Cryptocurrency Scams Tally up to $1 Billion since 2021
Cryptocurrencies have been getting some heat as of late due to the downturn in markets, but now add this...
Cryptocurrencies have been getting some heat as of late due to the downturn in markets. Another reason for the hesitation of individuals to invest in crypto scams and new FTC data found that scammers have stolen over $1 Billion from nearly 46,000 people since the start of 2021.
Crypto-related crimes amount to about one out of every four dollars reported lost to fraud. This is more than any other payment method and the median individual has reported losing $2,600. Those who have reported being scammed used Bitcoin (70%) and the others have been scammed out of Tether and Ether. Victims have been found to be of the younger age group. FTC data also found that individuals aged 2%-40 are three times as likely to lose money due to fraud… Young and dumb.
The popularity of crypto scams has shot up 60 times higher than in 2018. What do you expect? There are no suspicious transaction flags being given by a bank, no reversible transfers, and people are investing with no familiarity with the market or even how crypto works. People are being scammed off of blatant stupidity and ignorance of the crypto market and function.
The FTC has issued warnings as Bitcoin has now tallied a loss of nearly half of the value it had in November at $69,000.
Read more on where individuals were being scammed and how scammers reeled them in HERE