#CryptoScamSurge Crypto scams are on the rise, with devastating consequences for victims worldwide. Here are some recent cases and statistics that highlight the severity of the issue:
- *Recent Cases:*
- *New York Scam*: New York officials seized over $440,000 from a Facebook crypto scam targeting Russian-speaking communities. The scammers used fake ads, manipulated social media campaigns, and even displayed counterfeit BitLicenses to build credibility.
- *India Scam*: Ahmedabad Police, aided by Binance, busted a $200,000 cross-border crypto scam. The scammers lured investors through fake Telegram groups, social media ads, and spoofed websites, promising high returns on crypto investments.
- *US Scam*: The US Department of Justice seized $225.3 million in USDT connected to a massive "pig butchering" scam that defrauded over 400 victims.¹ ²
- *Statistics:*
- *Global Losses*: Crypto-related scams caused $9.3 billion in losses in 2024, a 66% year-over-year increase.
- *India's Crypto Scam Epidemic*: Over 1,000 cases involving crypto scams were reported in India in 2023, leading to millions of dollars in investor losses.
- *Facebook Scams*: More than 50% of crypto ads on Facebook are either scams or policy violations.
To protect yourself from crypto scams, it's essential to be cautious and do your research. Here are some tips³:
- *Verify Information*: Always verify information about a project or investment opportunity.
- *Be Wary of Unrealistic Returns*: Be cautious of investment opportunities that promise unrealistic returns.
- *Use Secure Platforms*: Only use secure and reputable platforms for crypto transactions.
- *Report Suspicious Activity*: Report any suspicious activity to the relevant authorities.
