FBI Reports $9.3 Billion Lost to Crypto Scams in 2024
An IC3 report indicates that Americans faced a staggering loss of $9.3 billion to crypto-related scams in 2024, marking a 66% increase from the previous year.
Key Highlights:
- Americans reported nearly 150,000 complaints involving cryptocurrencies, predominantly related to investment fraud.
- The elderly were the most affected, with those over 60 reporting total losses amounting to $2.8 billion.
- Pig butchering scams, which involve building online relationships before promoting fraudulent investments, were notably highlighted in the report.
What Happened?
Losses due to cryptocurrency fraud escalated dramatically in 2024, with the FBI’s Internet Crime Complaint Center (IC3) documenting a significant surge in investment fraud. Scammers typically lure victims with the promise of lucrative returns on fake crypto investments, leading to massive financial losses.
Specifics of the Report:
- The FBI noted that the total losses in 2024 reached $9.3 billion, driven largely by investment fraud and tech support schemes, contributing heavily to the victimization of individuals over 60 years old.
- Operation Level Up, initiated in January 2024, aimed to tackle these scams, uncovering numerous victims and averting approximately $285 million in potential losses.
Individuals aged 40-49 faced losses of $1.4 billion, while those below 40 experienced combined losses of around $1.37 billion. The report serves as a stark reminder of the risks associated with the burgeoning crypto landscape, emphasizing that older demographics are increasingly targeted by such scams.
