US FTC blames social media for crypto scams
Reports from the US Federal Trade Commission say that half of the crypto-related scams have their origin in a social media ad, post, or message
By Shashank Bhardwaj
US Federal Trade Commission’s (FTC) latest report on Consumer Protection Data Spotlight states that nearly half of the crypto-related scams reported in 2021 started with an ad, post, or message on social media. The report called crypto and social media “a combustible combination for fraud”.
The report was published on June 3, and the latest findings show that scammers stole more than $1 billion worth of crypto assets between January 2021 and March 2022. More than 46,000 people reported these scams. The Data Spotlight report further revealed that the reported losses in crypto scams were 60x more than those in 2018, with one out of every four dollars invested in crypto being lost to fraud in 2021.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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