CFPB named the most popular bitcoin scam schemes from 2018

Romance scams and a “piggybacking” scheme are recognized as the most popular tactics of bitcoin scammers. The CFPB reports that .

About 40 percent of the 8,300 complaints the bureau received between October 2018 and September 2022 involved cryptocurrency scams and scams.

With most of the victims, the attackers played out a romantic scenario to get their money.

The “piggybacking” tactic was also actively used, which involves creating an image of a successful crypto trader online with the promise of high investment returns.

The third most popular fraud is impersonation of influential people or support service employees.

About 25% of the complaints were about different transaction incidents. 16% referred to hacking, frozen accounts, identity verification difficulties and other technological problems with crypto platforms. A smaller number of complaints concerned the volatility of digital assets.

“Poor customer service is a common theme of cryptocurrency-related complaints. Most of the reports came from California,” the CFPB said in a statement.

The bureau specified that the blocking of fraudsters at How do people get the exchanges often occurs only after a series of suspicious transactions. Users in the case of hacking are forced to wait for the completion of arbitration or to seek redress through class action lawsuits, not being able to receive services during this period.

ForkLog previously reported that a U.S. resident pleaded guilty to 50,000 BTC in Silk Road fraud.

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