U.S. cryptocurrency scams soar tenfold since October, FTC says
American consumers have lost an estimated US$80 million in cryptocurrency investments since October 2020, according to new data from the Federal Trade Commission, which calculated that digital currency scams had jumped tenfold year on year.
American consumers have lost an estimated US$80 million in cryptocurrency investments since October 2020, according to new data from the Federal Trade Commission, which calculated that digital currency scams had jumped tenfold year on year.
Fast Facts:
Data showed nearly 7,000 scams were reported in the last quarter of 2020 and the first quarter of 2021, with the average losses of US$1,900.
Consumers have lost more than US$2 million to Elon Musk impersonators alone since October.
Investors aged 20-49 were more than five times as likely as older age groups to report losing money to cryptocurrency investment scams.
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