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How much money did crypto investment scams lose in 2022?

According to the FBI, crypto investment scam losses rose from $3 billion in 2022 to $4.5 billion in 2023. For the first six months of 2024, the agency received over 18,000 complaints reporting crypto-investment scams, with losses of more than $1.9 billion.

Are crypto investments illiquid?

As a result, California says, investors who were hoping to cash in on short-term gains in their crypto holdings found that they were illiquid, that the only way to realize a profit from their crypto investments would be to sell the underlying assets and withdraw the proceeds.

Is the crypto market rife with scams?

It comes as major crypto firms face ongoing criticism that the market is rife with scams and consumer abuse.

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