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FTC Reports Huge Jump in Cryptocurrency Scams

FTC Reports Huge Jump in Cryptocurrency Scams
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FTC Reports Huge Jump in Cryptocurrency Scams

FTC Reports Huge Jump in Cryptocurrency Scams
ecommercetimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ecommercetimes.com Daily Mail and Mail on Sunday newspapers.

New York , United States , Chris Clements , Thomas Beek , Amy Nofziger , Martha Bennett , Elon Musk , Sherrod Degrippo , Purandar Das , Johnp Mello Jr , Williamj Malik , Giacomo Arcaro , Blackchain International , Trend Micro , News Network , Federal Trade , Consumer Protection Data Spotlight , Saturday Night Live , Cerberus Sentinel , Vice President , Principal Analyst Martha Bennett , Digital Shadows , San Francisco Based , E Commerce Times , Boston Business Journal , Boston Phoenix ,

FTC Reports Huge Jump in Cryptocurrency Scams

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By John P. Mello Jr.
May 19, 2021 4:00 AM PT
Claims of losses from cryptocurrency scams skyrocketed from October 2020 to March 2021, according to a report released Monday by the Federal Trade Commission.
In its Consumer Protection Data Spotlight newsletter, the FTC revealed that during the October to March period nearly 7,000 consumers reported losing US$80 million. That compares to only 570 cryptocurrency scam reports amounting to $7.5 million in losses from October 2019 to March 2020.
The median loss reported was about $1,900, a nearly 1,000 percent increase over the same period a year ago.
The agency noted that as the value of cryptocurrencies like bitcoin continue to soar, new investors are eager to get in on the action, and scammers are more than willing to accommodate them. ....

New York , United States , Chris Clements , Thomas Beek , Amy Nofziger , Martha Bennett , Elon Musk , Sherrod Degrippo , Purandar Das , Johnp Mello Jr , Williamj Malik , Giacomo Arcaro , Blackchain International , Trend Micro , News Network , Federal Trade , Consumer Protection Data Spotlight , Saturday Night Live , Cerberus Sentinel , Vice President , Principal Analyst Martha Bennett , Digital Shadows , San Francisco Based , E Commerce Times , Boston Business Journal , Boston Phoenix ,