Close Menu
AsiaTokenFundAsiaTokenFund
  • Home
  • Crypto News
    • Bitcoin
    • Altcoin
  • Web3
    • Blockchain
  • Trading
  • Regulations
    • Scams
  • Submit Article
  • Contact Us
  • Terms of Use
    • Privacy Policy
    • DMCA
What's Hot

XRP Price News: Key Levels to Watch This Week

June 1, 2025

No altseason yet! Inside the growing rift between Bitcoin and altcoins

May 31, 2025

Pepe Makes It to Trump’s Feed—Is a Crypto Endorsement Next?

May 31, 2025
Facebook X (Twitter) Instagram
Facebook X (Twitter) YouTube LinkedIn
AsiaTokenFundAsiaTokenFund
ATF Capital
  • Home
  • Crypto News
    • Bitcoin
    • Altcoin
  • Web3
    • Blockchain
  • Trading
  • Regulations
    • Scams
  • Submit Article
  • Contact Us
  • Terms of Use
    • Privacy Policy
    • DMCA
AsiaTokenFundAsiaTokenFund

Cryptocurrency fraud is now the riskiest scam for consumers, according to BBB

0
By Aggregated - see source on March 6, 2024 Scams
Share
Facebook Twitter LinkedIn Pinterest Email

Cryptocurrency and other investment scams are now the riskiest type of cons in the U.S., with crypto fraudsters frequently cheating their victims out of thousands of dollars, the Better Business Bureau said.

Scammers have found creative ways to cheat investors out of their money, the BBB said in its annual report about the biggest scams of 2023, which is based on 67,000 reports of scams.

About 80% of Americans targeted in crypto and investment scams last year lost money, the BBB reported. The median dollar amount lost was $3,800, “but many people lose much more than that” in crypto scams, said CBS News national consumer investigative correspondent Anna Werner.

Hackers use social media, video game platforms or text messages to contact people and brag about how well their doing financially because of a crypto investment. After the targeted victim replies, the conversation quickly turns into an ask, Werner explained.

“This is where the crooks pressure you to purchase, trade or store digital assets — such as cryptocurrency — on fraudulent exchanges,” Werner said. 

Cryptocurrency is an unregulated investment space that federal regulators and consumer advocates have long said makes it ripe for fraud. Crypto’s popularity exploded during the pandemic as some investors became curious about the craze and poured funds into bitcoin, ethereum, solana and other tokens. Today the industry boasts a $2.65 trillion market cap, according to Forbes. 

While crypto has proved lucrative for many investors, it is not without its risks. Companies that were at one time considered legitimate have later imploded, such as FTX, once one of the world’s biggest crypto exchanges. FTX melted down in 2022 amid an $8 billion shortfall in funds and allegations that former CEO Sam Bankman-Fried had taken customer money to prop up a struggling hedge fund.

Crypto investors have also reported losing billions of dollars due to hacks or scams. A 70-year-old California woman filed a lawsuit this year against Chase bank after she lost $720,000 to a fraudster in a crypto scam. 

Rounding out the list of top financial risks in 2023, the BBB named employment scams as the second riskiest con. That’s when a scammer contacts a victim and convinces the person that they’ve been hired at a company and needs to complete employee information. 

In reality, the scammer is stealing someone’s personal information. Victims lost a median $1,995 in employment scams last year, the BBB said. 

Online purchase scams were the third riskiest, according to BBB. Victims typically log onto a phony website to purchase an item but a scammer doesn’t deliver the product. The BBB said victims lost a median $71 in these type of scams last year. 

More from CBS News

Khristopher J. Brooks

70820838-10107939517480338-3901705551913943040-n.jpg

Khristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.

Credit: Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

US Treasury sanctions Philippines tech firm over aiding $200 million pig butchering spree

May 30, 2025

Trader loses $2.5M USDT after falling for address poisoning scam twice

May 26, 2025

Creator of over 100 memecoins says rug pulls are the ‘easiest way to make money’

May 18, 2025
Leave A Reply Cancel Reply

What's New Here!

XRP Price News: Key Levels to Watch This Week

June 1, 2025

No altseason yet! Inside the growing rift between Bitcoin and altcoins

May 31, 2025

Pepe Makes It to Trump’s Feed—Is a Crypto Endorsement Next?

May 31, 2025

XRP Multi-Timeframe Breakdown: Here’s What Comes Next

May 31, 2025
AsiaTokenFund
Facebook X (Twitter) LinkedIn YouTube
  • Home
  • Crypto News
    • Bitcoin
    • Altcoin
  • Web3
    • Blockchain
  • Trading
  • Regulations
    • Scams
  • Submit Article
  • Contact Us
  • Terms of Use
    • Privacy Policy
    • DMCA
© 2025 asiatokenfund.com - All Rights Reserved!

Type above and press Enter to search. Press Esc to cancel.

Ad Blocker Enabled!
Ad Blocker Enabled!
Our website is made possible by displaying online advertisements to our visitors. Please support us by disabling your Ad Blocker.