Bitcoin Leads Crypto Fraud As FTC Confirms $1 Billion Milestone
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Over 46,000 people have lost money in crypto fraud since the beginning of 2021 making it the leading source of payment scams. Nearly four out of every ten dollars stolen originated from social media. Bitcoin made up 70% of crypto-related scams followed by tether at 10% and Ethereum at 9%. Fake investments were by far the largest type of fraud that started on social media with $575 million being reported to the FTC during the time period. The report comes at a time of increasingly widespread reports of crypto fraud, and the collapse of the crypto market as a result of regulated offerings. The rising incidence of fraud has triggered renewed interest in stricter regulation. Source