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Scammers stole $1 billion from investors' wallets last year

Scammers stole $1 billion from investors' wallets last year

More than 46,000 investors have lost a total of more than $1 billion since 2021, the Federal Trade Commission reported.

According to Reuters, about 50% of the stated number of investors reported that the fraud scheme originated with a promotional post on social networks like WhatsApp, Telegram, and others. The commission estimates that about $575 million of the reported amount was stolen due to fraud involving "investment opportunities."

Analysts also estimated that the average reported loss for each investor was $2600. The main cryptocurrencies used by the scammers were bitcoin, tether, and ether.

Notably, the figures from blockchain analytics firm Chainalysis reveal exactly the opposite picture. According to the firm, cryptocurrency fraudsters stole $7.7 billion in 2021, which is more than 80% more than the amount stolen in 2020.

Such a big difference between the data provided by the Commission and Chainalysis can be explained by the fact that the U.S. regulator relies on officially filed fraud complaints to estimate the fraud scale. On the other hand, Chainalysis uses on-chain data for estimation.

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