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CFPB Issues Bulletin Charting Consumer Cryptoasset Complaints

CFPB Issues Bulletin Charting Consumer Cryptoasset Complaints

Posted: Nov 22 2022
The CFPB has released a new bulletin highlighting complaints the agency has received related to cryptoassets. Consumers most commonly reported being victimized by fraud, theft, account hacks and scams. Consumers also had issues with executing transactions and transferring assets between exchanges, while others had issues accessing account funds due to platform failures, identity verification issues, security holds or because of technical issues. Poor customer service was another common theme across crypto-related complaints.
 
Scammers often target cryptoassets because it can be difficult to determine the people behind many cryptoasset addresses, and there are a number of techniques scammers use to obscure the movement of cryptoassets to other accounts, according to the CFPB, which can make tracing stolen assets more time consuming. As price volatility and cryptoasset adoption has increased recently, there has been a similar rise in complaints received by the CFPB. From October 2018 to September 2022, the CFPB received more than 8,300 complaints related to cryptoassets, the majority in the past two years. For about 40% of cryptoasset complaints handled since October 2018, consumers listed frauds and scams as the main issue. Various transactional issues with cryptoassets accounted for about 25 percent of complaints, while issues with assets not being available when promised accounted for 16% of complaints.
 
To read more, visit: https://www.consumerfinance.gov/data-research/research-reports/complaint-bulletin-analysis-of-consumer-complaints-related-to-crypto-assets/
 

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