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WASHINGTON D.C. (WWLP) – The Federal Trade Commission (FTC) is warning consumers about scams involving cryptocurrency investing.
The FTC’s new data spotlight shows that, since October 2020, nearly 7,000 people reported losing money to fake cryptocurrency investments, adding up to more than $80 million. People ages 20-49 were more than five times more likely than other age groups to report being taken by those scams.
But here’s an even more striking point: people in their 20s and 30s have lost more money on investment scams than on any other type of fraud. More than half of their reported investment scam losses, $35 million, were in cryptocurrency.
Cryptocurrency investment scams can happen in many ways, but they’re all full of false promises and guarantees. Scammers might post investment sites that look real, but you’ll find you can’t withdraw the…
