FTC: Crypto-crime victims lose more than $1bn

From January 2021 to March 2022, consumers lost more than $1 billion to cryptocurrency-related scams, according to a report by the U.S. Federal Trade Commission (FTC).

The agency cited 46,000 people who reported being defrauded. According to a press release, those most affected were victims of fake investment schemes — $575 million since January last year.

In second place were romance- and dating-related scams. In third place were fake representatives of companies or governments.

“Almost half of consumers who reported cryptocurrency fraud said it began with an advertisement, post, or message on social media,” the FTC said.

According to the agency, people aged 20 to 49 reported cryptocurrency scams three times as often as older adults.

“… cryptocurrency is rapidly becoming a preferred option for many criminals: roughly one in four dollars lost to fraud was paid in cryptocurrency,” the statement said.

The average loss was $2,600. Victims most often sent Bitcoin (BTC) (70%), USDT (10%), and Ethereum (ETH) (9%) to the scammers.

In February, the FTC estimated losses from online dating services in $547 million — a fifth of that sum was in cryptocurrency.

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