Victims of cryptocurrency scams have lost over $1 billion since 2021

Deepak Gupta June 5, 2022
Updated 2022/06/05 at 9:01 AM

The topic of cryptocurrencies still generates a lot of discussion, not being at all consensual, but it probably never will be either. If, on the one hand, there are those who are apologists and even invest in the business of digital currencies, on the other hand, many are also the most skeptical who come with a lot of distrust and even discredit this technology.

A recent report by the US Federal Trade Commission has now revealed that victims of cryptocurrency scams have lost more than a billion dollars since last year.

Over 1 billion lost in cryptocurrency scams

according to one report Released this Friday (3) by the Federal Trade Commission (FTC), more than 46,000 people have reported situations in which, in total, they have lost more than a billion dollars in cryptocurrency scams and fraud since the beginning of 2021.

As advanced by the agency Reuters, the American entity adds that almost half of the people who said they had lost digital currencies in fraud said that it all started from an advertisement, publication or message on social networks. That year, the value of cryptocurrencies was on the rise, with Bitcoin worth $69,000 in November.


Recent reports indicate that the combination of social media and cryptocurrencies is perfect for fraud to occur. Furthermore, the FTC adds that about $575 million of all losses from digital currency fraud were under "false investment opportunities".

Read too: New York passes law limiting Bitcoin cryptocurrency mining

Nearly 4 out of every 10 dollars lost from social media scams was cryptocurrency loss, far more than any other payment method. In turn, the main platforms where the frauds took place were Instagram, Facebook, WhatsApp and Telegram, according to the report.

Only one of the victims lost $2,600, and the most used currencies to pay criminals were Bitcoin, Ethereum and Tether.

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