Crypto Frauds Target Investors Hoping to Cash In on Bitcoin Boom
- Date: 07-Jun-2021
- Source: The Wall Street Journal
- Sector:Financial Markets
- Country:Middle East
Crypto Frauds Target Investors Hoping to Cash In on Bitcoin Boom
Scams are running rampant in the cryptocurrency markets as a huge rally in bitcoin, a lack of regulation and the anonymity of digital money have created a ripe environment for fraudsters.
Consumers reported losing nearly $82 million to crypto scams during the fourth quarter of 2020 and first quarter of 2021, more than 10 times the amount from the same six-month period a year earlier, according to the Federal Trade Commission.
From October to March, the price of bitcoin jumped 450% to nearly $59,000, while rival coins such as ether and dogecoin also surged. Bitcoin has since retreated to around $36,000, still substantially higher than where it traded for all of last year.
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