USD

AED

AFN

ALL

AMD

ANG

AOA

ARS

AUD

AWG

AZN

BAM

BBD

BDT

BGN

BHD

BIF

BMD

BND

BOB

BRL

BTN

BWP

BYN

BZD

CAD

CDF

CHF

CLF

CLP

CNH

CNY

COP

CRC

CUC

CUP

CVE

CZK

DJF

DKK

DOP

DZD

EGP

ERN

ETB

EUR

FJD

FKP

GBP

GEL

GHS

GIP

GMD

GNF

GTQ

GYD

HKD

HNL

HRK

HTG

HUF

IDR

ILS

IMP

INR

ISK

JMD

JOD

JPY

KES

KGS

KHR

KMF

KPW

KRW

KWD

KYD

KZT

LAK

LBP

LKR

LRD

LSL

LYD

MAD

MDL

MGA

MKD

MMK

MNT

MOP

MRO

MRU

MUR

MVR

MWK

MXN

MYR

MZN

NAD

NGN

NIO

NOK

NPR

NZD

OMR

PAB

PEN

PGK

PHP

PKR

PLN

PYG

QAR

RON

RSD

RUB

RWF

SAR

SBD

SCR

SDG

SEK

SGD

SHP

SLL

SRD

SSP

STD

STN

SVC

SYP

SZL

THB

TJS

TMT

TND

TOP

TRY

TTD

TWD

TZS

UAH

UGX

UYU

UZS

VES

VND

VUV

WST

ZAR

ZMW

ZWL

Cryptoknowmics 2022-06-04 12:42:19

Scammers Cashing in on Crypto Craze, Report Reveals

Business and government impersonation scams are next, with $133 million in reported crypto losses since 2021. These scams can begin with a text message about an allegedly unlawful Amazon transaction or an alarming online pop-up that appears to be a Microsoft security notice. According to the FTC, over half of those who reported losing digital currency in a scam claimed it began with an ad, post, or message on a social media network. Last year, the cryptocurrency enthusiasm reached a fever pitch, with bitcoin reaching a record high of $69,000 in November. Crypto Has Several Features Scammers are drawn to crypto for various reasons, which may explain why reported losses in 2021 were approximately sixty times higher than in 2018. There is no centralized authority, such as a bank, to flag questionable transactions and attempt to prevent fraud before it occurs. Crypto transfers are irreversible; once the money is gone, it’s gone forever. And the majority of people are still unaware of how cryptography works. These factors aren’t unique to cryptocurrency transactions, but they all play into scammers’ hands. Digital Currency Fraud According to reports, social media and cryptocurrency are an explosive combination for fraud, with $575 million in “bogus investment possibilities” accounting for approximately half of all losses due to digital currency fraud. The report has also revealed nearly four out of every ten dollars lost in a socia...