Crypto scams are on the rise, according to the latest report published by the US Federal Trade Commission (FTC). Since the start of 2021, more than $1 billion worth of digital assets have been lost in cryptocurrency scams. The fraudulent activities affected approximately 46,000 people.
According to the details shared by the FTC, affected people paid almost 70% of the total amount in Bitcoin, the world’s largest digital asset. Around 10% was paid in Tether (USDT) and nearly 9% in Ethereum. A large percentage of the recent crypto scams happened on social media platforms.
Since the start of 2021, people lost almost $575 million in investment-related crypto scams. $185 million worth of crypto assets were lost to romance frauds. The total value of cryptocurrency scams related to business imposters stood at $93 million.
“Investment scammers claim they can quickly and easily get huge returns for investors. But those crypto…