Cryptocurrency scams

THE number of investment scams is mushrooming as the cryptocurrency sector flourishes on both sides of the Atlantic.

- LUCA MATTEUCCI

In the US cryptocurrencies, the most well-known of which are Bitcoin, Ethereum and Tether, accounted for 26 percent of fraud losses reported by consumers in connection with payments methods in last year, compared with just nine percent in 2020, according to the Federal Trade Commission data analysed by AFP.

Most of the victims are between 30 and 60, technology keen and are looking to invest, according to the FBI which puts at more than $400 million the losses avoided due to an operation it launched in January last year.

In Europe, the police agency Europol said crypto trading was the main area of investment scams.

The main targets in France were 18-34 year olds, according to a report for the French financial watchdog AMF.

The AMF pointed to a high concentration of crypto in trading scams since 2023, which it says usually involves social networks directing victims to fake trading platforms.

Here is a breakdown of the main cryptocurrency scams schemes.

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