Crypto scams have cost consumers more than $1 billion, FTC says - CNET

2 months ago 26

Crypto scams person outgo consumers much than $1 cardinal since the commencement of 2021, according to a caller Federal Trade Commission analysis.

The numbers, which are based connected losses reported by consumers from January 2021 done March 2022, besides amusement that crypto is becoming the outgo of prime for galore scammers, accounting for astir 1 successful each 4 dollars mislaid to fraud, the FTC says.

Most of the cryptocurrency related fraud stemmed from fraudulent concern schemes, which totaled $575 cardinal successful reported losses. The scams often committedness immense returns successful speech for a crypto investment, but alternatively radical study losing each of their crypto.

Consumers besides reported losing their crypto to romance scams, wherever a emotion involvement convinced them to put successful a crypto scam, and authorities and concern impersonation scams, which people consumers by telling them that their wealth is astatine hazard due to the fact that of a fraud oregon authorities probe and that the lone mode to support it is to person it to cryptocurrency. 

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