Crypto Scams Have Raised Over $1 Billion Since the Start of 2021, FTC Says

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Around 46,000 people have reported losing more than $1 billion to crypto scammers since the start of 2021, the US Federal Trade Commission (FTC) said in a statement. report released on Friday.

The median individual loss was $2,600, and the most common cryptocurrency used to pay scammers was bitcoin at 70%, followed by tether and ether.

Reported losses were almost 60 times what they were in 2018, which may be attributable to certain characteristics of crypto, including the fact that there is no bank or central authority to report transactions. suspicious, crypto transactions cannot be undone and most people remain unfamiliar with how crypto works.

According to the FTC report, almost half of scams started with some sort of posting on a social media platform. Instagram at 32% and Facebook at 26% were the most common.

Most of the reported losses came from investment scams that offered big returns and took advantage of people’s limited understanding of crypto. About $575 million of the total reported losses went to bogus investment opportunities. Romance scams followed a distant second, at $185 million.

The report states that people between the ages of 20 and 49 were three times more likely to report losing money to a crypto scammer than those in older age groups. Still, median individual losses tended to increase with age, reaching $11,708 for those in their 70s.

Crypto scams have also increased since the FTC reported total losses of around $80 million for Q4 2020 and Q1 2021.

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