Menu
  • Latest
  • Prices
  • NFT
  • Coins
    • Bitcoin
    • Ethereum
    • Cardano
    • Ripple
    • Solana
    • Shiba inu
    • Dogecoin
    • Algorand
    • Litecoin
  • GEO
    • Ukraine
    • China
    • India
    • South Korea
    • North Korea
    • El Salvador
    • Switzerland
    • Nigeria
    • Russia
    • Latin America
  • Wiki
Language:

Coin Prologue
  • Latest
  • Prices
  • NFT
  • Coins
    • Bitcoin
    • Ethereum
    • Cardano
    • Ripple
    • Solana
    • Shiba inu
    • Dogecoin
    • Algorand
    • Litecoin
  • GEO
    • Ukraine
    • China
    • India
    • South Korea
    • North Korea
    • El Salvador
    • Switzerland
    • Nigeria
    • Russia
    • Latin America
  • Wiki
  • News

US Regulator: Investors Reported Losing Over $1 Billion in Crypto to Scams Since 2021

  • Ralph Smith
  • 05/06/2022
  • 2 minute read
Total
0
Shares
0
0
0
0
0
0

US Regulator: Investors Reported Losing Over $1 Billion in Crypto to Scams Since 2021

The U.S. Federal Trade Commission (FTC) has revealed that more than 46,000 people have reported losing more than $1 billion in cryptocurrency fraud since early last year.

FTC Says Scammers Stole Over $1 Billion in Crypto

The U.S. Federal Trade Commission released a “Data Spotlight” report on crypto fraud on Friday; the FTC is the only federal agency in the country with both consumer protection and competition jurisdiction over a broad swath of the economy, the regulator’s website states.

Emma Fletcher, a senior data researcher at the FTC, writes

Since the start of 2021, more than 46,000 people have reported losing more than $1 billion to fraud in crypto, about $1 out of every $4 reported, more than any other payment method.

Specifically, $680 million in cryptocurrency fraud losses were reported in 2021. In the first quarter of this year, crypto fraud losses totaled $329 million.

The researchers noted that the median loss reported by individuals was $2,600, adding.

The top cryptocurrencies that people said they used to pay scammers were bitcoin (70%), tether (10%), and ether (9%).

Regulators further explained that since 2021, nearly half of those who reported losing crypto to scams began with “an ad, post, or message on a social media platform.” The top platforms reported by investors were Instagram (32%), Facebook (26%), Whatsapp (9%), and Telegram (7%).

US Regulator: Investors Reported Losing Over $1 Billion in Crypto to Scams Since 2021
Top scams due to reported crypto losses. Source: FTC

The FTC also noted that the majority ($575 million) of reported crypto fraud losses stemming from social media were investment fraud. Romance scams ranked second, with $185 million in reported cryptocurrency losses since 2021

People aged 20 to 49 were more likely to report losing cryptocurrency to scammers, and those in their 30s were hardest hit, regulators said. However, the median reported loss for individuals increased with age, with the highest at $11,708 for those in their 70s.

Image Credit: Shutterstock, Pixabay, Wiki Commons

Companies: Telegram
Ralph Smith

Cryptocurrency geek. Met with Bitcoin and altcoins back in 2011, when the price of BTC was about 10$. Writing articles since 2014 to these days.

You May Also Like
View Post
  • 1
  • 2 min

Report: Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition

View Post
  • 3
  • 2 min

Financial Analyst Charles Nenner Warns About the End of the US Dollar and Its Consequences

View Post
  • 2 min

Global Reserves Held in US Dollars Fell to Less Than 50% — Official States It Has Become a ‘Toxic’ Currency

View Post
  • 2 min

White House Economist Warns China Wants to Weaken US Dollar’s Reserve Currency Status — Senator Says Biggest Threat Comes From Within

View Post
  • 2 min

Putin and Saudi Crown Prince Discuss Potential BRICS-Saudi Arabia Collaboration

View Post
  • 2 min

Wallet Bot on Telegram Adds Bitcoin Support to Web Interface Following Tether Integration 

Recent Posts
  • Report: Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition

    View Post
  • Financial Analyst Charles Nenner Warns About the End of the US Dollar and Its Consequences

    View Post
  • Global Reserves Held in US Dollars Fell to Less Than 50% — Official States It Has Become a ‘Toxic’ Currency

    View Post
  • White House Economist Warns China Wants to Weaken US Dollar’s Reserve Currency Status — Senator Says Biggest Threat Comes From Within

    View Post
Coin Prologue Coin Prologue
Made with ❤️Love in 🇺🇦Ukraine ©2021 — 2022

Input your search keywords and press Enter.