The FBI’s recent report reveals that American losses from cryptocurrency fraud reached $9.3 billion in 2024, marking a 66% rise from the previous year. The elderly were particularly impacted, losing $2.8 billion, primarily due to investment scams. ‘Sextortion’ scams were the most commonly reported. Despite prevention efforts, experts forecast a continued increase in scams into 2025.
In an alarming report by the FBI, a staggering $9.3 billion was lost to cryptocurrency fraud in 2024, a significant jump of 66% from 2023. This data comes from the FBI’s Internet Crime Complaint Center (IC3), highlighting the growing threats in the online fraud landscape. The report points out that older Americans, specifically those aged 60 and above, suffered the most, racking up losses of around $2.8 billion from 33,000 complaints.
Investment scams were, unsurprisingly, at the forefront of these losses, constituting the bulk of the financial damage done. Meanwhile, ‘sextortion’ scams, which involve the manipulation of explicit content, surfaced as the most frequent type of complaint received by the FBI. These scams illustrate the evolving tactics used by cybercriminals to exploit their victims’ vulnerabilities.
The FBI did undertake some preventative measures through initiatives like ‘Operation Level Up,’ which successfully averted an estimated $285 million in potential fraud. However, with experts warning about a likely increase in scams in 2025, the fight against cybercrime is far from over. A report by Chainalysis adds another layer of concern, citing generative AI as a tool that cybercriminals are increasingly leveraging, estimating that illicit crypto activities could hit about $41 billion globally in 2024.
