{"id":37503,"date":"2022-06-05T11:29:04","date_gmt":"2022-06-05T11:29:04","guid":{"rendered":"https:\/\/harchi90.com\/1-billion-has-been-lost-in-cryptocurrency-scams-since-2021-ftc-warns\/"},"modified":"2022-06-05T11:29:04","modified_gmt":"2022-06-05T11:29:04","slug":"1-billion-has-been-lost-in-cryptocurrency-scams-since-2021-ftc-warns","status":"publish","type":"post","link":"https:\/\/harchi90.com\/1-billion-has-been-lost-in-cryptocurrency-scams-since-2021-ftc-warns\/","title":{"rendered":"$ 1 billion has been lost in cryptocurrency scams since 2021, FTC warns"},"content":{"rendered":"
The FTC rang the alarm bells on Friday, saying crypto-related crimes amount to about one out of every four dollars reported lost to fraud – more than any other payment method. The median individual reported loss was $ 2,600.<\/p>\n
The vast majority <\/strong>of those who reported being bilked <\/strong>used Bitcoin to pay scammers, at 70%, followed by Tether and Ether. The victims typically are part of a younger age group – those aged 25-40 are three times as likely to lose money <\/strong>due to fraud. <\/p>\n Crypto scams are becoming increasingly popular, shooting up 60 times higher than in 2018. It has all the elements that give scammers an advantage <\/strong>– no bank to flag suspicious transactions, irreversible transfers and novice investors that are often largely unfamiliar with how crypto works.<\/p>\n The FTC’s warning comes at a volatile time in the crypto market. Since Bitcoin hit its peak of $ 69,000 in November, it’s lost more than half its value as investors have pulled out of riskier assets due to rising interest rates.<\/p>\n Nearly half of those who reported losing money to a crypto scam in 2021 said they were lured in through an online post or social media message. More than half of the posts were seen on Facebook or Instagram. <\/p>\n Fake investment opportunities were behind $ 575 million of all crypto losses reported to the FTC, far more than any other fraud type.<\/p>\n “The stories people share about these scams describe a perfect storm: false promises of easy money paired with people’s limited crypto understanding and experience,” the FTC report said. <\/p>\n