US Regulator: Investors Reported Losing Over $1 Billion in Crypto to Scams Si...
The U.S. Federal Trade Commission (FTC) has revealed that more than 46,000 people have reported losing over $1 billion in cryptocurrency to scams since the beginning of last year. FTC Says Scammers Stole Over $1 Billion in Crypto The U.S. Federal Trade Commission published a “Data Spotlight” report on crypto scams Friday. The FTC is the only federal agency in the country with both consumer protection and competition jurisdiction in broad sectors of the economy, the regulator’s website describes. Emma Fletcher, senior data researcher at the FTC,....
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Nearly half of the consumers who reported a cryptocurrency-related scam in 2021 said it started with an ad, post or message on social media. The United States Federal Trade Commission has labeled social media and crypto a “combustible combination for fraud,” with nearly half of all crypto-related scams originating from social media platforms in 2021. Published on Friday, the report found that as much as $1 billion in crypto has been lost to scammers throughout the year, which was more than a five-fold increase from 2020, and nearly sixty times up from 2018. New analysis finds consumers....
Lloyds Bank has issued a stark warning as crypto scams spike by 23% this year, revealing that victims are losing an average of £10,741. The report highlights the alarming trend of two-thirds of these scams originating on social media platforms. The data underscores the urgent need for increased awareness and regulatory measures in the cryptocurrency […]
The U.S. Securities and Exchange Commission (SEC) has issued a warning about fraudulent investment schemes involving cryptocurrencies. The regulator notes that some investors may have fear of missing out (FOMO) given the rise in prices of some crypto assets in recent years.
SEC Warns Investors of Crypto Scams
The U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy (OIEA) and Division of Enforcement’s Retail Strategy Task Force (RSTF) issued an Investor Alert on crypto investment scams last week.
The notice explains that....
Crypto scams are a pervasive problem that the industry has had a hard time shaking off. Even when the scams get popular enough that investors no longer fall for them, the scammers come out with even more sophisticated versions of their scams to lure unsuspecting investors. The use of prominent figures such as Elon Musk […]
Bitcoin-related investment scams have already exceeded $18.5 million, an increase of 44% compared to the total losses of nearly $12.8 million in 2020. Investment scams in Australia cost investors more than 70 million Australian dollars ($50.5 million) in the first six months of 2021, with crypto scams contributing to more than 50% of the losses, according to Scamwatch data. As reported by the Australian Competition and Consumer Commission (ACCC), Scamwatch data shows a 53.4% increase in investment scam-related reports, which is set to exceed $101 million by the end of this year. Based on....