{"id":458276,"date":"2022-06-06T05:56:31","date_gmt":"2022-06-06T02:56:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/social-media-blamed-for-1b-in-crypto-scam-losses-in-2021\/"},"modified":"2022-06-06T05:56:31","modified_gmt":"2022-06-06T02:56:31","slug":"social-media-blamed-for-1b-in-crypto-scam-losses-in-2021","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/social-media-blamed-for-1b-in-crypto-scam-losses-in-2021\/","title":{"rendered":"# Social media blamed for $1B in crypto scam losses in 2021"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41a2d530c55\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41a2d530c55\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/social-media-blamed-for-1b-in-crypto-scam-losses-in-2021\/#%E2%80%9D_Social_media_blamed_for_1B_in_crypto_scam_losses_in_2021_%E2%80%9C\" >&#8221; Social media blamed for $1B in crypto scam losses in 2021   &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Social_media_blamed_for_1B_in_crypto_scam_losses_in_2021_%E2%80%9C\"><\/span>&#8221; Social media blamed for $1B in crypto scam losses in 2021   &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>The Federal Trade Commission has labeled <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> and crypto a \u201ccombustible combination for fraud,\u201d with nearly half of all crypto-related scams originating from social media platforms in 2021.\u00a0<\/p>\n<p>Published on June 3, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ftc.gov\/news-events\/data-visualizations\/data-spotlight\/2022\/06\/reports-show-scammers-cashing-crypto-craze\">report<\/a> found that as much as $1 billion in crypto have been lost to scammers throughout the year, which was more than a five-fold increase from 2020, and nearly sixty times up from 2018.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">New analysis finds consumers reported losing more than $1 billion in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw\">#cryptocurrency<\/a> to scams since 2021. Most of the losses consumers reported were to bogus cryptocurrency investment scams: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/MYGTcaw1aS\">https:\/\/t.co\/MYGTcaw1aS<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/DataSpotlight?src=hash&amp;ref_src=twsrc%5Etfw\">#DataSpotlight<\/a> \/1<\/p>\n<p>\u2014 FTC (@FTC) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/FTC\/status\/1532736940407152642?ref_src=twsrc%5Etfw\">June 3, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nAs of March 31, 2022, the amount of crypto lost was already <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roaching half of the 2021 figure, showing that momentum doesn\u2019t appear to be slowing.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/34632368-38a7-4395-9d5e-0b2cc574059f.png\"><\/figure>\n<p>The FTC found that Instagram (32%), Facebook (26%), Whatsapp (9%), and Telegram (7%) were the top platforms used for crypto scams.<\/p>\n<p>Interestingly, Twitter, the social media platform widely adopted by the crypto-community, was not mentioned despite being littered with spam and scam bots touting fake crypto-giveaways.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-06\/8bbac274-3717-4060-910c-f284c33d6649.png\"><\/figure>\n<p>Based on fraud reports to FTC\u2019s Consumer Sentinel Network, the most common type of crypto scam was Investment Related Fraud, making up $575 million of the total $1 billion figure.<\/p>\n<blockquote><p>\u201cThese scams often falsely promise potential investors that they can earn huge returns by\u00a0investing in their cryptocurrency schemes, but people report losing all the money they \u2018invest.\u2019\u201d<\/p><\/blockquote>\n<p>According to the FTC, common investment scams include cases in which a so-called \u201cinvestment manager\u201d contacts a consumer, promising to grow their money &#8211; but only if the consumer buys cryptocurrency and transfers it into their online account.\u00a0<\/p>\n<p>Other methods include impersonating a celebrity who can multiply any cryptocurrency that a consumer sends them or promises of free cash or cryptocurrency. <\/p>\n<p>The FTC also lists scams that involve investment in fake art, gems and rare coins, bogus investment seminars and advice, and other miscellaneous investment scams as part of this group. <\/p>\n<p>The next largest crypto-scam-related losses came from Romance Scams at $185 million, in which a love interest tries to entice someone into investing into a crypto scam. <\/p>\n<p>Business and Government Impersonation Scams came in third at a total of $133 million, in which scammers will target consumers claiming that their money is at risk due to fraud or a government investigation.<\/p>\n<blockquote><p>\u201cThese scams can start with a text about a supposedly unauthorized Amazon purchase, or an alarming online pop-up made to look like a security alert from Microsoft. From there, people are reportedly told the fraud is extensive and their money is at risk.\u201d<\/p><\/blockquote>\n<p>The scammers will then pretend to be a representative of the bank to secure the person\u2019s crypto.\u00a0<\/p>\n<p>In other cases, scammers have impersonated border patrol agents reportedly telling people their fiat accounts are frozen as part of a drug trafficking investigation. These scammers tell people the only way to protect their money is to put it in crypto. They\u2019re directed to take out cash and feed it into a crypto ATM and are tricked into sending it to the scammers\u2019 wallet address instead.<\/p>\n<p>The report found that people aged 20 to 49 were most likely to lose crypto to a scammer, with those in their 30s the hardest hit, making up 35% of total reported fraud losses.\u00a0<\/p>\n<p><strong>Related: A life after crime: What happens to crypto seized in criminal investigations?<\/strong><\/p>\n<p>The amount of crypto lost rises up according to age group, with the median individual reported cryptocurrency losses for those in their 70s reaching up to $11,708, compared to just $1,000 for 18-19-year-olds.<\/p>\n<p>An article on the FTC\u2019s Consumer Advice <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/consumer.ftc.gov\/articles\/what-know-about-cryptocurrency-and-scams\">website<\/a> details a number of ways to avoid cryptocurrency scams:\u00a0<\/p>\n<ul>\n<li>Only scammers demand payment in cryptocurrency. No legitimate business is going to demand you send cryptocurrency in advance \u2013 not to buy something, and not to protect your money. That\u2019s always a scam.<\/li>\n<li>Only scammers will guarantee profits or big returns. Don\u2019t trust people who promise you can quickly and easily make money in the crypto markets.<\/li>\n<li>Never mix online dating and investment advice. If you meet someone on a dating site or app, and they want to show you how to invest in crypto, or ask you to send them crypto, that\u2019s a scam.<\/li>\n<\/ul>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/social-media-blamed-for-1b-in-crypto-scam-losses-in-2021\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Social media blamed for $1B in crypto scam losses in 2021 &#8220; The Federal Trade Commission has labeled social media and crypto a \u201ccombustible combination for fraud,\u201d with nearly half of all crypto-related scams originating from social media platforms in 2021.\u00a0 Published on June 3, the report found that as much as $1 billion&#8230;<\/p>\n","protected":false},"author":1,"featured_media":458277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDYvMzgyYTY0NmMtZTMwYS00YzA2LTgwNWEtOGI3NGVmZGZlZDYyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,75023,74863,76419,4974,71006,33423,71101,4976,36041,72047],"class_list":["post-458276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-scams","tag-cryptocurrencies","tag-telegram","tag-facebook","tag-fraud","tag-instagram","tag-scams","tag-social-media","tag-tether","tag-whatsapp"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/458276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=458276"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/458276\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/458277"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=458276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=458276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=458276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}