5 August 2021
Scam artists find crypto owners tempting and vulnerable targets.
That’s one of the eye-opening takeaways from a recent survey of 1,021 crypto owners in the United States. The CryptoVantage study reveals that 32.6% of crypto owners had lost money – an average of €454.
Among the most common crypto scams are fake emails, imposter websites, fake mobile apps, social media scams, pyramid schemes, phony wallets, and malware attacks. Respondents reported the highest losses – an average of €787 per incident – at websites that imitate trusted crypto sites.
More than a third of participants in the CryptoVantage study – 39.7% – reported having lost or forgotten the credentials to access their crypto accounts. Of those, 95.6% were able to regain access to their funds. Those who were unable to recover their passwords lost an average of about €1,800.
The survey reveals that crypto users are more likely to store funds at exchange sites than to set up crypto wallets. While 26.6% use password managers to protect access to their crypto funds, 18.6% confess that they keep copies of their passwords in handwritten notes and 10.3% document them in screenshots.
The full survey is available at CryptoVantage.
This text is informative in nature and should not be considered an investment recommendation. It does not express the personal opinion of the author or service. Any investment or trading is risky, and past returns are not a guarantee of future returns. Risk only assets that you are willing to lose.