Some individuals, as it turns out, are now using social media to scam people by enticing them to invest in cryptocurrencies.

In Detroit, Danielle and Chris Girt poured $500 into what they thought was a bitcoin investment on Facebook that later on turned out to be a form of scam.

“In the beginning, everything was kind of lining up legitimate, that was initially. When we started to get really skeptical was when they requested more money in order to even get withdrawal,” Danielle said, sharing their experience.

Scams increase in number

Federal investigators are reporting a massive spike in the number of cryptocurrency scams. In fact, since October last year, nearly 7,000 people came out and reported the losses they incurred. The total amount of money scammed totaled more than $80 million, placing the average loss to nearly $1,900.

“I think one of the easiest things people can get caught up with is that they’ve heard the stories of somebody…

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