Crypto Fraud: Shocking $9.3B in US Losses Reported by FBI

The landscape of digital finance brings exciting opportunities, but it also harbors significant risks. A recent report from the Federal Bureau of Investigation (FBI) shines a harsh light on the scale of financial crime within the cryptocurrency space, revealing that Americans faced substantial US crypto losses due to malicious activities.

FBI’s Staggering Findings on US Crypto Losses

According to the FBI’s Internet Crime Complaint Center (IC3), 2024 saw a dramatic rise in financial damage from crypto-related schemes. The latest IC3 report, released on April 23, details over 140,000 complaints specifically mentioning cryptocurrency. This deluge of complaints corresponds to approximately $9.3 billion in US crypto losses during the year.

While the total losses reported to IC3 across all internet crimes hit a record $16.6 billion in 2024, fraud constituted the majority of these losses. The $9.3 billion lost to crypto fraud alone represents a significant portion and indicates a growing challenge for regulators and law enforcement.

Who is Most Vulnerable to Crypto Scams?

The IC3 report provides crucial demographic data, highlighting that certain groups are disproportionately targeted by crypto scams. Individuals over the age of 60 were identified as the most affected demographic.

Key findings regarding this group include:

• Approximately 33,000 complaints filed by individuals over 60.
• Total losses for this age group reached roughly $2.8 billion.

This data underscores the need for targeted education and awareness campaigns aimed at protecting older Americans from increasingly sophisticated crypto fraud tactics.

Understanding the IC3 Report Data

The scale of the problem is evident when comparing the 2024 figures to the previous year. The IC3 report notes that crypto-related losses increased by roughly 66% from 2023, when the reported figure stood at approximately $5.6 billion. This sharp rise points to the evolving nature and expanding reach of crypto fraud operations.

The report also breaks down the types of schemes causing the most harm:

• Investment Schemes: These accounted for the most significant percentage of total losses. Fraudsters often promise unrealistic returns on crypto investments to lure victims.
• Sextortion Schemes: While not causing the highest financial losses, these scams generated the largest number of complaints, often involving threats and manipulation using fabricated explicit content involving cryptocurrency payments.
• Crypto ATM Scams: Schemes exploiting the use of crypto ATMs or kiosks were also reported, adding another layer to the diverse methods employed by criminals.

These examples illustrate the varied approaches criminals take to perpetrate crypto fraud, ranging from complex investment cons to coercive tactics.

Fighting Back Against Crypto Fraud

Authorities are actively working to combat these crimes. The FBI has launched initiatives to disrupt fraudulent operations and recover funds. For instance, the FBI’s “Operation Level Up” reportedly saved potential victims of crypto fraud approximately $285 million between January 2024 and January 2025 by freezing funds and intervening in ongoing scams.

The Future Threat: Why Crypto Scams Might Increase

Despite law enforcement efforts, the threat of crypto scams continues to grow. Blockchain analytics firms like Chainalysis suggest that 2025 could see an even higher number of scams. They attribute this potential increase, in part, to the rise of generative AI technologies, which make it easier and cheaper for bad actors to create convincing fraudulent content and conduct scams at scale.

Globally, Chainalysis estimated roughly $41 billion in illicit crypto volume in 2024, with about 25% linked to activities like hacking, extortion, trafficking, or scams. High-profile incidents, such as significant exchange hacks and state-sponsored cyber theft, underscore the persistent challenge.

Conclusion

The FBI’s IC3 report serves as a stark reminder of the substantial financial risks associated with the digital asset space. The $9.3 billion in US crypto losses in 2024 is a alarming figure, highlighting the need for extreme caution. As crypto fraud methods become more sophisticated, vigilance, education, and robust security practices are essential for anyone engaging with cryptocurrencies. Staying informed about common scams and understanding the data presented in reports like the IC3 report is the first step in protecting yourself and your assets.