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😱Crypto Scams Are Spreading Fast on This Social Media Platform 😱😱
Investing in cryptocurrency has made it to the mainstream — and unfortunately, crypto scams have probably invaded your social media feeds.
A new analysis from the Federal Trade Commission found that roughly half of those who reported losing money to cryptocurrency fraud since last year said they encountered the scam on social media.
The FTC's data shows that money lost to fraud on social media networks is more likely to have been paid via cryptocurrency than any other payment method. Of the social media platforms identified in crypto fraud reports, Instagram was the most common. It accounted for 32% of fraud cases on social networks, according to the FTC. Facebook was next, appearing in 26% of social media fraud reports.
