Fraudsters emulating Elon Musk have stolen millions of dollars from US users in cryptocurrency frauds as online fraudsters seek access to the public to sell volatile cryptocurrencies such as bitcoin.
Consumers lost more than $ 80m due to cryptocurrency frauds between October 1 and March 31, according to a new report from the Federal Trade Commission, which on Monday recorded a “huge rise” in this type of fraud.
Fraud emulating a cryptocurrency enthusiast and fellow Tesla Musk co-founder had more than $ 2m in losses.
The price lost due to cryptocurrency fraud has grown by 10 cents against the same trend last year, according to analysts. More than 7,000 frauds were reported in a six-month period, 12 times more than last year.
Advertisers have lost as much as $ 1,900 in fraudulent transactions, which are often said to give traders tips or “secrets” to help them sell e-currencies, the FTC said.
The regulator cited the “Wild West vibe” surrounding the cryptocurrency culture as one reason to jump in, as well as the “secret thing” that created fertile ground for fraudsters who target young consumers who want to get back on track.
The FTC report followed a temporary decline in bitcoin trading prices, after Musk last week wrote that the manufacturer would no longer receive cryptocurrency payments as payment for its vehicles, citing concerns about the impact of cryptocurrency “mines”.
Bitcoin traded below $ 44,000 on Monday, about $ 20,000 from the high price that came a month ago.
“Promises of high returns, guarantees are just lies,” the supervisor said, adding that fraudsters had built high-profile websites that made them appear as if consumer fraudulent investments were growing.
Common scams involving the promise that a popular person associated with cryptocurrencies will increase a person’s purchases.
Young consumers who started selling assets for the first time in several numbers at the beginning of the epidemic were at high risk of fraud, the FTC found.
Consumers under the age of 30 have lost more money on business fraud than any other type of fraud.
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