$1 Billion Lost to Scammers Since Early 2021

$1 Billion Lost to Scammers Since Early 2021

06.06.2022 03:01
by Nina Petrov
1 min read

According to the report made by the Federal Trade Commission (FTC), there has been a combined loss of $1 billion in the USA alone due to crypto-related scams, since the beginning of 2021. In the first quarter of 2022, a whopping $329 million was lost to crypto-scammers.

The report states that more than 46,000 people lost their money, with the median individual loss amounting to around $2,600. And for people in their 70s, the median loss was significantly higher – about $12,000. Conversely, people aged 20 to 49 were three times as likely to be scammed than older age groups.

The most frequently stolen cryptocurrencies were Bitcoin (70%), Tether (10%), and Ether (9%). Almost half of all crypto-related frauds originated on social media platforms.

FTC explains that such a high number of scammed individuals occurred due to a combination of the prospect of easy money, and the lack of knowledge and awareness on the part of the scammed individuals, who are still mostly unfamiliar with how crypto works.


  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

Trending news

Subscribe and be in touch
Click here