Consumers reported they have lost over $1 billion in crypto-linked fraud from January 2021 through March of this year, according to an analysis from the Federal Trade Commission (FTC).
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The median amount lost was $2,600, said the FTC, citing 46,000 people who have reported being defrauded. The top three cryptocurrencies consumers said they used to pay “scammers” were bitcoin (BTC) at 70%, Tether (USDT) at 10%, and ether (ETH) 9%.
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“Cryptocurrency is quickly becoming the payment of choice for many scammers,” said the FTC, noting about one in every four dollars lost to fraud involves crypto.
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The majority of the scams involve bogus investment schemes, with romance scams and business/government impersonation frauds rounding out the top three.
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Those aged 20-49 were more than three times as likely to report losing money in a fraud as those in older age groups.
Read more: International Tax Consortium Lists ‘Red Flag Indicators’ of Fraud in NFT Marketplaces
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