Americans Lost $9.3B to Cryptocurrency Scams in 2024, Says FBI

Crypto Scams Soar in 2024: FBI Reports $9.3 Billion in Losses, Seniors Most Affected

Cryptocurrency fraud surged to unprecedented levels in 2024, with U.S. victims losing $9.3 billion—marking a 66% spike from the previous year, according to the FBI’s Internet Crime Complaint Center (IC3). The alarming rise underscores how digital assets are increasingly exploited by cybercriminals, particularly through deceptive investment schemes.

The IC3’s annual report reveals nearly 150,000 complaints linked to crypto-related activity, with investment fraud emerging as the most prevalent threat. Fraudsters routinely posed as financial advisors or representatives of high-yield crypto platforms, promising lucrative returns to lure in unsuspecting investors before draining their funds.

Among the tactics gaining traction is the so-called “pig butchering” scam, where scammers establish prolonged online relationships—often romantic or friendly—to gain trust before introducing a fraudulent crypto investment opportunity. These scams alone contributed to the $5.8 billion lost through fake crypto investments in 2024.

Older Americans have emerged as the most vulnerable targets. Victims aged 60 and above lost $2.8 billion last year—more than double their losses from 2022. In many cases, seniors were targeted by scams involving cryptocurrency ATMs, fraudulent investment solicitations, and impersonators posing as tech support agents or government officials.

The demographic aged 40 to 49 recorded the second-highest losses at $1.4 billion, followed closely by individuals under 40, who collectively lost $1.37 billion.

Beyond investment fraud, the second-largest category of loss was data breaches, which accounted for $1.1 billion. The FBI noted a growing overlap between crypto schemes and broader cybersecurity incidents, including phishing attacks and social engineering.

To stem the tide, the federal government launched Operation Level Up in January 2024—a multi-agency initiative aimed at identifying victims, disrupting fraud networks, and providing support. The operation reportedly prevented an additional $285 million in losses and referred 42 individuals for suicide prevention after falling victim to crypto scams.

The report’s findings reflect a harsh reality: while cryptocurrencies offer innovative financial tools, they are also fertile ground for increasingly sophisticated fraud. Authorities urge users to remain cautious, verify all investment opportunities, and report suspicious activity promptly.