New York (CNN)Cryptocurrency scammers have stolen over $1 billion from 46,000 people since the start of 2021, a new Federal Trade Commission report says.
The FTC rang the alarm bells on Friday, saying crypto-related crimes amount to about one out of every four dollars reported lost to fraud -- more than any other payment method. The median individual reported loss was $2,600.
The vast majority of those who reported being bilkedused Bitcoin to pay scammers, at 70%, followed by Tether and Ether. The victims typically are part of a younger age group -- those aged 25-40 are three times as likely to lose money due to fraud.
Crypto scams are becoming increasingly popular, shooting up 60 times higher than in 2018. It has all the elements that give scammers an advantage -- no bank to flag suspicious transactions, irreversible transfers and novice investors that are often largely unfamiliar with how crypto works.
The FTC's warning comes at a volatile time in the crypto market. Since Bitcoin...
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