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US Regulator: Buyers Reported Dropping Over $1 Billion in Crypto to Scams Since 2021 – Featured Bitcoin Information

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The U.S. Federal Commerce Fee (FTC) has revealed that greater than 46,000 individuals have reported dropping greater than $1 billion value of cryptocurrency to scams for the reason that begin of final 12 months.

FTC Claims Scammers Stole Over $1 Billion in Crypto

The US Federal Commerce Fee launched a “Knowledge Highlight” report on crypto scams on Friday. The FTC is the one federal company within the nation with each client safety and competitors jurisdiction over broad sectors of the economic system, the regulator’s web site describes.

Emma Fletcher, senior knowledge researcher on the FTC, wrote:

For the reason that begin of 2021, greater than 46,000 individuals have reported dropping greater than $1 billion in crypto to scams, about one in 4 {dollars} reported misplaced, greater than another type of fee.

Particularly, $680 million in cryptocurrency fraud losses have been reported in 2021. Within the first quarter of this 12 months, cryptocurrency fraud losses amounted to $329 million. .

The researcher added that the median loss reported by a person is $2,600, noting:

The highest cryptocurrencies individuals reported utilizing to pay scammers have been bitcoin (70%), tether (10%), and ether (9%).

The regulator additional defined that just about half of people that stated they misplaced crypto to a rip-off since 2021 stated it began with “an announcement, submit or message on a platform of social media”. The highest platforms reported by traders have been Instagram (32%), Fb (26%), Whatsapp (9%) and Telegram (7%).

US Regulator: Investors Say They've Lost Over $1 Billion in Crypto to Scams Since 2021
Prime Reported Crypto Loss Frauds. Supply: FTC

Moreover, of the reported crypto fraud losses that started on social media, most ($575 million) are funding scams, the FTC stated. Romance scams got here second, with $185 million in cryptocurrency losses reported since 2021

Individuals between the ages of 20 and 49 have been extra more likely to have reported dropping cryptocurrency to a scammer, with individuals of their 30s being the toughest hit, the regulator famous. Nonetheless, reported median particular person losses elevated with age, reaching $11,708 for individuals of their 60s.

Have you ever been scammed for cryptocurrency? Tell us within the feedback part beneath.

Kevin Helms

An economics pupil from Austria, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His pursuits embody Bitcoin safety, open supply programs, community results, and the intersection between economics and cryptography.

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