US consumers reported $52.6 million in losses from crypto scams to the Federal Trade Commission (FTC) in the first quarter of this year.
The figures represent a roughly 80% increase from the fourth quarter of 2020 when consumers reported $29.3 million in losses from cryptocurrency-related scams.
Scams related to cryptocurrencies or other digital assets in the US are also heavily targeted toward younger people.
According to data from the FTC, since October 2020, people ages 20-49 were over five times more likely to report losing money on cryptocurrency investment scams and more than half of their reported investment scam losses were in cryptocurrency.
