Cybercriminals and scammers embraced crypto ever since its inception. The US FTC reported that since the start of 2021, more than 46,000 people have reported losing over $1 billion in crypto to scams – that’s about one out of every four dollars reported lost, more than any other payment method. The median individual reported loss is $2,600. Nearly half the people who reported losing crypto to a scam since 2021 said it started with an ad, post, or message on a social media platform.
Reuters published an interesting report about the world's largest crypto platform Binance. According to the report, Binance processed transactions totaling at least $2.35 billion stemming from hacks, investment frauds, and illegal drug sales between 2017 and 2021. Allegedly, in 2019 Binance processed criminal funds totaling $770 million.
