Crypto is One Out of Every Four Dollars That Reported Lost”: FTC

On Friday the Federal Trade Commission released a report that reads that crypto counted for the one out of every four dollars reported to be lost.

According to the FTC report, since the start of 2021 cryptocurrency worth over $1billion has been reported lost by more than 46,000 people in cryptocurrency scams. It also found out the top cryptocurrencies that have paid mostly in these scams which included Bitcoin, Tether, and Ether.

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FTI told that the scams are started with a post or an ad or any message from the social media platforms as most the people responded to it as the reason behind the scams. According to the people Facebook, Instagram, Whatsapp, and Telegram are some of those social media platforms where the scams took place frequently.

And the fraud was related to mostly investment related whereas the second type of cons was related to romantic.

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The FTC warned the people saying that nobody legit does require you to buy a cryptocurrency and further told them not to mix up an online dating with investment advice. If your dating partner shows more interest in your crypto investments than you it is obviously a scam.

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Anupama Das

An active reader and follower of news. A budding journalist tries to spread authentic news to people.

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