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More than 46,000 people reported losing over $1 billion in cryptocurrency scams since the start of 2021, the Federal Trade Commission (FTC) said in a report on Friday.
Recent FTC research found that nearly 50% of people who lost digital currencies in a scam first encountered the scam on social media or while browsing a website according to the FTC.
The FTC reported that the average reported loss for an individual was $2,600. And Bitcoin, Tether and Ether were the most popular cryptocurrencies people paid scammers with.