FTC report: Investors lost $1 billion to crypto scams
The Federal Trade Commission (FTC) on Friday released a report in which the enforcer of civil U.S. antitrust law revealed that the investors had lost over $1 billion in crypto-related scams, which have been growing due to a lack of regulations and proper education on digital assets.
FTC reports a median individual of $2,600
According to the report from FTC, from the start of 2021, more than 46,000 people have reported losing over $1 billion in crypto to scams which is higher than any other payment method. Furthermore, the median individual reported loss came out to be a "whopping" $2,600. Top cryptocurrencies that investors paid scammers with include Bitcoin (70%), Tether (10%), and Ether (9%)."Crypto has several features that are attractive to scammers, which may help to explain why the reported losses in 2021 were nearly sixty times what they were in 2018. There's no bank or other centralized authority to flag suspicious transactions and attempt to stop fraud before it happens," FTC said in its report.FTC noted that since blockchain transactions cannot be reversed and are untracked, scammers are able to make away with the money. Furthermore, many people are not familiar with crypto investments, and hence, investors play into the hands of scammers.
Social media platforms play an important role
According to the FTC report, "nearly four out of every ten dollars reported lost to a fraud originating on social media was lost in crypto, far more than any other payment method," and the top platforms include Instagram (32%), Facebook (26%), WhatsApp (9%), and Telegram (7%). Most of the scams were investment scams that promised high returns for low principles."Some people report making a small "test" withdrawal – just enough to convince them it's safe to go all in. When they really try to cash out, they're told to send more crypto for (fake) fees, and they don't get any of their money back," said the report.
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