According to an analysis by the Federal Trade Commission (FTC), people lost more than $1 billion from January 2021 to March 2022 to cryptocurrency fraud.
The average loss amounted to $2600.
According to the regulator, victims lost the most money in bitcoin – 70%, 10% in USDT and 9% in ETH.
“Cryptocurrency is quickly becoming the preferred payment for many fraudsters,” the FTC said, noting that about one in four dollars lost to fraud involves digital assets.
Most of the money stolen is from fraudulent fictitious investment schemes.