The Growing Problem Of Cybercriminals Scamming Crypto Investors

While more people have started to learn about options in the crypto world, it also lets scammers create new opportunities to seize some of your coins.

Cryptocurrency has always been a currency of choice for cybercriminals when demanding ransomware payments from companies, But it's also quickly becoming the payment method of choice for scammers targeting everyday citizens.  

According to a recent Federal Trade Commission analysis, more than 46,000 people reported losing a combined $1 billion in cryptocurrency to scams between January 2021 and March 2022. Cryptocurrency made up a quarter of all dollars reported lost — more than any other kind of payment method demanded by fraudsters.  

Since 2021, more than $575 million of all reported cryptocurrency fraud losses were around fake investment opportunities where scammers promise huge returns for upfront crypto investments.