The Federal Trade Commission (FTC) has issued a consumer advisory cautioning that scammers are increasingly demanding payment in cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). The agency offered some pointed words of caution about vendors relying on cryptocurrencies for payments.
In its warning, the FTC noted that cryptocurrencies do not have the same legal protections as traditional payment methods. This can make it difficult to recover lost funds when sent to scammers.
“Only Scammers Demand Payment in Crypto,” Says the FTC
The agency pointed to common crypto-related scams, including imposter scams where callers pose as government agents and demand fines be paid in cryptocurrency.
Romance scams are also highlighted, where scammers prey on lonely individuals by asking for cryptocurrency to pay for medical procedures or to cover other sudden emergencies. Fake job offers that require upfront “fees” in crypto are also high on the FTC’s list of things to avoid.
Learn how to keep your digital assets safe with this helpful guide: 15 Most Common Crypto Scams To Look Out For
“Only scammers demand payment in cryptocurrency,” the FTC warning stated plainly. “No legitimate business or government agency is going to demand you pay with cryptocurrency.”
Across the United States, Americans reportedly lost $2.57 billion to crypto scams last year. The problem is pervasive and afflicts communities large and small.
The FTC urges Americans to be wary of any demands for crypto payments. It advises all
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Author: Josh Adams
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