$1B Lost in 2021 to Cryptocurrency Scams: Social Media’s Role in Cryptocurrency Scams

Jun 7, 2022

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$1B Lost in 2021 to Cryptocurrency Scams: Social Media’s Role in Cryptocurrency Scams

Originally posted here.
By: julietluciol7

Overview

The influence of social media and crypto has given rise to a new form of scamming and fraud known as cryptocurrency scams, which have increased in number and severity over the past few years. According to a recent report, nearly $1 billion was lost through cryptocurrency scams in 2021, with an estimated 9 in 10 victims falling prey to fraudsters on Facebook, Twitter, and Instagram.

With cryptocurrencies headed for mainstream adoption and regulations toward the system unclear, those who lose finances as the result of cryptocurrency scams are hoping to recover their funds, but this seems …

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