Americans Lost $9.3 Billion to Crypto Crimes in 2024, 66% Increase

The Federal Bureau of Investigation's (FBI) Internet Crime Complaint Center (IC3) has released a report indicating that Americans suffered a record $9.3 billion in losses due to cryptocurrency-related crimes in 2024. This figure represents a significant 66% increase from the previous year, underscoring the escalating use of digital assets in various online fraud schemes.

The annual IC3 report reveals that nearly 150,000 complaints were linked to cryptocurrency activities, with investment fraud being the most prevalent type of scam. In these schemes, fraudsters often create fake cryptocurrency platforms, promising high returns to lure victims into transferring their funds, which are then stolen.

The FBI also highlighted "pig butchering" scams, where fraudsters establish online relationships with their targets before persuading them to invest in fake cryptocurrency opportunities. Crypto investment schemes resulted in $5.8 billion in losses, making it the largest category by far. The second-largest category by losses was data breaches, amounting to $1.1 billion.

Elderly Americans were disproportionately affected by these scams. Individuals over the age of 60 reported $2.8 billion in losses through crypto-related crimes, which is more than any other age group. This figure has risen from $1.65 billion in 2023 and $1.08 billion in 2022. The second-most affected age group, those aged 40-49, suffered $1.4 billion in losses, while those under the age of 40 experienced combined losses of around $1.37 billion.

Over 8,000 of the complaints came from individuals over 60, primarily related to fake investment opportunities. Other victims in this age group fell prey to tech support fraud and impersonation schemes, often involving cryptocurrency ATMs.

In response to the growing threat, the government launched Operation Level Up in January 2024. This initiative identified thousands of victims of crypto investment fraud and prevented an estimated $285 million in further losses. Additionally, it referred 42 victims for suicide intervention, highlighting the severe emotional and financial impact of these scams on individuals.