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Consumers Lost Over $1B to Crypto Fraud Since January 2021, FTC Says
Crypto is quickly becoming the "payment of choice for many scammers," says the agency.
Updated May 11, 2023, 6:49 p.m. Published Jun 3, 2022, 3:44 p.m.
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Consumers reported they have lost over $1 billion in crypto-linked fraud from January 2021 through March of this year, according to an analysis from the Federal Trade Commission (FTC).
- The median amount lost was $2,600, said the U.S. regulator, citing 46,000 people who have reported being defrauded. The top three cryptocurrencies consumers said they used to pay “scammers” were bitcoin (BTC) at 70%, tether (USDT) at 10% and ether (ETH) at 9%.
- “Cryptocurrency is quickly becoming the payment of choice for many scammers," said the FTC, noting about one in every four dollars lost to fraud involves crypto.
- The majority of the scams involve bogus investment schemes, with romance scams and business/government impersonation frauds rounding out the top three.
- Those aged 20-49 were more than three times as likely to report losing money in a fraud as those in older age groups.
Read more: International Tax Consortium Lists ‘Red Flag Indicators’ of Fraud in NFT Marketplaces
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