Security News > 2022 > June > Americans report losing over $1 billion to cryptocurrency scams
The U.S. Federal Trade Commission says Americans have reported losing more than $1 billion worth of cryptocurrency to scams between January 2021 and March 2022.
The U.S. law enforcement agency said that tens of thousands of reports pointed to over $1.6 billion in cryptocurrency losses.
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"These scams often falsely promise potential investors that they can earn huge returns by investing in their cryptocurrency schemes, but people report losing all the money they 'invest,'" the FTC said.
In July 2021, the FBI warned cryptocurrency owners of fraudsters actively targeting virtual assets while impersonating cryptocurrency exchange or payment platform support staff in phone calls initiated by online tech support scam victims.
You can find more information on cryptocurrency scams and how to report them on FTC's website.