Popularity of crypto assets keeps increasing at a skyrocketing rate among investors. Even the number of online scams associated with cryptocurrency also continues to grow.
However, the Federal Trade Commission of USA traced the scams to set a report. Only Americans lost more than $80Mn from cryptocurrency investment on different scams.
It shows a frightening 1000% increase in fraud since 2019’s fall or October 2019.
The data also reveals an average age range of particular victims. Investors or traders within 20 to 39 age suffered the worst. They represent almost 44% of the entire scammed amount.
FTC report was published on Monday to conceal about 7000 complaints on crypto investment scams. The agency received all the cases since last fall to hold a median $1900 loss.
Celebrity involvement in DOGE, disruptive surging of BTC and sudden soaring of ETH triggered the loss. It’s essential to denote the majority of scams to utilize popular cryptos only.
Not to mention, more Americans are trying to engage in checking, investing and trading in crypto.
Digital currency is indeed the most debatable trending to continue operating across the world. Many companies are trying to shift or at least, launch a pilot cryptocurrency payment project.
Despite absolute recognition of BTC/ETH/DOGE/LTC, many new cryptos are entering the market. And the total market cap already values over $2Tn with consistent growth.
Of course, the total number of scams should count much higher without international borders. Leading countries to prefer cryptos are reportedly suffering from various scams.
Two Turkish crypto platforms already made headlines over possible scam cases in April 2021. Multiple arrests following its central banishment affected the major assets’ value.
Emma Fletcher, an FTC program analyst, commented on the published data. She blamed the scammer to enter the scene with minimal obstruction. Cryptocurrency still remains a complex or unknown territory for many people – she implied.
However, analysts are emphasizing the gradual setup of regulations for cryptocurrency platforms.
Lots of crypto-critics warned about its minimal regulations with no centralized control. And scammers seem to use the blank crypto volatility for their gains.