Crypto Scams: How much did Consumers Lost?

Consumers have lost $82 million to different Crypto Scams in just 6 months.

The US Federal Trade Commission says that consumers lost approximately $82 million to crypto scams in a matter of 6 months.

Crypto Price rises, Crypto Scams grow

A lot of consumers have reported losses of around $82 million to crypto scams from October 2020 to March 2021.

The $82 million loss is approximately ten times the amount reported for the similar six-month period a year earlier.

The FTC stated that crypto scams also increase when crypto prices are rising. From October 2020 to March 2021, Bitcoin surged up from $10,000 to $59,000, a 490% increase. Ethereum’s price surged from $360 to $1,940 in the same period.

The FTC’s data is relying on self-reporting consumers. The true loss could be higher than what is declared.

Other Crypto Scam victims

The consumers who reported scams to the FTC are not only victims of crypto scams.

According to a report published this month by the Australian Competition and Consumer Commission, scammers stole approximately $20 million in crypto payments last year in Australia. The commission discovered that crypto was the second most popular payment method for the scammers right after bank transfers.

In the United Kingdom, the National Crime Agency is also concerned that the crypto adoption might increase the crimes related to crypto. In the organization’s annual report on even more serious organized crime. The NCA then claimed that increasing Bitcoin adoption can make life easier for many criminals.

Now, if cryptocurrencies are the future of finance, it is also the future for the scammers.

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