Home News Cryptocurrency scams have lost $ 1 billion in less than a year...

Cryptocurrency scams have lost $ 1 billion in less than a year and a half


Nearly half of those who reported losing digital currency in a scam said the scam began with an advertisement, a post or a message on a social media platform, according to the FTC.

The craze for cryptocurrencies peaked last year, and bitcoin hit a record $ 69,000 in November.

Reports point to social media and cryptocurrencies as a likely combination of fraud, the agency said, adding that about $ 575 million of all digital currency fraud losses were “fake investment opportunities.”

Nearly four out of ten dollars lost in social media fraud have been lost in the crypto sector, much more than in any other payment method, with Instagram, Facebook, WhatsApp and Telegram being the main social media platforms in such cases, according to the report.

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The average reported loss per person was $ 2,600, and bitcoin, tether and ether were the main cryptocurrencies with which people pay scammers, the FTC said.

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