Crypto Scam Victims Lose Over $1 Billion Since 2021 – FTC

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June 3 (Reuters) – More than 46,000 people have said they have lost more than $1 billion to cryptocurrency scams since the start of 2021, the Federal Trade Commission (FTC) said in a report on Friday.

According to the FTC, almost half of people who said they lost digital currency in a scam said it started with an advertisement, post or message on a social media platform. (https://bit.ly/3x2NRQx)

The cryptocurrency craze was at a fever pitch last year with bitcoin hitting a record high of $69,000 in November.

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Reports indicate that social media and crypto are a combustible combination for fraud, the agency said, adding that about $575 million of all digital currency fraud losses were from “false trading opportunities.” investment”.

Nearly four out of ten dollars lost in social media fraud were lost in crypto, far more than any other payment method, with Instagram, Facebook, WhatsApp and Telegram being the top social media platforms in such cases, according to the report. .

The average loss reported for an individual was $2,600, and bitcoin, tether, and ether were the top cryptocurrencies people used to pay scammers, the FTC said.

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Reporting by Medha Singh and Bansari Mayur Kamdar in Bengaluru; Editing by Shounak Dasgupta

Our standards: The Thomson Reuters Trust Principles.

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