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Consumers Lost $1 Billion in Cryptocurrency to Scams in 2021

June 3, 2022
in Cryptocurrency News
0

By Bloomberg Law Automation

June 3, 2022, 2:38 PM

Consumers reported losing over $1 billion to fraud involving cryptocurrencies from January 2021 through March 2022, according to a new analysis from the Federal Trade Commission.

The FTC’s latest Consumer Protection Data Spotlight finds that most of the losses consumers reported involved bogus cryptocurrency investment opportunities, totaling $575 million in losses since January 2021. The scams often falsely promise investors that they can earn huge returns by investing in their cryptocurrency schemes.

The next largest losses reported by consumers were romance scams and business and government impersonation scams. Romance scams involve a love interest who tries to entice someone …

Bloomberg Law Automation

© 2022 The Bureau of National Affairs, Inc.

All Rights Reserved


This news is republished from another source.

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Name Price
bitcoin
Bitcoin (BTC)
$22,894.00
ethereum
Ethereum (ETH)
$1,634.57
USDEX
USDEX (USDEX)
$1.08
tether
Tether (USDT)
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binancecoin
BNB (BNB)
$327.76
usd-coin
USD Coin (USDC)
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ripple
XRP (XRP)
$0.397779
binance-usd
Binance USD (BUSD)
$1.00
cardano
Cardano (ADA)
$0.391917
dogecoin
Dogecoin (DOGE)
$0.092137


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