Approximately 46,000 people have reported losing more than $1 billion to crypto scammers since early 2021, the Federal Trade Commission, or Federal Trade Commission (FTC) said inreport
The average loss of individuals is $2,600, and the most stolen cryptocurrencies are bitcoin at 70%, followed by tether and ether.
With some features of crypto including the fact that The absence of banks or central authorities to identify suspicious transactions and irreversible crypto transactions. And most people are still unfamiliar with how it works. crypto increase the scam
Almost half of the scams It starts with posting on social media platforms, according to the FTC, with Instagram at 32% and Facebook at 26%.
Most of the loss reports come from investment scams that offer huge returns. And it took advantage of people’s limited understanding of Crypto, where total reported losses of about $575 million were fraudulent investments, while romance scams followed at $185 million.
The report said Those between the ages of 20-49 are three times more likely to experience losing money to crypto scammers. Compared to older age groups, however, the average loss of individuals tended to increase with age. That increases to $11,708 for those in their 70s.
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