Cryptocurrency: $1 billion in scams

More than 46,000 people have suffered a cryptocurrency scam since 2021, with damages estimated at more than $1 billion (933 million euros), according to a Federal Trade Commission report released Friday.

The Federal Trade Commission (FTC), an independent agency of the United States government, released a report on Friday claiming that more than $1 billion (933 million euros) had been lost in cryptocurrency scams since early 2021.

On average, victims reported a loss of $2,600 (2,425 euros), CNN reported. They are more than 46,000 according to the American agency for the application of consumer law and the control of anti-competitive commercial practices.

The first targeted cryptocurrency was Bitcoin in 70% of reported cases, ahead of Tether and Ether.

On social networks

According to the report, nearly half of victims said the scams started with an advertisement, post or message on social media like Facebook, Twitter or Instagram.

On these platforms, around 575 million dollars (536 million euros) were defrauded in “false investment opportunities”.

Cryptocurrency ranks first among payment methods that are victims of fraud.

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