$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.

Author

  • 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.

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