FTC Says Crypto Scams Cost Consumers Over $1 Billion Since 2021

Cybercrime continues to draw media attention and the scrutiny of governments. The latest numbers will be another negative for the crypto market.

Cybercrime across the digital asset space surged in 2021 and continues to draw scrutiny.

Illicit activity across the digital asset space has surged in recent years. Increased investor interest in cryptos,

including bitcoin (BTC), and NFTs have given cybercriminals incentive to target an ever-increasing consumer base.

 On Friday, the Federal Trade Commission (FTC) reported consumers losing more than $1 billion in cryptocurrency scams since 2021.

 Illicit activity continues to rise despite the formation of the National Cryptocurrency Enforcement Team and the FBI’s Virtual Asset Unit.

In February, FX Empire reported estimated crypto ransomware figures for 2021. Chainalysis tracked $602 million

in ransomware payments for 2021. Based on later revisions to 2020 figures, the figure is likely to break $1 billion once finalized numbers are available.