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.