Insights
Common Crypto Scams 2023: Trends, Tactics, and How to Stay Safe
May 9, 2023
Cryptocurrency has become an increasingly popular investment option, but with this comes an increase in the number of scams related to it, especially when markets pump and the resulting FOMO lets even the savviest investor drop their guard at times. Scammers and fraudsters use various tactics to deceive and steal from investors.
A 2022 report by the FTC showed that cryptocurrency is a common method for scammers to get people's money. Crypto transactions lack a centralized authority to flag suspicious transactions and cannot be reversed, making them an attractive target for scammers.
Since 2021, over 46,000 people have reported losing over $1 billion in crypto scams, with a median loss of $2,600. The real number is likely much higher, as many victims do not want to give up their anonymity.