Complete Story
06/28/2022
Over $1 Billion Lost to Cryptocurrency Scams in Last 15 Months
Money
U.S. consumers reported losing more than $1 billion to fraud involving cryptocurrencies from the start of 2021 through March 31, 2022, according to new data from the Federal Trade Commission (FTC).
The cumulative losses from more than 46,000 complaints filed with the watchdog agency account for nearly $1 of every $4 lost to fraud over those 15 months, putting crypto atop the list of scam artists’ favorite ways to get paid.
The skyrocketing costs of crypto fraud, with annual losses increasing more than 20 times over in the last three years, suggest criminals are cashing in on virtual money’s growing mainstream prominence, the FTC says, with Bitcoin ATMs cropping up at supermarkets and commercials for crypto trading platforms taking center stage in Super Bowl advertising.
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