In 2024, Americans lost nearly $10 billion due to crypto scams, with California being hardest hit, accounting for $1.39 billion in losses. The most affected demographic was those over 60 years old, while investment fraud topped the list of criminal activities. Overall, scams surged by 66% from the previous year, with significant losses attributed to various fraud types, including romance scams.
In 2024, the FBI reported a staggering loss of nearly $10 billion due to crypto scams in the United States. This figure reflects a sharp increase of 66% in crypto-related fraud from the previous year, with a total of 146,686 reported victims. The demographic most affected comprises Americans over the age of 60, who contributed to $2.8 billion in losses across various fraud schemes.
The state of California faced the greatest financial losses, with 19,508 victims reporting losses amounting to $1.39 billion. Following California, Texas reported losses of $738.58 million, Florida $584.75 million, New York $375.09 million, and Pennsylvania rounding out the top five affected states.
Investment fraud emerged as the most prominent category of crypto crime, resulting in a loss of $5.82 billion. Other significant fraud types included personal data breaches, causing $1.12 billion in losses, and tech support scams, which accounted for $961.99 million. Additionally, romance scams exploited vulnerable individuals, culminating in a loss of approximately $237 million.
For those interested in safeguarding their investments, resources are available, such as a comprehensive guide titled ‘How to Avoid Crypto Scams’. This aims to help individuals navigate the crypto landscape more safely and avoid common pitfalls that lead to financial losses.
