A survey by Cryptovantage reveals, crypto investors suffered most from the scam emails out of all other forms of crypto scams. The 1,012 US-based respondents overall lost $538 in crypto scams.
Crypto scams are very common in the financial world. Americans follow different practices to protect themselves against scams. However, most of the users personally fell victim to scam emails. The other top crypto scams included:
- Imposter Websites
- Fake Mobile Apps
- Social Media Related Scams
- Pyramid Scheme
- Fake Wallet
- Malware Attack
Out of 1,012 crypto owners, one-third suffered from scams in the past. 47.7% of scams emerged through emails, while 45.2% came from an impostor website. Scam emails were often tied to a website. The users were asked to provide login information. The criminal entity would then use the info to access the user’s wallet and grab the money.
Scam emails resulted in the loss of $382. Website scams did the most damage by taking away $932 from victims.
Cryptovantage looked at coin storage security. It revealed that 11.9% of respondents thought their wallet passwords were not safe.
Some other interesting things came to light regarding crypto investors in America. The respondents collectively had $7,245 invested in crypto. The largest amount of investments (2, 813) were in the Binance exchange. However, most of the respondents had their funds in Coinbase wallet.
Another key finding was that investors considered ‘panic selling‘ as their biggest mistake in crypto. They believed in the potential of the industry despite the security issues.
Also Read: 1.1 Million Noobs Panic Sell Bitcoin
“Digital investors demonstrated a high propensity to get involved with cryptocurrency even in the face of some major trust issues and bad experiences. Even after forgetting passwords or perhaps investing too much, their biggest regret was selling. Doing proper research and trying to take the emotion out of it will be key in any investor’s future,” the survey concluded.