FTC Condemns Social Media for 1BN Crypto-Rip Off

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The US Federal Trade Commission pointed out social media and crypto as  a “combustible combination for fraud”, stating that the scams began with a social media ad, post, or message in 2021.

Crypto Scams involved investment in false art, diamonds, rare coins, and other miscellaneous financial and utilized platforms like Instagram(32%), Facebook (26%), WhatsApp (9%), and Telegram (7%).

FTC reports read the fraudulent stole up to $1 billion in cryptos this year out of which $575 million was from the investment-related frauds.