FTC Says Crypto Scams Costing Victims Big Money

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You’ve probably seen it somewhere on social media or even in your DMs: spam and scams that claim to make you rich from cryptocurrencies.

The Federal Trade Commission says crypto scams are on the rise and those scammers are cashing in big. Last year, more than 46,000 people reported losing over $1B. The average amount lost per person is about $2,600.

Almost half of those who fell victim say it started with an ad, post, or message on social media. People ages 20-49 were more than three times as likely as older age groups to have reported losses from a crypto scam.

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