US Federal Trade Commission Reports Over $1 Billion Lost in Crypto Scams Since 2021

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US Federal Trade Commission Reports Over $1 Billion Lost in Crypto Scams Since 2021 By Angel Di Matteo @shadowargel

In this regard, the Federal Trade Commission (FTC) warns that many of these scams took advantage of the ignorance and the prospects of rapid enrichment present among the victims, which affected at least some 46,000 people who filed the corresponding complaint with the agency.


  • The FTC reveals that $1 billion was lost in crypto scams.
  • The losses took place between January 2021 and March 2022.
  • Each person is estimated to have lost at least $1,000.
  • The most common scam was the promotion of misleading investment offers.

The US Federal Trade Commission (FTC), one of the top trade regulators within the nation, recently revealed that more than $1 billion has been lost in cryptocurrency-related fraud from January 2021 to March this year.

This was announced by the FTC in a recently published report, alleging that cryptocurrencies have become an increasingly common method used by scammers to attract victims interested in generating dividends from investments with digital currencies.

The figures reported by the FTC

Reviewing the data in detail, the FTC reports that there was an average of 46,000 complaints filed with the agency within the indicated period, for which it is estimated that each affected person lost at least some USD $1,000, although the median shows losses of USD $2,600 per individual.

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With respect to the cryptocurrencies captured, the FTC revealed that 70% of the complaints were for theft of Bitcoin (BTC), 10% with the stablecoin Tether (USDT), 9% with Ethereum (ETH) and the rest with other assets.

Another interesting aspect is that most of the deceptive offers that people fall for reach the victims through social networks, so scammers often run very lucrative campaigns on platforms such as Facebook and Instagram to reach a larger audience.

Regarding the modus operandi, the FTC indicates:

“Of the reported losses from crypto fraud that started on social media, the majority are investment scams. In fact, since 2021, $575 million of all crypto fraud losses reported to the FTC were due to bogus investment opportunities, far more than any other type of fraud. The stories people share about these scams describe a perfect storm: false promises of easy money coupled with people’s limited understanding and experience of crypto.”

And adds:

“Investment fraudsters claim they can quickly and easily make huge profits for investors. But those crypto ‘investments’ go straight into a scammer’s wallet. People report that investment websites and apps allow them to visualize their earnings growth, but it’s all bogus. Some people report that they did a little ‘test’ withdrawal, enough to convince them that it’s safe to go all out. When they try to withdraw all the money, they are told to send more cryptocurrencies for (fake) fees to allow them to withdraw the capital, and they don’t… in the end they don’t get even a part of the money back.”

The agency also warns about “romantic” scams, where a person with whom some kind of affective affinity is achieved goes on to promote investment strategies that are apparently successful, but when they give him the capital to manage it, they disappear and leave the victim. without your funds.

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And finally there are those phishing-type scams, where they create clone sites for other officials to steal the data of the victims and steal the cryptocurrencies in the original portals.

Another interesting fact has to do with the age range of the victims. Here the FTC indicates that the victims are mainly between 20 and 49 years old, these having more than three times the probability of being affected by the aforementioned cases. They also indicate that there are older people scammed, but it is not often to find people in this range who have cryptocurrencies.

Avoid being the victim

The data reported by the FTC is simply a reflection of how North American society is affected by people who seek to defraud with cryptocurrencies, unfortunately the number of victims is higher in other latitudes where there is less legal and/or regulatory clarity to operate with these assets. .

As we mentioned in other posts associated with scams, Once again, we emphasize the importance of being adequately informed about the operation of these technologies and their associated markets.. The lack of knowledge about the subject, the volatility of prices and the technological properties of cryptocurrencies open up space for organizations to take advantage of and end up deceiving people interested in trading with these assets.

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Therefore, the invitation is to be very careful and dedicate time to learn more about these topics. This will ensure that users have the tools to identify misleading offers and bad actors, so they can distance themselves and keep their capital safe.

Recommended reading

Font: CoinDesk, FTC (1) (two)

Angel Di Matteo version / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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