Reports show scammers cashing in on crypto craze
— Fraud, Cryptocurrency, Reports, Payment, Reported, Craze, Losses, Social, Scammers, Cashing, Crypto — 1 min read
Since the start of 2021, 46,000 people have reported losing over $1 billion in crypto to scams. The median individual reported loss? A whopping $2,600. The top cryptocurrencies people said they used to pay scammers were Bitcoin (70%), Tether (10%), and Ether (9%) The top platforms identified in these reports were Instagram (32%), Facebook (26%), WhatsApp (9%), and Telegram (7%) Of the reported crypto fraud losses that began on social media, most are investment scams.Romance scams are a distant second to investment scams, with $185 million in reported losses. Source