The Federal Trade Commission Has Labeled Social Media and Crypto a “combustible combination for fraud”

The Federal Trade Commission has labeled social media and crypto a “combustible combination for fraud”. with nearly half of all crypto-related scams originating from social media platforms in 2021. The report found that as much as $1 billion in crypto have been lost to scammers throughout the year, which was more than a five-fold increase from 2020, and nearly sixty times up from 2018. As of March 31, 2022, the amount of crypto lost was already approaching half of the 2021 figure, showing that momentum doesn’t appear to be slowing. The FTC found that Instagram (32%), Facebook (26%), Whatsapp (9%), and Telegram (7%) were the top platforms used for crypto scams.