STAY SAFE – tens of thousands of people have reported losing millions in crypto scams
The U.S. Federal Trade Commission has revealed close to $50,000 people have reported losing over $1 billion in since the beginning of last year.
The commission believe scammers stole Over $1 Billion in Crypto.
That’s about one out of every four dollars reported lost, more than any other payment method.
The researcher added that the median individual reported loss is close to $3,000 dollars.
The top cryptocurrencies people said they used to pay scammers were bitcoin but tether and ether contributed to roughly 20 per cent too.
The regulator further explained that nearly half the people who reported losing crypto to a scam since last year said it started with “an ad, post, or message on a social media platform.”
The top platforms reported by investors were Instagram, Facebook, Whatsapp and Telegram.
Most of the crypto fraud losses that began on social media are investment scams, with Romance scams coming in second in reported crypto losses.
People ages 20 to 49 were more likely to have reported losing cryptocurrency to a scammer, with those in their 30s being hit the hardest