FTC Data Shows Huge Spike in Cryptocurrency Scams

Over $1 Billion Lost Since 2021, Younger People Most Likely to Report a Loss

Livestream | Friday, Sep 9, 2022 | 11 am PT

Guest Speakers:

• Elizabeth Kwok, Assistant Director of Litigation Technology & Analysis, Bureau of Consumer Protection, FTC
• Cristina Miranda, Consumer Education Specialist, Division of Consumer & Business Education, Bureau of Consumer Protection, FTC
• Jeffrey Vaulx, Teacher, Special Education, Memphis, Tennessee

News Report from this Media Briefing

• English | Over $1 Billion Lost in Cryptocurrency Scams Since 2021
• Español | Más de $1,000 millones perdidos en estafas de criptomonedas desde 2021

Event Description

Since the start of 2021 through June 2022, people have reported losing over $1.3 billion in cryptocurrency to scams. Nearly half say the scam began with an ad, post, or message on social media. The largest share of the losses, about $785 million, involved bogus investment opportunities. Cryptocurrency was the payment method used for about one in every four dollars reported lost to fraud during this period.

FTC experts will explain how cryptocurrency scams work, why they are growing so fast, and what the latest “trending” scams are. They’ll also talk about which population groups are most at risk, how to spot and avoid cryptocurrency scams, and how to report them.

This briefing is ideal for reporters who want to learn about cryptocurrency and produce “news you can use” columns alerting audiences about how not to lose money to the next “crypto con”.

Presented by the Federal Trade Commission
& Ethnic Media Services