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.

Over $67M in Crypto Lost to Hacks and Exploits in February: Immunefi Report

03:35

The SBF Trial: Timeline of FTX's Implosion

08:22

FTX Founder Sam Bankman-Fried Will Likely 'Take the Stand,' Lawyer Predicts

02:13

SEC Charges Terraform Labs, Do Kwon With Fraud; Former FTX Exec Reportedly Plans to Plead Guilty

04:25

South Korean Crypto Exchange Bithumb Under Investigation For Price Manipulation: RPT

Disclosure

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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Consensus

00

10

42

56

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.

Over $67M in Crypto Lost to Hacks and Exploits in February: Immunefi Report

10 Years of Decentralizing the Future

Over $67M in Crypto Lost to Hacks and Exploits in February: Immunefi Report