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Over $1 Billion Loss In Crypto Scams Since 2021: Federal Trade Commission

Crypto rip-off victims lose greater than $1 billion since 2021 – FTC

More than 46,000 individuals reported dropping over $1 billion in cryptocurrency scams because the begin of 2021, the Federal Trade Commission (FTC) stated in a report on Friday.

Nearly half the individuals who reported dropping digital currencies in a rip-off stated it began with an advert, submit or a message on a social media platform, in keeping with the FTC.

The craze for cryptocurrencies was at a fever pitch final 12 months with bitcoin hitting a file excessive of $69,000 in November.

Reports level to social media and crypto as a flamable mixture for fraud, the company stated, including that about $575 million of all losses associated to digital foreign money frauds have been about “bogus investment opportunities”.

Nearly 4 out of each ten {dollars} misplaced in a fraud originating on social media was misplaced in crypto, way over another fee methodology, with Instagram, Facebook, WhatsApp and Telegram being the highest social media platforms in such circumstances, in keeping with the report.

The common reported loss for a person was $2,600 and bitcoin, tether and ether have been the highest cryptocurrencies that folks used to pay scammers, the FTC stated.

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