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Crypto Scams Hit $1 Billion Milestone Since 2021. Here's How to Protect Yourself – The Motley Fool

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by Tor Constantino | Published on June 13, 2022
Image source: Getty Images
More than 46,000 people reported being a victim of a crypto scam, the median amount lost was $2,600 per person.
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According to a report released earlier this month by the U.S. Federal Trade Commission (FTC), since the beginning of last year, more than 46,000 people have reported losing over $1 billion in crypto scams — that’s about 1 out of every 4 dollars reported lost, more than any other payment method. The study further found that the median amount lost by a crypto scamming victim was $2,600 per person.
Additionally, the FTC stated in its report that nearly half of the people who suffered a crypto scam said it initially occurred on a social media web site. The top social platforms cited as having the most reported scams were Instagram (32%), Facebook (26%), WhatsApp (9%), and Telegram (7%). The FTC data further showed that the top cryptocurrencies people said they used to pay scammers were Bitcoin (70%), Tether (10%), and Ether (9%).
One of the more surprising aspects of the FTC report was that younger people were more likely to be a victim of a crypto scam than older demographics, which could be due to wider crypto adoption among Gen Z, millennials, and Gen X cohorts.
The FTC findings also uncovered that individuals between the ages of 20 and 49 were more than three times as likely as older age groups to have reported losing cryptocurrency to a scammer. Reports point to people in their 30s as the hardest hit — 35% of their reported fraud losses since 2021 were in cryptocurrency.
To help curb the incidence of successful crypto scammers, the FTC provides these three tips to help you avoid falling victim to a crypto con.
It’s worth noting that a Chainalysis study from earlier this year found that incidence of NFT fraud and scams were on the rise as well. If you’ve been a crypto scam victim you can report it by visiting ReportFraud.ftc.gov. And if you want to learn more about cryptocurrency scams — and how to spot and avoid scams generally — visit ftc.gov/cryptocurrency.

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We’ve found one company that’s positioned itself perfectly as a long-term picks-and-shovels solution for the broader crypto market — Bitcoin, Dogecoin, and all the others. In fact, you’ve probably used this company’s technology in the past few days, even if you’ve never had an account or even heard of the company before. That’s how prevalent it’s become.
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Tor Constantino is a corporate communications executive and business writer with an MBA. Since 2017, he has written about cryptocurrencies, blockchain, and crypto’s potential to revolutionize finance. His writing has appeared in outlets including Entrepreneur, Forbes, Fortune, CEOWorld, and Yahoo!.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
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