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Nearly half the people who reported losing digital currencies in
a scam said it started with an ad, post or a message on a social
media platform, according to the FTC. (https://bit.ly/3x2NRQx)
The craze for cryptocurrencies was at a fever pitch last year
with bitcoin hitting a record high of $69,000 in November.
Reports point to social media and crypto as a combustible
combination for fraud, the agency said, adding that about $575
million of all losses related to digital currency frauds were
about "bogus investment opportunities".
Nearly four out of every ten dollars lost in a fraud originating
on social media was lost in crypto, far more than any other
payment method, with Instagram, Facebook, WhatsApp and Telegram
being the top social media platforms in such cases, according to
the report.
The average reported loss for an individual was $2,600 and
bitcoin, tether and ether were the top cryptocurrencies that
people used to pay scammers, the FTC said.
(Reporting by Medha Singh and Bansari Mayur Kamdar in Bengaluru;
Editing by Shounak Dasgupta)
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