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.