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The U.S. Federal Commerce Fee (FTC) has revealed that greater than 46,000 folks have reported dropping over $1 billion in cryptocurrency to scams because the starting of final yr.
FTC Says Scammers Stole Over $1 Billion in Crypto
The U.S. Federal Commerce Fee revealed a “Knowledge Highlight” report on crypto scams Friday. The FTC is the one federal company within the nation with each shopper safety and competitors jurisdiction in broad sectors of the financial system, the regulator’s web site describes.
Emma Fletcher, senior information researcher on the FTC, wrote:
For the reason that begin of 2021, greater than 46,000 folks have reported dropping over $1 billion in crypto to scams – that’s about one out of each 4 {dollars} reported misplaced, greater than every other fee technique.
Particularly, $680 million in cryptocurrency fraud losses had been reported in 2021. Within the first quarter of this yr, the losses resulting from crypto fraud amounted to $329 million.
The researcher added that the median particular person reported loss is $2,600, noting:
The highest cryptocurrencies folks stated they used to pay scammers had been bitcoin (70%), tether (10%), and ether (9%).
The regulator additional defined that almost half the individuals who reported dropping crypto to a rip-off since 2021 stated it began with “an advert, publish, or message on a social media platform.” The highest platforms reported by traders had been Instagram (32%), Fb (26%), Whatsapp (9%), and Telegram (7%).
As well as, of the reported crypto fraud losses that started on social media, most ($575 million) are funding scams, the FTC stated. Romance scams got here second, with $185 million in reported cryptocurrency losses since 2021
Folks ages 20 to 49 had been extra more likely to have reported dropping cryptocurrency to a scammer, with these of their 30s being hit the toughest, the regulator famous. Nevertheless, median particular person reported losses elevated with age, topping out at $11,708 for folks of their 70s.
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