Americans Have Lost $1 Billion to Crypto Scams Since Last Year, Feds Say
A little over half of the money lost—or $575 million—has gone to “investment scams,” where a supposed web3 entrepreneur reaches out to a target under the pretense of offering them a good deal on an emergent alt-coin or other phony “opportunity.” After bilking them for the fake offering, the scammer then proceeds to run off with the target’s investment cash.
Another $185 million was reportedly lost last year to “romance” scams—schemes wherein a victim gets mixed up with a crypto swindler via online dating. Meanwhile, an additional $133 million was lost to “business and government impersonation” scams, wherein cybercriminals pretended to be authority figures and then made up bizarre justifications for why a victim needed to invest in cryptocurrency.
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