Home Scam/Fraud DEFENDERS: Cryptocurrency scams skyrocket as popularity increases

DEFENDERS: Cryptocurrency scams skyrocket as popularity increases

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COLUMBIA, Mo. (KMIZ)

It’s a popular trend hitting the financial market, investing in cryptocurrency. However, with the rise in popularity comes online scammers.

According to a report from the Federal Trade Commission since October 2020, consumers have reported losing more than $80 million to cryptocurrency investment scams. In that report, nearly 7,000 reports were received from consumers about these scams in the last quarter of 2020 and the first quarter of 2021.

The median amount people lost to a scam was $1,900.

Christopher Leach, is an attorney in the Federal Trade Commission’s Division of Financial Practices…

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