US Federal Trade Commission (FTC) Release Crypto Scam Figures

According to the report, “Consumers reported losing over $1 billion to fraud involving cryptocurrencies from January 2021 through March 2022.”

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More than 46,000 consumers reported losing money in crypto scams over the period.

The report went on to say

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“Most of the cryptocurrency losses consumers reported involved bogus cryptocurrency investment opportunities, which totaled $575 million in reported losses since January 2021.”

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Romance scams and business and government impersonation scams also resulted in sizeable losses.

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The report did not provide any breakdown in terms of the likely location of cybercriminals.

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If the trends are similar to the findings of Chainalysis, cybercriminals from Iran, Russia, China, and North Korea are likely to be most active in the digital asset space.

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In 2021, Conti, DarkSide, and Phoenix Cryptolocker were reportedly the biggest ransomware strains. Conti extorted at least $180 million based on the numbers in February.

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The surge in cybercriminal activity in the digital asset space has drawn government and regulatory scrutiny.

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