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1. Social Media Scams. One of the most common types of cryptocurrency scams occurs on social media platforms. Here, malicious actors impersonate well-known brands or celebrities to promote their ...
According to the latest available data from the FTC, more than 46,000 people in the U.S. reported losing an accumulative $1 billion to crypto scams between January 2021 and June 2022. In 2021 ...
The booming crypto sector is becoming a magnet for illicit money, which the tax agency has targeted more aggressively. IRS seized $3.5B in crypto-related fraud money this year as illicit activity ...
The entity can then make off with the money paid for unshipped orders. [2] Customers who trusted the business do not realize that orders are not being fulfilled until the business has already disappeared. Exit scams are commonly associated with the rise of cryptocurrency projects due to the lack of regulation and decentralized ecosystem. [3]
A dusting attack or dust attack is an attack on a cryptocurrency wallet that sends tiny amounts of cryptocurrency (known as "dust") to that wallet in order to uncover the identity of the wallet's owner. [1] Information can then be used to obstruct receiving legitimate payments [2] or phishing scams. [1]
So it can be subject to the gift tax if it’s over $17,000 in 2023 or $18,000 in 2024. And if it comes time for the recipient to sell the gift, the cost basis remains the same as the giver’s ...
Pig butchering cost Americans $5.6 billion last year. The term, used by scammers to describe crypto investment schemes, was especially apt in 2023, as losses increased 45% over the 2022 totals ...
FBI officials, in an effort to prevent fraudsters from taking money from victims, are training state and local law enforcement to better see the warning signs of crypto scams, and they are asking ...