The FBI's 2024 report reveals a $16.6 billion rise in cybercrime losses, with crypto-related scams making up $9.3 billion of this total. Crypto investment scams, including "pig butchering" tactics, were the primary cause, contributing $5.8 billion. Older Americans were particularly targeted, with losses exceeding $2.8 billion. The FBI's Operation Level Up aims to mitigate these crimes, saving $285 million. The rise in fraud is linked to the anonymity of cryptocurrencies, making it easier for criminals to deceive victims. Efforts to combat these crimes include disrupting fraud syndicates and closing illegal platforms.

Source: https://www.ic3.gov/AnnualReport/Reports/2024_IC3Report.pdf