In 2024, Americans lost over $9 billion to cryptocurrency scams, a significant rise from last year. The FBI’s report highlights that older citizens were particularly targeted, with losses increasing remarkably. Various types of scams, especially fake investments, dominated the landscape. The FBI’s proactive measures have potentially saved millions, yet overall online fraud losses continue to climb sharply.
An alarming new report from the FBI reveals that Americans suffered over $9 billion in losses due to cryptocurrency scams in 2024. Specifically, the value lost reached a staggering $9.32 billion, marking a 66% increase from the previous year. This concerning statistic shows that these scams now represent more than half of the overall cybercrime losses in the country, according to the FBI’s Internet Crime Complaint Center (IC3), which reported nearly 150,000 crypto-related complaints for the year.
Older Americans, particularly those over 60, are increasingly targeted by cryptocurrency fraudsters. The FBI noted a dramatic 96% increase in complaints from seniors in 2024, with 33,360 cases reported compared to last year’s 16,960. Disturbingly, these older victims alone lost about $2.84 billion to various scams—a 71% rise from 2023. Meanwhile, younger demographics weren’t spared either; those under 20 filed 1,819 complaints worth $7.77 million, while individuals aged 20-29 reported losses of around $370.44 million. The hardest hit age group appears to be those aged 40-49, who collectively lost around $1.46 billion.
The nature of scams predominantly surrounds fake investment opportunities, which have proven to be the most common and costly types of scams. The report outlined that these fraudulent schemes led to 41,557 complaints, costing victims nearly $5.81 billion—a 47% increase from the previous year. Often, victims are lured with promises of high returns on investments that never materialize.
The FBI also identified other types of scams, such as crypto ATM and kiosk scams, which accounted for nearly 11,000 complaints and $246.7 million in losses. Tech support scams, where perpetrators impersonate IT personnel, drained a staggering $962 million from victims. Additionally, work scams resulted in losses of $197 million, while romance scams, in which cryptocurrency is involved, siphoned off $237 million from hopeful victims. Notably, government impersonation scams, where attackers masquerade as IRS or Social Security officials, caused $146 million in losses.
Interestingly, ransomware attacks, while fewer in number—totaling only 389 complaints—still managed to rack up $1.07 million in damages, showcasing a troubling aspect of the evolving cybercrime landscape. As of now, the total market cap of cryptocurrencies sits at about $2.9 trillion, according to TradingView.
In an effort to combat these scams, the FBI’s “Operation Level Up” has reportedly saved potential losses amounting to $286 million. Through this initiative, over 4,300 individuals at risk were warned of ongoing fraudulent efforts. It’s noteworthy that 76% of those alerted were unaware they were being targeted. The success of this program stands in stark contrast to the broader rise in crypto crime, which contributed to a total of $16.6 billion lost online in 2024—a 33% jump compared to the previous year.
The IC3, now celebrating its 25th anniversary with this report, continues to scrutinise cryptocurrency fraud as it remains one of the most rapidly changing areas within cybercrime. The statistics and stories shared here should serve as a wake-up call for all investors to remain vigilant amid the growing threat of scams in the digital currency space.
