In 2024, the FBI reported record losses of $9.3 billion due to crypto scams, reflecting a 66% year-over-year increase. Seniors aged 60 and older were the most affected, losing $2.8 billion, largely through investment fraud and tech support scams. Operation Level Up, a new government initiative, aims to address this crisis.
In 2024, losses from cryptocurrency scams in the United States skyrocketed to an alarming $9.3 billion, marking a staggering 66% increase compared to the previous year, according to a new report from the FBI’s Internet Crime Complaint Center (IC3). This surge highlights the rising trend of digital assets being exploited in fraudulent schemes.
The IC3 report reveals nearly 150,000 complaints related to crypto scams, with a significant portion attributed to investment fraud. Scammers are increasingly leveraging fake cryptocurrency platforms promising high returns to lure victims into transferring their money, which is then lost. The report particularly notes the emergence of “pig butchering” scams, where fraudsters fabricate personal relationships before promoting fraudulent investments.
Notably, the elderly population has been the hardest hit. Individuals over the age of 60 reported a whopping $2.8 billion in losses, more than any other age group. This reflects a jump from $1.65 billion in 2023 and $1.08 billion in 2022. Meanwhile, the second-most affected demographic, those aged 40-49, lost approximately $1.4 billion.
Young adults, under 40, faced combined losses nearing $1.37 billion. Over 8,000 complaints from seniors specifically pointed to phony investment opportunities. Additionally, scams concerning tech support and impersonation, often linked to cryptocurrency ATMs, contributed to the financial devastation experienced by this age group.
In response, the government launched Operation Level Up in January 2024 to combat these fraudulent activities. The initiative successfully identified thousands of victims and is believed to have prevented around $285 million in additional losses. Alarmingly, 42 victims were referred for suicide intervention, illustrating the severe emotional toll these scams can take.
