FTC Report Reveals That Users Lost Over $1 Billion to Crypto Scams Last Year


$1 billion has been lost in cryptocurrency scams, FTC warns Last Year

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According to the latest data from the Federal Trade Commission, customers lost over $1 billion to cryptocurrency fraudsters between January 2021 and March 2022. According to the FTC research, fraudsters choose cryptocurrencies as a payment method since one out of every four dollars spent on these crimes was paid in cryptocurrency. Over 46,000 people are said to have lost over $1 billion as a result of the claimed loss.

Bitcoin is responsible for 70% of all crypto losses.

Scammers appear to be more interested in stealing bitcoin, which has a 70% market share, followed by Tether (10%) and Ether (3%). (9 percent ). The losses recorded in 2021 are more than 60 times larger than those reported in 2018. Because there is no centralized authority or agency to stop fraudulent transactions or scams, cryptocurrency has become the focal point of fraud.

Despite the fact that crypto gained public prominence last year, most users have just a rudimentary understanding of how it works. The money is gone for good since the transactions are irrevocable. The majority of victims said the frauds started with advertising, message, or social media post.

The majority of reported cryptocurrency scams took place on popular social media sites such as Instagram, Facebook, WhatsApp, and Telegram. The most common types of fraud recorded are investment scams, in which investors are enticed by appealing advertisements promising larger returns on their money.

Scammy investment possibilities account for $575 million of the total amount of money lost in cryptocurrency scams. Users are duped into pooling their money because of eye-popping return claims and investors' lack of knowledge of cryptocurrency. Following investment scams, romance scams account for $185 million in crypto frauds. It is followed by $133 million in business impersonation schemes.

To prevent falling prey to these con artists, investors should conduct their own due diligence. The first approach is to avoid con artists who promise bigger profits. Avoiding investing advice is also in your best interests. Take some time to educate yourself about the project before throwing your blood, sweat, and tears into it.

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