According to over 46,000 people who reported losses of more than $1 billion between January 2021 and March 2022 a sharp increase from prior years more Americans are becoming victims of cryptocurrency fraud. Scammers frequently use strategies similar to “pig butchering,” gradually gaining victims’ trust before persuading them to make large financial investments. They especially target elderly victims who may have amassed wealth. While the median loss was approximately $2,600, some people had losses in the hundreds of thousands. Because cryptocurrency transactions are pseudonymous, it is difficult for law enforcement to identify offenders and retrieve funds that have been stolen. For many Americans, especially those in vulnerable situations, the rise in cryptocurrency scams has resulted in a
Leave a Reply