The United States Federal Trade Commission has labeled social media and crypto a “combustible combination for fraud.” The FTC found that Instagram (32%), Facebook (26%), WhatsApp (9%), and Telegram (7%) were the top platforms used for crypto scams.
As of March 31, the amount of crypto lost was already approaching half of the 2021 figure, showing that momentum doesn’t appear to be slowing.
“These scams often falsely promise potential investors that they can earn huge returns by investing in their cryptocurrency schemes, but people report losing all the money they ‘invest.’” The next largest crypto-scam-related losses came from Romance Scams at $185 million, in which a love interest tries toBusiness and Government Impersonation Scams came in third at a total of $133 million, in which scammers target consumers, claiming that their money is at risk due to fraud or a government investigation.
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