Crypto scams conned thousands of people out of over $1 billion since 2021, the most of any type of currency, according to new FTC report

According to the Federal Trade Commission, more than 46,000 people have lost over $1 billion in cryptocurrencies scam since the beginning of the year.

The FTC said in a report released Friday that cryptocurrencies accounted for about one out of every four dollars lost.

The FTC said that the median individual loss was $2,600, and that the top cryptocurrencies used to pay scam artists were:

Half of the people who reported being cheated said it started on a social media platform. The top five social media sites were the source of the scam.

The FTC reported $575 million in losses for bogus investment opportunities in the last year. The second most common type of scam was romance- related.

The reported losses were more than double what was reported last year. The transactions can't be reversed because they aren't centralized in a bank.

Staying clear of guaranteed profits and big returns is one of the tips shared by the FTC.

The FTC warned against mixing online dating and investment advice.

The FTC said that if a new love interest wants to show you how to invest incryptocurrencies that is a scam.