Cryptocurrency Scam: Investors Lost $ 1 Billion In Cheating, Social Media’s Big Role

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Cryptocurrency Scam: Investors Lost $ 1 Billion In Cheating, Social Media's Big Role
Cryptocurrency Scam: Investors Lost $ 1 Billion In Cheating, Social Media's Big Role

The popularity of cryptocurrencies has grown tremendously in the last few years. The competition to earn more money in less time has pushed most of the youth towards this. Taking advantage of this stampede, thugs have duped investors of about $ 1 billion.

Since 2021, 46,000 people have lost more than $1 billion in fraud and forgery related to cryptocurrencies. The Federal Trade Commission has given this information in its new report on Friday. The FTC says that about half of those who have fallen victim to these swindlers were caught in the trap through social media.

The FTC has said that cryptocurrencies and social media are the deadliest mix of fraud. According to the report, fraud of Rs 57.5 crore in the name of digital currency has been done through fake advertisements posted on social media. It is worth noting that in November 2021, bitcoin touched the top of $ 69000, after which the craze of cryptocurrencies rose in a very large category.

4 out of 10 frauds happened with the help of social media

Social media sites like Instagram, Facebook, WhatsApp, and Telegram were used extensively in fraud and forgery related to cryptocurrency. Out of every 10 frauds in the name of digital currency, 4 were done with the help of social media. So far, if we calculate the total fraud, then 2600 dollars have been lost per person. Bitcoin tops the three cryptocurrencies with the most scams. At the same time, Ether and Tether are in second and third place.

fall in cryptocurrencies

This year bitcoin has fallen by more than 35 percent. It is currently trading below $30,000. The price of bitcoin has seen a drop of more than half from its top. Bitcoin was trading around 29,600 on Saturday morning. Significantly, bitcoin is the largest cryptocurrency in the world. The global cryptocurrency market has lost 3.8 percent in the last 24 hours and its capitalization is currently around 1.27 lakh crores.