Cryptocurrency scams have soared 1,000% since October

As the popularity — and price — of bitcoin, dogecoin and ethereum continue to rise, so too do the online scams associated with those digital currencies. 

Americans have lost more than $80 million in cryptocurrency investment scams since October, a 1,000% increase from the fall of 2019, according to Federal Trade Commission data. People between the ages of 20 and 39 were hit particularly hard, representing about 44% of the reported losses, the FTC said.  The FTC data, released Monday, showed about 7,000 reports of crypto investment scams received by the agency since last fall, with a median loss of $1,900. The losses are taking place as bitcoin prices surge, celebrities back dogecoin and more Americans try to understand what cryptocurrency is all about.