US FTC: Crypto fraud IG and FB community platforms are the most rampant, with a total loss of over 1 billion magnesium in one year


The latest report from the U.S. Federal Trade Commission (FTC) states that since 2021, 46,000 people have suffered from crypto scams, with a total loss of more than $1 billion. More than half of the cases occurred on social platforms (IG and FB are the most rampant), of which “investment fraud” accounted for the most. (Recap:Azuki Investors Hit!Fraudster hacked into Twitter’s Blue Gogo account, faked the official airdrop BEANZ NFT phishing )

according toA new report released by the U.S. Federal Trade Commission (FTC) on the 3rd shows that since 2021, about 46,000 people claim to have suffered a total loss of “cryptocurrency scams” ​​of more than $1 billion, almost 60% in 2018. times. The median individual loss was $2,600, and the main cryptocurrencies most commonly used to pay scammers were: Bitcoin (70%), Tether (10%) and Ethereum (9%).

Note: The report appears to only count incidents that have been reported to the police, as reports of crypto scams by on-chain data analytics firm Chainalysis are as high as $7.7 billion in 2021 alone.

Nearly half of the cases occurred on social platforms, with investment fraud accounting for the largest

The FTC report also pointed out that nearly half of victims lost their assets due to fraudulent advertisements or articles on social platforms, the most rampant platforms are: Instagram (32%), Facebook (26%), WhatsApp ( 9%) and Telegram (7%).


Among the types of scams, “investment scams” are the most common, with losses of up to $575 million. By providing a fake investment platform, the criminals let the victims taste the sweetness in the early stage and lowered their vigilance, and then took the money away in the last breath. Finally, the victim was shocked that the cryptocurrency deposited in the account was only wealth on paper and could not be withdrawn at all. .

The second largest scam was the “Romance scam” with a total loss of about $185 million. After the criminals gained trust by pretending to be in a relationship with the victim, they waited for the opportunity to defraud assets in the name of helping to invest in cryptocurrencies or urgently in need of financial assistance.

The last two methods are to pretend to be the name of the company or the government, and ask the victim to deposit cash into the cryptocurrency account and then empty the account under the guise of repeated purchases of goods or the possibility that the personal account will be frozen.

Further reading:The market value of blue-chip NFT “Moonbirds” exceeded 500 million US dollars

Three anti-fraud tips for users

At the end of the report, the FTC made three points to remind users to beware of cryptocurrency scams:

Only scammers can guarantee profits or huge returns. Any cryptocurrency investment is not guaranteed to make money, let alone large sums of money. No legitimate person will ask you to buy cryptocurrency. Not to solve the problem, or to protect your money. That’s a scam. Don’t confuse online dating with investment advice. If a new lover wants to show you how to invest in cryptocurrencies, or ask you to send them cryptocurrencies, it’s a scam.

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