In 2024, the FBI reported a staggering $9.3 billion lost by Americans to crypto scams, up 66% from $5.6 billion in 2023. Older adults, particularly those over 60, are most affected, accounting for nearly $2.8 billion in losses, despite making up just 17% of the population. The total complaints for crypto fraud reached 149,686 this year.
In a shocking revelation, the Federal Bureau of Investigation (FBI) has disclosed that Americans lost a whopping $9.3 billion to crypto-related scams in 2024. This figure marks a steep 66% increase from 2023, where losses were reported at $5.6 billion. Despite enhanced regulatory scrutiny, it appears that fraudsters continue to thrive and exploit unsuspecting investors. B. Chad Yarbrough, the FBI’s operations director for the criminal and cyber division, emphasised the persistence of these criminals: “The criminals Americans face today may look different than in years past, but they still want the same thing: to harm Americans for their own benefit.”
The data also indicates that older Americans are disproportionately affected by these scams, despite representing only 17% of the U.S. populace. Specifically, those aged 60 and above bore the brunt of losses, totalling nearly $2.8 billion, which is around 30% of the overall fraud losses. This group reported a staggering 33,369 complaints related to crypto fraud, with the average victim losing approximately $83,000. In stark contrast, the average loss from other online crimes sits at about $19,372.
According to the agency, the total number of complaints related to cryptocurrency reached approximately 149,686 throughout 2024. While one might expect that increased regulatory oversight would mitigate these figures, the dramatic growth in crypto popularity and value this year seems to have facilitated the rise of scams. The reality is that with a booming market, criminals are likely finding new avenues to exploit vulnerable investors, particularly among older generations who might not be as familiar with this emerging technology.
