Social media and cryptocurrencies are a combustible combination for fraud, with nearly half the people who reported losing crypto to a scam since 2021 saying it started with an advertisement, post, or message on a social media platform, according to a report by the US Federal Trade Commission (FTC).
The FTC in its report states that since the start of 2021, more than 46,000 people have reported losing over $1 billion in crypto to scams – that’s about one out of every four dollars reported lost.
