Since October 2020, almost 7,000 people have reported losing money from cryptocurrency investment scams, the Federal Trade Commission said today—12 times the number of reports from the same period last year. More than $80 million has been lost from these scams during that period, with a median loss of $1,900, the FTC added.
Since October 2020, people ages 20 to 49 were over five times more likely to report losing money on cryptocurrency scams than older age groups. People in their 20s and 30s reported losing more money on cryptocurrency scams than on any other type of fraud, according to the FTC.
People aged 50 and older were less likely to report losing money on cryptocurrency investment scams, the FTC said—but when this group did lose money on these scams, their reported individual losses were higher, with a median reported loss of $3,250.