When you buy through affiliate links in our content, we may earn a commission at no extra cost to you. Learn 
A recent report from the FBI’s Internet Crime Complaint Center (IC3) revealed that investors lost $5.6 billion to crypto-related financial crimes in 2023.
These schemes often lure victims with promises of high returns and minimal risk, reflecting a growing trend in crypto-related scams.
The detailed report by the FBI revealed that the $5.6 billion loss suffered by investors due to crypto-related financial crimes, marked a 45% increase from 2022.
Investment fraud emerged as the most prevalent and costly type of crypto scam, with the perpetrators swindling $4 billion out of the 69,000 reported cases of crypto crime.
While crypto crimes constituted only 10% of the FBI’s total complaints, this figure represents approximately half of all reported financial losses.
The U.S. Federal Bureau of Investigations recorded a 45% uptick in losses tied to #crypto scams in 2023.
The FBI's Internet Crime Complaint Center received over 69,000 crypto-related complaints which resulted in $5.6 billion in losses in 2023.People over the age of 60 filed the… pic.twitter.com/gJRf1qNHdA
— Satoshi Talks (@Satoshi_Talks) September 10, 2024
Crypto investment fraud involves schemes that deceive investors into putting money into non-existent or worthless cryptocurrency ventures, such as fake investment platforms and misleading advertisements.
According to the report, individuals over the age of 60 were most vulnerable, suffering losses amounting to nearly $1.6 billion.
Scammers frequently contacted victims via social media, email, or text messages, gradually building trust before switching to encrypted messaging apps like WhatsApp to further deceive them.
Another large portion of losses, around 10%, came from call center fraud and government impersonation scams, where scammers posed as tech support or government officials to trick victims into giving away their money.
Though the IC3 accepts complaints from both U.S. citizens and foreign nationals, its latest report details that 83% of all crypto-related fraud cases reported in 2023 came from American residents.
The state of California ranked highest, with 9,522 complaints, and recorded the biggest financial hit, losing $1.2 billion. The FBI report also emphasized that cryptocurrency kiosks, or ATMs, have become a favored tool for scammers, leading to over 5,500 cases and more than $189 million in losses.
The anonymous nature of ATM transactions makes them attractive for schemes like romance scams and government impersonation, as it provides scammers a way to avoid detection.
