In 2024, the Federal Bureau of Investigation (FBI) received a staggering number of complaints regarding cryptocurrency fraud, totaling over 149,000. These complaints resulted in reported losses of $9.3 billion across various crypto-related investment scams, extortion schemes, ATM and kiosk fraud, among others.
According to the FBI’s Internet Crime Complaint Center (IC3) report for 2024, cryptocurrency-related fraud saw a significant increase of 66% from the previous year, reaching $9.3 billion compared to 2023’s $5.6 billion. Chad Yarbrough, operations director for the FBI’s criminal and cyber branch, highlighted that cryptocurrency has become a popular tool for cheating investors, laundering money, and engaging in illicit activities.
The report also emphasized the prevalence of ransomware attacks on critical infrastructure, with complaints rising by 9% from 2023. Christopher Delzotto, section chief of the Financial Crime Section for the FBI, mentioned that over 5,400 victims were notified of cryptocurrency fraud targeting between January 2024 and April 2025. Many of these victims were unaware they were being targeted.
Elderly Americans aged 60 and older were identified as the most vulnerable group to cryptocurrency fraud, reporting losses of over $2.83 billion. The FBI noted that nearly 30% of total crypto fraud losses came from individuals in this age group. Victims in the 50 to 59 age group also suffered staggering losses of $1.18 billion.
California was the state with the highest losses to crypto fraud, surpassing $1.39 billion, followed by Texas with $738 million in reported losses. The FBI stressed that investment fraud, such as fraudulent investment opportunities in cryptocurrency, remains the primary threat in the crypto space.
The agency notified over 4,300 victims of cryptocurrency investment fraud, with estimated savings to victims totaling $285 million. Additionally, 42 victims were referred to an FBI victim specialist for suicide intervention. Natalie Newson, CertiK’s Senior Blockchain Investigator, highlighted that crypto fraud investment schemes continue to be a global issue due to the promise of high returns and the challenges of regulation in many jurisdictions.
In conclusion, the 2024 FBI report on cryptocurrency fraud underscores the growing threat of scams and illicit activities in the crypto space, with significant losses reported across various demographics. It serves as a reminder for investors to exercise caution and due diligence when engaging in cryptocurrency transactions.