FBI Reports $9.3 Billion Losses to Crypto Fraud in 2024

The FBI’s IC3 reported that Americans lost $9.3 billion to cryptocurrency fraud in 2024, with over 140,000 related complaints. The elderly were the most affected, losing $2.8 billion. Investment scams were prevalent, while sextortion schemes had the highest complaint rates. The report indicates a significant increase in losses compared to 2023, alongside alarming predictions for future scams driven by generative AI.

In 2024, the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3) reported that Americans incurred losses amounting to $9.3 billion due to cryptocurrency-related fraud. Their annual report, released on April 23, noted more than 140,000 complaints associated with cryptocurrency, indicating a significant rise in scams this year.

Individuals aged 60 and above were particularly affected, recording around 33,000 complaints and losses of approximately $2.8 billion. The report highlighted that the previous year, 2023, had established a record high of $16.6 billion in total reported losses to IC3, primarily driven by fraudulent activities.

The report revealed a 66% increase in losses from 2023, which stood at $5.6 billion. Crypto investment scams were the leading cause of financial losses, while the highest number of complaints originated from “sextortion” schemes, where fraudsters exploited personal images to extort victims. Other scams included those involving cryptocurrency ATMs or kiosks.

In response to the growing trend, the FBI’s “Operation Level Up” reportedly prevented potential crypto fraud victims from losing approximately $285 million between January 2024 and January 2025. However, blockchain analytics firm Chainalysis cautioned that the following year could witness an unprecedented surge in scams facilitated by generative AI, making these fraudulent operations more accessible to criminals.

On a global scale, Chainalysis estimated that illicit cryptocurrency transactions reached about $41 billion in 2024, with 25% of these funds linked to hacking and scams. Notably, significant breaches included the theft of $1.4 billion from the Bybit exchange in March and over $1.3 billion taken by North Korean cybercriminals.