US Regulator: Investors Reported Losing Over $1 Billion in Crypto to Scams Since 2021

The U.S. Federal Trade Commission (FTC) has revealed that much than 46,000 radical person reported losing implicit $1 cardinal successful cryptocurrency to scams since the opening of past year.

FTC Says Scammers Stole Over $1 Billion successful Crypto

The U.S. Federal Trade Commission published a “Data Spotlight” study connected crypto scams Friday. The FTC is the lone national bureau successful the state with some user extortion and contention jurisdiction successful wide sectors of the economy, the regulator’s website describes.

Emma Fletcher, elder information researcher astatine the FTC, wrote:

Since the commencement of 2021, much than 46,000 radical person reported losing implicit $1 cardinal successful crypto to scams – that’s astir 1 retired of each 4 dollars reported lost, much than immoderate different outgo method.

Specifically, $680 cardinal successful cryptocurrency fraud losses were reported successful 2021. In the archetypal 4th of this year, the losses owed to crypto fraud amounted to $329 million.

The researcher added that the median idiosyncratic reported nonaccomplishment is $2,600, noting:

The apical cryptocurrencies radical said they utilized to wage scammers were bitcoin (70%), tether (10%), and ether (9%).

The regulator further explained that astir fractional the radical who reported losing crypto to a scam since 2021 said it started with “an ad, post, oregon connection connected a societal media platform.” The apical platforms reported by investors were Instagram (32%), Facebook (26%), Whatsapp (9%), and Telegram (7%).

In addition, of the reported crypto fraud losses that began connected societal media, astir ($575 million) are concern scams, the FTC said. Romance scams came second, with $185 cardinal successful reported cryptocurrency losses since 2021

People ages 20 to 49 were much apt to person reported losing cryptocurrency to a scammer, with those successful their 30s being deed the hardest, the regulator noted. However, median idiosyncratic reported losses accrued with age, topping retired astatine $11,708 for radical successful their 70s.

Have you been scammed for cryptocurrency? Let america cognize successful the comments conception below.