Cryptocurrency: $1 billion stolen from social networks – A report published by the United States

network fraud! – In France thefinancial market supervision (AMF) sounds the alarm crypto scam which make up a quarter of the scams. to United Statesthe Federal Trade Commission (FTC) published a report about these scams. This underscores the explosive cocktail between social networks and cryptocurrencies when it comes to fraud.

Crypto Scams on Social Networks: Targeted 30-year-olds

A June 3, 2022 report from the Federal Trade Commission of the United States points out “Social Media and Cryptocurrencies Are an Explosive Combination for Fraud”.

About the half People reportedly said they lost their cryptocurrencies to a scam since 2021. In fact, they reportedly stated that their misadventures began with a post on a social network.

The Commission refers to the number of 46,000 people after declaring he has more than lost since 20211 billion dollars in cryptocurrencies after a scam.

The report estimates that during this period almost 40% of the losses due to fraud social networkswere in cryptocurrencies – a higher number than other payment methods.

instagram, Facebook, Whatsappand telegram would be the top platforms reported to be used by scammers.

In terms of the victims, the people aged 20 to 49 years would be three times more likely to report the loss of their cryptocurrencies due to a scam. That thirties would be additional “Most Affected”.

Social media crypto scam

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Methods of scammers on social networks

The scams reported to the commission, originating from social media and resulting in cryptocurrency loss, are believed to be extensive investment fraud. $575 million Losses since 2021 would relate to wrong investment opportunities. This amount is much higher than other types of scams.

Crypto’s ‘false promises of easy money’

The crooks would use an almost similar tactic: “False promises of easy money”while exploiting victims’ lack of knowledge about cryptocurrencies.

offer scammers sites and app where their targets should deposit their cryptocurrency investments. From then on, the performance of the investment is monitored. Withdrawing funds from victims and their earnings then becomes a breeze.

In reality, victims’ cryptocurrencies deposited on these sites or applications are sent to crooks’ wallets. The affected investors, of course can’t recover her fortune.

The new love potion cryptocurrency

That “love cheating” are responsible for the loss of $185 million in cryptocurrencies reported to the Commission. .

In this type of scam, the scammers are reported conspicuous signs of wealth to their victims. Charmed, they believe they are experts in their field. They then offer advisory and support services to investors looking to dive into cryptocurrencies.

Victims only find out later that they have actually received instruction “Send cryptocurrencies to a scammer”.

Identity theft scam

fraud through identity theft led by companies and governments $133 million Cryptocurrency losses since 2021. Scammers can go as far as posing as border police.

The latter put pressure on their victims to convert their funds into cryptocurrency. The pretense is that this procedure aims to protect their assets from freezing “as part of a drug trafficking investigation”. The bogus agents will then help these people send their cryptocurrency to an address owned by the bandit. The victims then no longer have access to their money.

Unfortunately the cheater benefit from the rise of cryptocurrencies at the expense of their victims. Therefore, investors need to learn to spot red flags to avoid crypto scams, but also NFT scam.

Stay away from spammers and scammers of all kinds, avoid offers that seem too good to be true like the plague, and get in the habit of showing healthy suspicion. On the other hand, also learn to place proper trust in reputable and recognized players in the ecosystem. The FTX platform undoubtedly falls into this second category. Buy and trade your first bitcoins and other cryptocurrencies by registering on FTX. You benefit from a lifetime discount on your transaction fees (affiliate link).

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