FTC reports surge in cryptocurrency scams

FTC reports surge in cryptocurrency scams
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Consumers have lost $80 million to cryptocurrency scams since last October, the Federal Trade Commission (FTC) said Monday.

The losses  which constitute a tenfold year-over-year increase  only include scams reported to the agency, so the true figure could be even higher. 

Consumers reported losing a median of $1,900 in the nearly 7,000 complaints filed with the FTC in the last quarter of 2020 and first quarter of 2021.

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The scams took a variety of forms, according to the agency, including anonymous tips or promises to double investments from a celebrity. 

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The scams particularly affected younger investors between 20 and 49. 

Cryptocurrencies have exploded in popularity recently, especially with high profile backers like Musk and Twitter’s Jack Dorsey.