The bitcoin price slump over the last year, which saw the bitcoin price drop around 90%, meant the number of scams declined—but they didn't disappear entirely. Social media giant Facebook was found to be among popular websites hosting the bitcoin scam ads. SOPA Images/LightRocket via Getty ImagesThose who have fallen victim of the bitcoin scam reported individual losses of up to $250,000 after following links from popular websites including AOL, MSN, Yahoo and Facebook. The bitcoin scam promises victims huge returns and encourages people to pour cash into fake trading platforms. However, many in the traditional financial industry have warned the bitcoin price could fall back at any time, potentially wiping out the wealth it's created.

Source: Forbes December 07, 2019 07:07 UTC