$11 Billion Lost: Americans Fall Prey to Crypto Scams at Gas Stations

A new report reveals that Americans lost $11 billion to crypto scams last year. The majority of these losses, around $8.5 billion, occurred at gas stations where people bought gift cards and then redeemed them for cryptocurrency online. This type of scam is often referred to as a 'cash-to-crypto' scheme.

The Federal Trade Commission (FTC) reported that the number of complaints about crypto scams increased by 73% in 2022 compared to the previous year. The most common types of scams were phishing, fake investment schemes, and romance scams.

According to experts, these scams often target vulnerable individuals who are unaware of the risks involved in investing in cryptocurrency. They may be lured into buying gift cards or sending money to scammers with promises of high returns on their investments.