FBI Reports $9.3 Billion Losses Due to Cryptocurrency Fraud in 2024

The FBI’s IC3 report for 2024 indicates a record loss of $9.3 billion due to crypto fraud, with over 140,000 complaints. Victims over 60 years old faced significant losses of $2.8 billion. Crypto investment schemes and “sextortion” incidents were major contributors to these figures, highlighting rising concerns about cybersecurity and the potential for increased scams in 2025.

The Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) has published its annual report detailing cryptocurrency-related fraud and scams for 2024. In this period, the IC3 received over 140,000 complaints linked to cryptocurrency, leading to losses of approximately $9.3 billion. Notably, individuals over 60 years old reported the highest impact, with around 33,000 complaints and total losses of $2.8 billion.

In the report, it was highlighted that 2024 marked a record loss for the IC3, totalling $16.6 billion. Fraud constituted the majority of these losses, with ransomware attacks remaining the predominant threat to critical infrastructure, showing a 9% increase in complaints compared to 2023. The most significant financial impact was observed from crypto investment schemes, while “sextortion” schemes generated the highest complaint volume.

Overall losses from cryptocurrency fraud increased approximately 66% from 2023, jumping from $5.6 billion to $9.3 billion. Besides investment schemes, other frauds included scams linked to cryptocurrency ATMs and kiosks. In early reports of this year, the FBI’s “Operation Level Up” reportedly prevented potential losses of around $285 million from crypto fraud over a one-year span.

Blockchain analytics firm Chainalysis anticipates that 2025 may witness an escalation in crypto scams, attributing this potential rise to the scalability afforded by generative AI technologies. On a global scale, Chainalysis estimated that illicit crypto activity was around $41 billion in 2024, with about 25% related to hacking, extortion, and scams. Major incidents included the $1.4 billion theft from the Bybit exchange in March, alongside attacks by North Korean hackers resulting in losses exceeding $1.3 billion.