FBI Says Americans Will Lose $9.3 Billion in 2024 Due to Cryptocurrency Fraud
The IC3 report found a sharp rise in crypto investment scams, with victims over 60 losing more than $2.8 billion. Total losses reached $9.3 billion, up 66% from the previous year.
Author: Francisco Rodriguez | Edited by: Parikshit Mishra Updated: April 24, 2025, 6:09 PM Published: April 24, 2025, 12:15 PM
Important facts:
- In 2024, victims of cryptocurrency fraud in the United States suffered a record loss of $9.3 billion, up 66% from the previous year.
- The largest number of complaints and losses were registered from people over 60 years old, with the main scheme being the “pig butchering” scam.
- The most costly crimes in the cryptocurrency space were investment fraud and technical support fraud.
According to a report from the Internet Crime Complaint Center (IC3), which is owned by the Federal Bureau of Investigation (FBI), Americans reported a record $9.3 billion in losses related to cryptocurrency crimes in 2024. These losses represent a 66% increase over 2023 and indicate the growing popularity of digital assets in online fraud.
The IC3’s annual report cites nearly 150,000 cryptocurrency-related complaints, with the largest number being investment scams. In such schemes, criminals often masquerade as high-yield offers on fake platforms, convincing victims to transfer funds that then disappear.
The FBI also uncovered “pig butchering” scams, where criminals create online relationships before promoting fake crypto investments. Crypto investment losses totaled $5.8 billion, with data breaches accounting for the second-largest category of losses, at $1.1 billion.
Older Americans have suffered the greatest losses. Those over 60 report losing $2.8 billion to cryptocurrency crimes — more than any other age group, and up from $1.65 billion in 2023 and $1.08 billion in 2022.
The second hardest hit age group was those aged 40-49, who suffered losses of US$1.4 billion, while those under 40 suffered total losses of about US$1.37 billion.
More than 8,000 complaints were received from people over 60 years old regarding fictitious investment opportunities, while others fell victim to tech support scams and impersonation schemes, often involving cryptocurrency ATMs.
Operation Level Up, a government initiative launched in January 2024, identified thousands of victims of crypto investment scams and prevented an estimated $285 million in additional losses, according to the report. The operation referred 42 victims to suicide intervention.
