As the price of Bitcoin rises again, so do the scams.

Answer: $5.6 billion dollars

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Questions:

• What factors do you think contribute to the rise of cryptocurrency scams in recent years?
• How might the lack of regulation or knowledge about cryptocurrency make people more vulnerable to scams?
• In what ways can individuals protect themselves from falling victim to cryptocurrency-related fraud?

Click here for the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (FBI Cryptocurrency Report):

In 2023, the Federal Bureau of Investigation (FBI) Internet Crime Complaint Center (IC3) received more than 69,000 complaints from the public regarding financial fraud involving the use of cryptocurrency, such as bitcoin, ether, or tether. Estimated losses with a nexus to cryptocurrency totaled more than $5.6 billion. While the number of cryptocurrency-related complaints represents only about 10 percent of the total number of financial fraud complaints, the losses associated with these complaints account for almost 50 percent of the total losses.

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Check out the Cryptocurrency mini-unit to learn how to protect your coins!
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Play Crypto Craze to see if you can speculate and profit.

About the Author

Dave Martin

Dave joins NGPF with 15 years of teaching experience in math and computer science. After joining the New York City Teaching Fellows program and earning a Master's degree in Education from Pace University, his teaching career has taken him to New York, New Jersey and a summer in the north of Ghana. Dave firmly believes that financial literacy is vital to creating well-rounded students that are prepared for a complex and highly competitive world. During what free time two young daughters will allow, Dave enjoys video games, Dungeons & Dragons, cooking, gardening, and taking naps.