FBI: US investors lose $9.3 billion in 2024 due to crypto scams

Author: Turner Wright, CoinTelegraph; Translated by: Tao Zhu, Golden Finance

The FBI Internet Crime Complaints Center (IC3) released its annual report detailing the complaints and losses caused by fraud and fraud involving cryptocurrencies in 2024.

According to a report released on April 23, IC3 received more than 140,000 complaints involving cryptocurrencies in 2024, causing approximately US$9.3 billion in losses. The bureau reported that individuals over 60 were most affected by cryptocurrency-related fraud, with about 33,000 complaints and losses of $2.8 billion.

“The losses reported to IC3 last year hit a record high, with a total of $16.6 billion,” the report said. “Fraud accounts for the majority of the losses reported in 2024, and ransomware is once again the most common threat to critical infrastructure, with complaints up 9% from 2023.” The report also added that as a group, people over the age of 60 suffered the most losses and complaints were the most.

The resulting losses increased by about 66% since 2023, from about $5.6 billion to $9.3 billion, the report added. The biggest part of the loss is due to crypto investment plans, and the most complaints are related to “sexual ransomware” programs, where scammers manipulate photos and videos to create explicit content. Other scams include plans to use encrypted ATMs or kiosks.

In February, the FBI reported that its “upgrade operation” saved potential victims of cryptocurrency fraud between January 2024 and January 2025. However, blockchain analytics firm Chainalysis speculates that the most fraud cases will likely occur in 2025 as generative artificial intelligence is making the practice “more scalable and affordable for criminals.”

Chainalysis estimates that global illicit cryptocurrency transactions will be approximately US$41 billion in 2024, with approximately 25% of the funds involved in “hacker attacks, ransomware, trafficking or scams.” Some of the most compelling crimes include $1.4 billion worth of cryptocurrency stolen from Bybit exchange in March and North Korean hackers stealing more than $1.3 billion in cryptocurrency.