The scamming tale in the Cryptocurrency market appears to have no end in sight, at least for the time being. While the extraordinary sensitivity of cryptos was not enough to keep investors on edge, the worry of falling victim to fraudsters and losing their hard-earned money was. According to a new study, between January 2021 and March 2022, investors lost more than $1 billion in cryptocurrencies due to fraud.
According to new research from the Federal Trade Commission, bitcoin is swiftly becoming the payment of choice for many scammers, with one out of every four dollars lost to fraud being paid in cryptocurrency.
From January 2021 to March 2022, consumers reported losing over $1 billion to cryptocurrency fraud
The FTC’s investigations revealed that the majority of Crypto losses recorded by consumers were due to phoney cryptocurrency investment offers, totalling $575 million in losses since January of last year.
False promises to potential investors are frequently used to create phoney crypto investment opportunities. Scammers fraudulently claim to consumers that participating in their cryptocurrency schemes will yield enormous profits; yet, several people have reported losing all of their “investments.”
Aside from that, consumers reported the second-largest losses to romance scams, which frequently involved a love interest attempting to persuade someone into investing in what turned out to be a cryptocurrency hoax.
Furthermore, consumers have lost a significant amount of money as a result of Business and Government Impersonation Scams, according to the FTC report, in which scammers claim that their money is at risk due to fraud or a government investigation and that the only way to protect it is to convert it to cryptocurrency.
Cryptocurrency-related frauds frequently start on social media, according to the FTC. Nearly half of consumers who have reported a cryptocurrency-related scam since 2021 say it began with a social media ad, post, or message.
It went on to say that consumers aged 20 to 49 were more than three times as likely as those in older age groups to have lost money to a cryptocurrency fraud. When older age groups did report a cryptocurrency-related scam, they reported losing more money.
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