Crypto Scam Losses Soar 66% in 2024, Says FBI Report

Crypto scams are getting worse in the U.S. A new report by the FBI’s Internet Crime Complaint Center (IC3) reveals that Americans lost $9.3 billion to crypto fraud in 2024 alone—a shocking 66% increase compared to the $5.6 billion lost in 2023.

With over 140,000 complaints filed last year, authorities are warning that the true extent of losses may be even higher due to underreporting and outdated reporting systems.

Seniors Are the Primary Targets

The report highlights that 33,000 of the complaints came from seniors aged 60 and above, who lost more than $2.8 billion. The FBI notes that scammers deliberately target elderly victims, exploiting their lack of familiarity with digital assets.

A major tactic? Crypto ATM scams. In 2024, at least 2,700 senior citizens were tricked into withdrawing money from their bank or retirement accounts and sending it via crypto ATMs, resulting in total losses of around $107 million.

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Fake Investments Drive Most Losses

Another major driver of crypto scams: fake investment opportunities. The report reveals that Americans lost over $1.6 billion in 2024 to fraudulent schemes that promised high returns from nonexistent or high-risk crypto projects.

With scammers constantly evolving their methods, the FBI urges the public to stay alert, avoid unsolicited investment offers, and report suspicious crypto activity. The bottom line? If it sounds too good to be true, it probably is.