Crypto Catch: ACCC says money lost in crypto scams nearly doubled this year

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Crypto Catch: ACCC says money lost in crypto scams nearly doubled this year

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 Crypto Catch: ACCC says money lost in crypto scams nearly doubled this year
Image source: Crypto scam, Crypto news, ACCC

Highlights

  • The ACCC on Monday said that Australians had more than doubled their total scam losses this year so far compared to the same time in 2021
  • Cryptocurrency’s popularity exploded during the pandemic thanks to a marked increase in the number of people working from home
  • Bitcoin rebounded from Saturday’s price and held mainly steady from yesterday, bouncing back 2.61 percent to once more edge above the 30k mark, and was recently trading at US$30,466

Aussie investors have lost around a million dollars a day in the first four months of 2022, according to the Australian watchdog, the Australian Competition and Consumer Commission (ACCC).

The ACCC today announced that Australians had more than doubled their total scam losses this year so far compared to the same time in 2021. The watchdog pointed to crypto scammers as the reason for such a large jump.

Cryptocurrency’s popularity exploded during the pandemic, thanks to a marked increase of people working from home.

As a result, a greater number of people were stung by online crypto scams, particularly those facilitated by social media.

Also Read: Two cryptos rising today: Steem Dollars (SBD) & Plutonians (PLD)

According to the ACCC, $158 million was stolen through investment scams – of which $113 million were crypto-related.

Meanwhile, the initial method of contact for crypto-related scams has changed with phone contact being surpassed by text messaging, according to Scamwatch data. Meanwhile, phone contact has almost halved.

Market News

Bitcoin rebounded from Saturday’s price and held mainly steady from yesterday, bouncing back 2.61 per cent to once more edge above the US$30k mark, and was recently trading at US$30,466.

Ethereum gained three per cent from yesterday to reach US$1,843.

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Image Source @ 2022 Kalkine Media® 

Data Source: CoinMarketCap.com, based on top 100 cryptos. 

Note: Growth from the 24 hours prior to 12:30pm AEDT 

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