• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
Crypto Scams Were the Second Riskiest Scams in 2019: Report

Crypto Scams were 2019’s Second Most Riskiest Scams: Report

Anatol Antonovici
by Anatol Antonovici
5 years ago
·
Posted in News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Cryptocurrency scams were the second riskiest scams last year, according to a report carried out by the Better Business Bureau (BBB), a US-based nonprofit founded more than a century ago.


Crypto Scams Get Own Category on BBB Scam Tracker

In 2018, BBB Scam Tracker, an annual report of the most nefarious scam types, listed cryptocurrency scams as an emerging problem. They appeared as a subcategory of investment scams. However, in its latest report for 2019, BBB named cryptocurrency scams as the second riskiest scams only after employment scams. The latter maintained the top position for the second year in a row.

BBB found that the median dollar loss from crypto scams was $3,000. The report relies on data provided by consumers to BBB Scam Tracker and is based on the BBB Risk Index. The latter is BBB’s proprietary algorithm that measures exposure, susceptibility, and monetary loss to calculate the overall scam risk.

The report, which mostly covers the US and Canada, reads:

“Cryptocurrency scams rose to the second riskiest scam in 2019. With a median dollar loss of $3,000, these scams are having a devastating impact on consumers. In some cases, consumers don’t quite understand these digital assets, enabling scammers to take advantage of them by convincing consumers they’ll make significant returns on an ‘investment’.”

In other cases, some scams were possible because consumers bought, stored, or traded digital currency on an exchange that was vulnerable to hacking attacks.

According to the report, 68.5% of consumers that reported a crypto scam lost money. Interestingly, 31% of these losses were related to China-based crypto exchange site C2CX.

Digital Asset Crime Losses Increased at Global Level Too

While BBB’s report covers North America, we reported last month that the total loss from crypto hacking attacks, scams, and other crimes surged 160% in 2019, to $4.52 billion, according to CipherTrace data. Asian Ponzi scheme PlusToken was one of the main drivers behind the losses.

Many scams, including PlusToken, are promoted via social media sites. BBB shared the experience of Jose from Arizona:

“I was scrolling my Instagram when a person named Elizabeth sent me a private message about cryptocurrency trading. I was desperate at that time and she got me interested because of the earnings. She [said she would] manage my account [and] do all the trading. She sent me the wallet address through WhatsApp, and from there I would go to a bitcoin ATM,” the story begins.

Jose made some deposits to her Bitcoin account and watched how the balance increased. When he tried to withdraw the funds after about two months, he ended up on a bank site that looked fake. The scammers told Jose to pay $500 for a code to unlock his $25,000 displayed on his account. However, he couldn’t access the funds and lost $1,200 in total.

BBB data showed that men were more susceptible to crypto scams than women.

Also, those aged between 25 and 44 were more vulnerable to crypto scams compared to the rest.

Cryptocurrency Scams in Canada

BBB published a separate report for Canada, where cryptocurrency scams are less risky. This category is only the fourth riskiest type of scam, after travel/vacation/timeshare, advance-fee loans, and romance scams.

However, the median loss from crypto scams is a bit higher in Canada, with each consumer losing about $3,600 on average.

Last year, Canada-based QuadrigaCX was part of one of the largest scandals in the crypto market. The clients of the cryptocurrency exchange lost $135 million after its co-founder Gerald Cotten, who supposedly held the private keys of all crypt funds, surprisingly died of complications due to Crohn’s diseases.

Do you think that crypto scams are indeed some of the most dangerous scams out there? Share your thoughts in the comments section!


Images via Shutterstock, BBB

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anatol Antonovici

Anatol Antonovici

Follow

Full Profile

Related Posts

World Liberty Financial

World Liberty Financial: Trump Jr. Defends Company Against Political Accusations

2 days ago
crypto

Eric Adams, New York’s Crypto-Friendly Mayor, Won’t Seek 2nd Term

5 days ago
India

India Cracks Down: Stricter Rules To Combat Rising Digital Payments Fraud

1 week ago
Philippines

Philippines Authorities Move To Put Key Public Records On Blockchain After Mass Protests

1 week ago
Nepal

Jack Dorsey’s Bitchat Becomes Lifeline For Nepalis In Protest Crisis

3 weeks ago
PrimeXBT: Empowering Traders in Crypto Space

PrimeXBT: Empowering Traders in Crypto Space

3 weeks ago
Please login to join discussion

Premium Sponsors

Press Releases

  • The Quiet Market Shift Investors Might Be Missing: How Tapzi Is Challenging Institutional Favorites

    The Quiet Market Shift Investors Might Be Missing: How...

    2 days ago
  • Investors Search for Long-Term Upside in This Under-$0.01 Crypto of 2025 Tapzi

    Investors Search for Long-Term Upside in This Under-$0.01...

    2 days ago
  • MoonBull Presale Explodes with over 11,800% Projected ROI as Uptober Sends the Market Soaring

    MoonBull Presale Explodes with over 11,800% Projected ROI...

    2 days ago
  • 狗狗幣引領『Uptober』Meme...

    2 days ago
  • ตัวละคร Snorter ขนฟูโต้คลื่นบนเซิร์ฟบอร์ดสีชมพู

    จับตา Uptober!...

    3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.