FTC: Victims of Scams Lose More Than $1B in Crypto

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Consumers lost more than $1 billion in digital asset scams from January 2021 to March 2022, according to a report of the US Federal Trade Commission (FTC).

The agency has cited 46,000 people who reported the hoax. According to a press release shared by the agency, victims of fictitious investment schemes have lost more than others, about $575 million since January 2021.

In second place are scams related to dating and romantic relationships. On the third, fake representatives of companies or the government.

The FTC has said:

“Nearly half of the consumers who reported cryptocurrency fraud said it started with an ad, post, or social media post.”

According to the agency, people aged 20 to 49 were three times more likely to complain about digital asset scams than older citizens.

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