While more people have started to learn about options in the crypto world, it also lets scammers create new opportunities to seize some of your coins.
Cryptocurrency has always been a currency of choice for cybercriminals when demanding ransomware payments from companies, But it's also quickly becoming the payment method of choice for scammers targeting everyday citizens.
Government and business impersonation scams accounted for $133 million in stolen crypto funds. Romance scams caused at least $185 million in losses. Often, victims — including those who may not understand how crypto works — will be directed to send a payment directly to a scammer's wallet, where it cannot be easily recouped or returned by enforcement agencies.
According to the FTC, nearly half of people who lost crypto in a scam said it started with a post on social media. In about 60% of those cases, the scam originated on Meta's Facebook or Instagram.
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