Crypto frauds took more than a billion dollars



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Crypto frauds took more than a billion dollars

Since the beginning of 2021, in the United States alone, various types of cryptocurrency-related fraud have ‘swallowed’ more than $ 1 billion, up 60 percent from 2018. This was shown by the report of the Federal Trade Agency (FTC), which is transmitted by the American media, and which states that about 46 thousand Americans reported that since the beginning of last year they have been victims of fraudsters who used the crypt as "bait"

Fake applications


More than half of those deceived claim to have fallen into the "trap" after following ads, posts or messages posted on various social networks. An FTC report shows that nearly four of the $ 10 lost in this way is related to fraud, which in most cases was Instagram, Facebook, WhatsApp and Telegram.

Official figures for these cases show that $ 575 million in damages from these scams was directly linked to the promotion of bogus investment opportunities, writes Reuters. The victims of such "operations" testify that their websites and applications enabled them to track the movement of the value of their cryptocurrencies, but they were fake pages in apps because they could not get what they invested through them.

It is interesting that on the list of the most common types of fraud related to crypto, "romantic" frauds took second place, while on the third place are those in which fraudsters falsely present themselves as representatives of state institutions or companies.

Bitcoin is the most common


When it comes to cryptocurrencies, which have been most commonly used in payments to fraudsters in the past year and a half, dominated by bitcoin (70 percent), tether (10 percent) and ether 9 percent), according to an FTC report.

Victims of fraud lost on average $2,600. Regarding the profile of victims of crypto fraud in the US market, the FTC notes that younger people are more prone to them, so, they add, for those aged 20 to 40, the possibility of being the target of such illegal actions is three times higher.