WhatsApp, Facebook and Instagram users are being warned about the dangers and spread of cryptocurrency scams on the Meta-owned apps. A new study has revealed that since the start of 2021 cryptocurrency scams have cost victims a staggering £800million in total, with the median victim having over £2,000 stolen. Many of these scams begin on social media, with WhatsApp, Facebook and Instagram the main three platforms criminals exploit.
Instagram is the most targeted app for crypto scams (32 percent), followed by Facebook (26 percent) and WhatsApp (nine percent).
These stats come from the US Federal Trade Commission (FTC), who said between the start of 2021 and the end of March 2022 more than 46,000 people fell victim to cryptocurrency scams.
The most common type of scam was a cryptocurrency investment hoax, with victims losing £459million after being tricked into fake investment opportunities.
Bitcoin was by far the currency that scammers targeted the most, with 70 percent of victims paying out in this currency.
The second most targeted currency was Tether (10 percent) followed by Ether (nine percent).
Speaking about the threat of cryptocurrency scams, the FTC said: “Investment scammers claim they can quickly and easily get huge returns for investors. But those crypto ‘investments’ go straight to a scammer’s wallet. People report that investment websites and apps let them track the growth of their crypto, but it’s all fake.
“Some people report making a small ‘test’ withdrawal…
