Social media blamed for $1B in crypto scam losses in 2021 By Cointelegraph

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Social media blamed for $1B in crypto scam losses in 2021

The United States Federal Trade Commission has labeled social media and crypto a “combustible combination for fraud,” with nearly half of all crypto-related scams originating from social media platforms in 2021.

Published on Friday, the report found that as much as $1 billion in crypto has been lost to scammers throughout the year, which was more than a five-fold increase from 2020, and nearly sixty times up from 2018.

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