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Crypto Fraud on the Rise as Consumers Fall for Fake Celebrity Endorsements

“Over the last few months, crypto markets have crumbled. Bitcoin has lost two-thirds of its value since last November, Ethereum’s fallen by three quarters, and others have collapsed altogether. You might think that their plummeting value would make cryptocurrencies less attractive to criminals. However, according to reports from both the UK and the US, the number of cryptocurrency scams is actually on the rise…in the US, the Federal Trade Commission (FTC) warned last month that consumers reported losing more than $1 billion to fraud involving cryptocurrencies between January 2021 and March 2022. Here, the median amount lost was $2,600.”