FTC Warns that Scammers are Turning to Cryptocurrencies
The US Federal Trade Commission (FTC) has warned that people have reported losing over $1 billion in crypto to scams since the beginning of 2021. The vast majority of these losses were due to investment scams, in which people are tricked into buying cryptocurrency with the promise of a large return. Notably, younger people (aged 20 to 49) are more than three times as likely to fall for cryptocurrency scams than older people. When older people do fall for these scams, however, they tend to lose more money.