Cryptocurrency: $ 1 billion stolen on social media – Report printed by the USA

Network scams! – In France,Financial Markets Directorate (AMF) announces an alarm on crypto fraud representing a quarter of frauds. That United Statesthe Federal Trade Commission (FTC) issues a report about these scams. This highlights the explosive cocktail between social networks and cryptocurrencies in terms of fraud.

Crypto scams on social networks: targeted 30-year-olds

Report of June 3, 2022 Federal Trade Commission The United States points out that “Social media and cryptocurrencies are an explosive combination for fraud”.

Oh half people reportedly said they lost their cryptocurrencies due to fraud from 2021. Indeed, they reportedly stated that their accidents began with the publication on social network.

The Commission refers to the figure 46,000 people stating that since 2021 he has lost more than$ 1 billion in cryptocurrencies after fraud.

The report estimates that this period is almost over 40% of losses due to fraud from the social networkwere in cryptocurrencies – higher amount than other payment methods.

instagram, Facebook, WhatsAppi Telegram would be the main platforms reported to be used by fraudsters.

As for the victims, people ages 20 to 49 years 3 times more likely to report the loss of their cryptocurrencies due to fraud. The thirties it would be extra “most affected”.

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Methods of fraud on social networks

Fraud reportedly reported to the Commission stemming from social media and resulting in the loss of cryptocurrencies investment fraud. $ 575 million losses from 2021 would be related to false investment opportunities. This amount is much higher than other types of fraud.

Crypto “false promises of easy money”

Fraudsters would use an almost similar way of working: “false promises of easy money”while exploiting victims ’lack of knowledge about cryptocurrencies.

Fraudster’s offer Websites i applications where their goals should be to invest in cryptocurrencies. Since then, the performance of the investment has been monitored. Withdrawing capital from victims and their earnings then becomes child’s play.

In reality, the cryptocurrencies of the victims deposited on these sites or applications are sent to the wallets of thieves. Of course, interested investors he can no longer recover their property.

The new cryptocurrency of the love potion

The “romantic scams” they are responsible for the loss $ 185 million in cryptocurrencies reported to the Commission. .

In this type of scam, scammers are portrayed striking signs of wealth their victims. Enchanted, they are so convinced that they are experts in their field. After that, they offer advice and support services for investors who want to dive into cryptocurrencies.

Late victims realize that they actually received a tutorial “Sending cryptocurrencies to fraudsters”.

Identity theft scams

Scams by identity theft companies and governments led $ 133 million losses in cryptocurrencies from 2021. Fraudsters can go so far as to falsely present themselves as a border police officer.

The latter put pressure on their victims to convert their money into cryptocurrencies. The excuse is that this process aims to protect their property from freezing “As part of a drug trafficking investigation”. Fake agents will then help these people send their cryptocurrency to the address belonging to the bandit. Victims then no longer have access to their resources.

Unfortunately, the scammers profit from the rise of cryptocurrencies at the expense of their victims. Therefore, investors must learn to spot red flags to avoid crypto fraud, but also NFT scams.

Stay away from spammers and scammers of all directions, avoid offers that are too good to be true like the plague, and get in the habit of showing healthy suspicion. On the other hand, learn to reasonably trust reputable and recognized players in the ecosystem. The FTX platform undoubtedly falls into this second category. Come and buy your first bitcoins and other cryptocurrencies by registering on FTX. You will have a lifetime discount on your affiliate link transaction fees.

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