Crypto Scams Cost Americans $9.3 Billion in 2024, According to FBI

Crypto Crime Hits Record High in 2024 as Scammers Target Seniors, FBI Reports

The FBI’s Internet Crime Complaint Center (IC3) has released a sobering new report showing that Americans lost a record-breaking $9.3 billion to cryptocurrency-related scams in 2024—a dramatic 66% jump from the previous year.

At the heart of the surge are deceptive investment schemes, which led the pack among nearly 150,000 crypto-related complaints submitted last year. These frauds typically involved fake crypto platforms, with scammers promising unrealistic returns to trick victims into transferring funds—funds that ultimately vanished.

One scam trend that drew particular concern from the FBI is the rise of “pig butchering” schemes. These elaborate cons involve scammers cultivating online relationships—sometimes over weeks or months—before steering targets toward phony crypto investments. Once the money is sent, the scammer disappears.

Crypto investment fraud alone caused $5.8 billion in losses, with data breaches ranking a distant second at $1.1 billion.

Older Americans were disproportionately impacted. Victims over 60 lost $2.8 billion to crypto-related scams—more than any other demographic. That figure has nearly doubled in just two years, rising from $1.08 billion in 2022 to $1.65 billion in 2023.

Those aged 40–49 were the next most affected group, reporting $1.4 billion in losses, while Americans under 40 collectively lost around $1.37 billion.

Among seniors, over 8,000 complaints involved fake crypto investment opportunities, but many were also duped by scams involving fake tech support or impersonators—often relying on crypto ATMs to funnel stolen funds.

In an effort to combat the epidemic, federal agencies launched Operation Level Up in early 2024. The program has already helped prevent $285 million in potential losses and uncovered thousands of fraud victims. The emotional impact has also been devastating—42 individuals were referred for suicide prevention support as part of the initiative.