The U.S. Federal Trade Commission (FTC) has revealed that more than 46,000 people have reported losing over $1 billion in cryptocurrency to scams since the beginning of last year.
The U.S. Federal Trade Commission published a “Data Spotlight” report on crypto scams Friday. The FTC is the only federal agency in the country with both consumer protection and competition jurisdiction in broad sectors of the economy, the regulator’s website describes.
Specifically, $680 million in cryptocurrency fraud losses were reported in 2021. In the first quarter of this year, the losses due to crypto fraud amounted to $329 million.
The regulator further explained that nearly half the people who reported losing crypto to a scam since 2021 said it started with “an ad, post, or message on a social media platform.” The top platforms reported by investors were Instagram (32%), Facebook (26%), Whatsapp (9%), and Telegram (7%).