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Crypto scams cost people more than $1 billion since 2021: FTC

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The crypto market can be volatile, but it’s still attractive to young people who have “higher risk appetites,” said Chris Adam of SharpRank.

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More than 46,000 people say they lost over $1 billion in crypto to scams since the start of 2021, according to a report released by the Federal Trade Commission on Friday.

Losses last year were nearly 60 times what they were in 2018, with a median individual loss of $2,600.

The FTC notes that the top cryptocurrencies people said they used to pay scammers were bitcoin (70%), tether (10%), and ether (9%).

One key feature of cryptocurrencies like bitcoin is that payment transfers are final and can’t be reversed. This…



Source cnbc.com

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