In 2021 Almost Half of the Crypto Scams Were Made Using Social Networks — FTC

According to a report by the US Federal Trade Commission (FTC), in 2021, almost half of all cryptocurrency-related fraudulent activities were from social media platforms.

In a year, scammers received approximately $1 billion in various cryptocurrencies. This is five times the “fraud profit” for 2020, and almost 60 times the figure for 2018.

As of March 31, 2022, the amount of cryptocurrency that scammers received using their schemes reached half of the 2021 figure.

According to the FTC, the following platforms are very popular among scammers for crypto-fraud: Instagram (32%), Facebook (26%), WhatsApp (9%) and Telegram (7%).

Interestingly, Twitter, the favourite social network of the crypto community, was not mentioned in the report despite being inundated with spam and scam bots promoting fake crypto giveaways.

Judging from fraud reports in the Consumer Sentinel Network FTC, the most common type of crypto scam was investment-related scams, accounting for $575 million of the $1 billion total.

The report also indicates that people aged 20-49 are most likely to fall for the tricks of scammers and lose cryptocurrency. Those over the age of 30 were hit the hardest, accounting for 35% of all reported financial losses from fraud.

The amount of cryptocurrency lost increases by age group, with the average cryptocurrency loss for those over 70 reaching $11,708 compared to $1,000 for 18- and 19-year-olds.

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