Cryptocurrency Scams: Consumers Lost at Least $1 Billion in Early 2021, Says FTC

More than 46,000 American consumers have officially reported a total loss of $1 billion in cryptocurrency to fraud from January 2021 through March 2022, according to a new June 3 report from the Federal Trade Commission. The FTC reported that the data is based on fraud reports made directly to the agency, which means that most crypto scams on Americans are likely underreported, given that many victims do not report their experiences to authorities. The government agency reported that the median loss from an individual scam was $2,600. Fraud report data suggests cryptocurrency is quickly becoming the payment of choice…