FTC Reports Consumers Lost $1 Billion to Crypto Fraud Last Year
According to the FTC’s latest Consumer Protection Data Spotlight, between January 2021 and March 2022, consumers reported losing over $1 billion to fraud involving cryptocurrencies. With roughly one out of every four dollars in these scams being paid in crypto, the report suggested that it has become the payment of choice for many criminal opportunists.
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False narratives
A majority of the cryptocurrency losses consumers reported, some $575 million, were due to phony investment opportunities. These scams falsely offered the potential for massive returns from investing in cryptocurrency schemes, while those who “invested” instead merely lost all their funds.
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