"Losses to Cryptocurrency Scams Top $1B, FTC Reports"

According to data, the Federal Trade Commission (FTC) released Friday, losses from cryptocurrency fraud climbed to over $1 billion between January 2021 through March 2022.  The number is a big jump from the $80 million in losses the FTC reported last year for a six-month period between October 2020 and March 2021.  The FTC estimates that one out of every four dollars U.S. victims lose to fraud is now paid in cryptocurrency.  The FTC noted that a little over half of the reported losses could be traced back to investment scams that promise investors unrealistic returns or nonexistent products.  Private research firm Chainalysis observed a similar jump in investment-related fraud in 2021.  The FTC stated that nearly half of cryptocurrency scams reported by victims originate from social media, a reflection of the overall growth of fraud originating there.  “Giveaway” scams in which fraudsters tell investors to send currency to a wallet address with the promise of getting twice as much or more in return are easily found on platforms including YouTube.  

CyberScoop reports: "Losses to Cryptocurrency Scams Top $1B, FTC Reports"