Americans lost over $5.6 billion to cryptocurrency-related fraud scams in 2023, marking a 45% increase from the previous year, according to the FBI.
Although the number of cryptocurrency-related complaints to the FBI reached 69,000—representing just 10% of all financial fraud complaints—they accounted for 50% of total losses. Common types of fraud involving cryptocurrencies include investment scams, which make up approximately 71% of losses, totaling about $3.9 billion. Additionally, call center frauds, such as customer support and government impersonation scams, contributed to around 10% of crypto losses.
Individuals aged 60 and older submitted the highest number of complaints regarding crypto scams, resulting in losses exceeding $1.6 billion. California reported nearly double the number of complaints compared to any other state.
Michael Nordwall, assistant director of the FBI’s criminal investigative division, highlights in an FBI report that “the decentralized nature of cryptocurrency, the speed of irreversible transactions, and the ability to transfer value globally make cryptocurrency an attractive vehicle for criminals, while creating challenges for recovering stolen funds.”