In early 2021 a wave of crypto-focused fraud emerged as a major consumer risk, with losses tracked by major outlets and the US Federal Trade Commission. Reports indicate that victims of crypto scams surpassed the billion-dollar mark in the first months of 2021, a figure corroborated by Engadget through FTC data and analysis. The numbers soon showed the momentum of these crimes extending into 2022, highlighting how fast digital assets can become a vehicle for deception as scam artists adapt to new technologies and platforms.
Between January 2021 and March 2022, more than 46,000 individuals registered formal complaints with the FTC about fraud in the digital assets space. The average loss per victim during this period hovered around $2,600, translating to roughly 161,000 rubles for those reporting in other currencies. These figures underscore the broad reach of crypto fraud and the uneven distribution of risk across different asset types.
When it comes to the assets most frequently misused by criminals, Bitcoin accounted for the largest share at about 70 percent, followed by Tether at around 10 percent and Ethereum at roughly 9 percent. This distribution reflects both the market presence of these coins and their perceived liquidity, which scammers exploit to misrepresent returns or authenticity to potential victims.
Investment fraud stood out as the most common form of crypto deception. Victims driven by promises of outsized gains reported total losses near $575 million during the covered period. The typical approach targeted newcomers who were drawn in by claims of high, assured returns on investment, often pairing technical jargon with flashy offers that masked the real risk.
Another troubling pattern involved social channels and dating apps, where scammers amassed up to $185 million by persuading targets to participate in what appeared to be legitimate investment projects. In these schemes, a romantic or friendly rapport is cultivated to lower skepticism and accelerate decisions, creating a sense of trust before any real investment takes place.
The FTC also cautioned that the published figures likely represent only a portion of the problem. The agency estimates that fewer than 5 percent of defrauded investors report the crime, suggesting a substantial shadow of unreported losses. This gap means the true scope of scam activity could be much larger than official tallies show, particularly in online environments where anonymity and rapid transfers complicate detection and recovery.
In discussions about digital scams, it is important to note that interest in the profiles of programmers and crypto influencers on dating apps has risen in tandem with scam activity. As fraudsters seek greener pastures and easier targets, victims should remain vigilant about investigative signals that accompany such schemes, including overly aggressive claims of guaranteed returns, pressure to move quickly, and requests to use unfamiliar channels for funding or transfers. These cues have become a common thread across multiple fraud vectors that exploit social trust and impulse buying tendencies.
For readers navigating the North American crypto landscape, practical steps help reduce exposure to these risks. Always verify the legitimacy of any investment opportunity through independent sources, check for regulatory registrations where applicable, and be wary of promises that seem too good to be true. If an offer insists on rapid action or discourages due diligence, that resistance often signals a need for caution. When losses occur, reporting promptly to the FTC and seeking counsel on safe recourse channels can improve the chances of recovery and contribute to broader awareness that helps prevent others from falling prey to similar tactics. These precautionary measures are part of a broader, ongoing effort to keep digital asset markets fair and transparent for consumers in both the United States and Canada, where regulators increasingly focus on safeguarding investors without stifling legitimate innovation.