Crypto Crime Losses in the U.S. Jumped to $9.3B in 2024, FBI Says

Americans reported a document $9.3 billion in losses to cryptocurrency-related crimes in 2024, in accordance to a report by the Federal Bureau of Investigation’s (FBI) Internet Crime Complaint Center (IC3). The losses signify a 66% soar from 2023 and spotlight the rising use of digital property in on-line fraud schemes.

The annual IC3 report says almost 150,000 complaints linked to crypto, with funding fraud main the method. In these schemes, scammers typically faux to provide excessive returns on faux cryptocurrency platforms, coaxing victims to switch funds which might be then siphoned away.

The FBI additionally spotlighted “pig butchering” scams, the place fraudsters construct on-line relationships earlier than pushing faux crypto investments. Crypto funding schemes led to $5.8 billion in losses, whereas the second-largest class by losses at $1.1 billion have been knowledge breaches.

Elderly Americans bore the brunt of the injury. Individuals over 60 reported $2.8 billion in losses by means of crypto-related crimes—greater than another age group— up from $1.65 billion in 2023 and $1.08 billion in 2022.

The second-most affected age group, these aged 40-49, suffered $1.4 billion in losses, whereas these beneath the age of 40 suffered mixed losses of round $1.37 billion.

Over 8,000 of the complaints stemmed from folks over 60 and associated to faux funding alternatives, whereas others fell sufferer to tech help fraud and impersonation schemes, typically involving cryptocurrency ATMs.

Operation Level Up, a authorities initiative launched in January 2024, recognized 1000’s of victims of crypto funding fraud and prevented an estimated $285 million in additional losses, per the report. It referred 42 victims for suicide intervention.