Cryptocurrency Fraud Scams Cost Americans $5.6 Billion in 2022
Wednesday, 11 September 2024, 08:48
Overview of Cryptocurrency Fraud in 2022
In 2022, Americans reported staggering losses totaling $5.6 billion due to cryptocurrency scams, with a significant rise attributed to pig butchering schemes.
What Is Pig Butchering?
Pig butchering refers to a manipulative tactic used by scammers to entice individuals into fake investment opportunities, leaving them with substantial financial losses.
- Reports show concerns over increasing incidents of these scams.
- Scams have grown by 45% compared to 2022, urging investors to be vigilant.
Protecting Against Scams
- Stay informed about all crypto-related investments.
- Verify legitimacy through reliable sources.
- Consider consulting financial experts before investing.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.