Record number of individuals scammed by cybercriminals over sale of cryptocurrency

Scams of with fraudulent offers of cryptocurrency investments have spiked heavily according to the Federal Trade Commision. Nearly 7,000 people reported losses of more than $80 million from October through March. That’s over a 1,000 percent increase in financial losses compared to the same time period last year. Most of the same were carried out over social media.

  In some cases, scammers lured users to websites that allegedly offered chances to invest in cryptocurrency. In others, scammers created fake giveaways offering to multiply victims’ cryptocurrency. They also typically take over verified social media accounts and then change the accounts’ names and pictures to match that of a high-profile celebrity. One popular target for impersonation is Tesla CEO  Elon Musk , who frequently tweets about cryptocurrencies.

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