApp, Telegram and other popular messaging apps that allow fraudsters to add random or targeted phone numbers to group chats that are used for fraudulent activities.

"People using these apps may not be familiar with the risks and scams commonly associated with crypto assets," said Melanie Devoe, director of the CFTC's Office of Customer Education and Outreach.

"Receiving a group message promising 300% or 1000% returns with zero risk or entering a supposed crypto opportunity can be tempting, but it's best not to engage." /AA