U.S. consumers reported losing more than $1 billion on cryptocurrency-related scams, according to a new analysis from the Federal Trade Commission.
Why it matters: The commission warned that such scams are rapidly becoming more common and are largely carried out through ads or posts on social media platforms.
By the numbers: The FTC said the most common scam was “bogus cryptocurrency investment opportunities,” with consumers losing in total $575 million from these since 2021.
What they’re saying: The FTC said new reports suggest that “cryptocurrency is quickly becoming the payment of choice for many scammers, with about one out of every four dollars reported lost to fraud paid in cryptocurrency.”
The big picure: The losses from crypto scams are fairly low in comparison to losses from blockchain hacks or other types of fraud, though cryptocurrencies may be used to facilitate fraud in general.
Go deeper: Treasury sanctions cryptocurrency tool tied to North Korean hackers
The Axios Crypto newsletter recently devoted an issue to common scams and ways to protect yourself.
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