The world of crypto continues to draw scam artists and fraud. People have reported losing a combined total of over $1 billion due to crypto scams since the beginning of 2021, according to an FTC report released today. From January 2021 through March of this year, more than 46,000 individuals filed a crypto-related fraud report with the agency. The median individual reported loss in these reports was $2,600.
Many people have become very wealthy off of crypto-currency, such as Bitcoin and NFT’s to name a few. Purchasing crypto has a lot of risks but can be rewarding. People see links pop up on social media saying if you purchase $5000 worth of crypto from our site you will be a millionaire in three weeks. That is quite the advertisement, which could change a lot of lives for the good, but also for the worst. These scammers advertise so people who need money desperately will give in and send money to the scammers, not knowing they are being scammed.
One of the major risks with crypto-currency is that once you have completed a transaction it cannot be reversed – it is gone for good. With that being said, no matter if you send $20 or $20,000, as soon as you hit send that money is gone in an instant. With many new and not so technical savvy people that have been lured to crypto-currency investments such as Bitcoin and NFT’s, this has unfortunately provided a target rich environment for scammers and hackers to prey on the Wild West and unregulated technology that seems like a very quick way to get rich.
