Reported crypto scam losses over $1B since 2021: FTC

By Ovunc Kutlu

ANKARA (AA) - The US' Federal Trade Commission (FTC) said Friday more than 46,000 people have reported losing over $1 billion in cryptocurrency scams since last year.

The FTC said in a statement that the reported losses to crypto scams in 2021 were nearly 60 times what they were in 2018.

"Crypto transfers can’t be reversed. Once the money’s gone, you can kiss your crypto buh-bye. And most people are still unfamiliar with how crypto works," it said.

"Compounding the problem are the ways that social media and crypto can form. ... Nearly half the people who reported losing crypto to a scam since 2021 said it started with an ad, post, or message on a social media platform," the statement noted.

While 32% of people said the scam started on Instagram, 26% said Facebook, 9% said WhatsApp, and 7% said Telegram, according to the FTC.

"Since 2021, $575 million of the reported crypto fraud losses involved bogus investment opportunities. Investment scammers promise big returns, but then often use crypto smoke and mirrors to prey on people’s inexperience," it added.