BBB study finds lack of regulation and consumer education of cryptocurrency results in dramatic increase in fraud and financial losses.
SEATTLE — In 2021, the Better Business Bureau said it received just fewer than 2,500 complaints about financial losses linked to cryptocurrency scams. Those losses totaled just shy of $8 million.
“We also received just over 1,200 scam checker reports with losses just shy, again, of $8 million,” said Logan Hickle, BBB of Washington public relations and communications manager. “Then, we also received 579 negative reviews from cryptocurrency companies themselves.”
Hickle said the Federal Trade Commission estimated $750 million in cryptocurrency losses in 2021 and in 2020, the FBI Internet Crime Complaint Center estimated $246 million in losses.