FTC reports surge in cryptocurrency scams

Consumers have lost $80 million to cryptocurrency scams since last October, the Federal Trade Commission (FTC) said Monday.

The losses — which constitute a tenfold year-over-year increase — only include scams reported to the agency, so the true figure could be even higher. 

Consumers reported losing a median of $1,900 in the nearly 7,000 complaints filed with the FTC in the last quarter of 2020 and first quarter of 2021.

The scams took a variety of forms, according to the agency, including anonymous tips or promises to double investments from a celebrity. 

Consumers reported losing $2 million to impersonators of Tesla CEO Elon Musk alone since October.  

The scams particularly affected younger investors between 20 and 49. 

Cryptocurrencies have exploded in popularity recently, especially with high profile backers like Musk and Twitter’s Jack Dorsey.