REVEALED – how scammers stole over $1 billion in crypto
STAY SAFE – tens of thousands said they lost millions to crypto scams
The US Federal Trade Commission has revealed that almost 50,000 people have said they have lost more than $1 billion since the start of last year.
The commission believes the scammers stole over $1 billion worth of crypto.
That’s about one in four dollars reported lost, more than any other payment method.
The researcher added that the median loss reported by an individual was close to $3,000.
The top cryptocurrencies people said they used to pay scammers was bitcoin, but tether and ether also contributed around 20%.
The regulator further explained that almost half of people who said they lost crypto to a scam since last year said it started with “an announcement, post or message on a social media platform”.
The main platforms reported by investors were Instagram, Facebook, Whatsapp and Telegram.
Most crypto fraud losses that started on social media are investment scams, with romance scams coming second in reported crypto losses.
People between the ages of 20 and 49 were more likely to have reported losing cryptocurrency to a scammer, with people in their 30s the hardest hit