FTC warning consumers after $1 billion was lost in crypto scams in 2021

(KYMA, KECY/ CNN) - The Federal Trade Commission is warning that one out of every $4 lost to fraud is related to cryptocurrency scams.

More than $1 billion has been stolen from $46,000 people since the start of 2021, according to a new FTC report.

Cryptocurrency scammers typically target a younger age group for victims.

The FTC say those aged 25-40 are three times more likely to lose money due to fraud, and much of it involves Bitcoin.

Cryptocurrency gives scammers the advantage of having no bank to flag suspicious transactions and transfers that can't be reversed.

The FTC's warning comes at a particularly volatile time in the crypto market.