Cryptocurrency fraud surge by 1000% since October – FTC

Scammers are on the rampage; swindling investors of their digital assets as the rate of cryptocurrency fraud surge.

The Federal Trade Commission (FTC) released stats that reveal a sharp increase in the number of cases.

According to these data, cryptocurrency scams have risen by more than 1000% since October last year – with fraudsters smiling at the bank.

The FTC report shows that Americans have lost more than $80 million to hoaxers.

44% of the victims are aged between 20 and 39 as the agency claims to have received around 7000 reports of cryptocurrency fraud since last fall.

The average amount lost is pegged at $1,900 – FTC’s program analyst, Emma Fletcher explained that “it plays right into the hands of the scammers.

“All of this plays right into the hands of scammers,” Emma Fletcher, a program analyst with the FTC, said in an analysis of the data. “They blend into the scene with claims that can seem plausible because cryptocurrency is unknown territory for many people.”

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Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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