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Criminals go where the money is, so it’s no surprise that with the rise of bitcoin and other virtual assets, crypto scams are on the rise too. And because crypto is so new to so many users, it may be even more difficult for people to identify and avoid potential fraud. This dynamic resulted in reported crypto fraud losses of $680 million last year in the roughly trillion-dollar crypto market, according to the Federal Trade Commission. Many are falling victim to classic frauds updated for the Web3 age: crypto investment schemes promoted by fake influencers or romance scammers looking to dip into your crypto wallet. Other new types of hacks, thefts or fraud are focusing on the continued rise of decentralized, finance in which criminals try to exploit a decentralized system, blockchain or smart contact, and the best thing you can do when you lose your money online is to seek for help.
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