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Social media blamed for $1B in crypto scam losses in 2021

Social media blamed for $1B in crypto scam losses in 2021

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

The amount of crypto lost rises up according to age group, with the median individual reported cryptocurrency losses for those in their 70s reaching up to $11,708, compared to just $1,000 for 18- and 19-year-olds.

An article on the FTC’s Consumer Advice website details a number of ways to avoid cryptocurrency scams: 

  • Only scammers demand payment in cryptocurrency. No legitimate business is going to demand you send cryptocurrency in advance — not to buy something and not to protect your money. That’s always a scam.
  • Only scammers will guarantee profits or big returns. Don’t trust people who promise you can quickly and easily make money in the crypto markets.
  • Never mix online dating and investment advice. If you meet someone on a dating site or app, and they want to show you how to invest in crypto or ask you to send them crypto, that’s a scam.

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