Consumers Lost Over $1B to Crypto Fraud Since January 2021, FTC Says

Crypto is quickly becoming the "payment of choice for many scammers," says the agency.

By Michael Bellusci

Jun 3, 2022 at 3:44 p.m. UTC

Updated Jun 3, 2022 at 4:02 p.m. UTC

Michael Bellusci

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Follow @mikeybellusci on Twitter

Consumers reported they have lost over $1 billion in crypto-linked fraud from January 2021 through March of this year, according to an analysis from the Federal Trade Commission (FTC).

The median amount lost was $2,600, said the U.S. regulator, citing 46,000 people who have reported being defrauded. The top three cryptocurrencies consumers said they used to pay “scammers” were bitcoin (BTC) at 70%, tether (USDT) at 10% and ether (ETH) at 9%.
“Cryptocurrency is quickly becoming the payment of choice for many scammers," said the FTC, noting about one in every four dollars lost to fraud involves crypto.
The majority of the scams involve bogus investment schemes, with romance scams and business/government impersonation frauds rounding out the top three.
Those aged 20-49 were more than three times as likely to report losing money in a fraud as those in older age groups.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.