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More than 46,000 people reported being a victim of a crypto scam, the median amount lost was $2,600 per person.
Key points
- According to the recent Federal Trade Commission (FTC) report, the top cryptos people claimed they used to pay scammers were Bitcoin, Tether, and Ether.
- The FTC report also found that certain crypto traits including its decentralized nature, low regulatory oversight, and fast transaction, explain why the reported losses in 2021 were nearly 60 times what they were in 2018.
- Nearly half of the people who suffered a crypto scam said it initially started on a social media web site as an investment or romance.
According to a report released earlier this month by the U.S. Federal Trade Commission (FTC), since the beginning of last year, more than 46,000 people have reported losing over $1 billion in crypto scams — that’s about 1 out of every 4 dollars reported lost, more than any other payment method. The study further found that the median amount lost by a crypto scamming victim was $2,600 per person.
Additionally, the FTC stated in its report that nearly half of the people who suffered a crypto scam said it initially occurred on a social media web site. The…
