Senior Citizens Face Major Losses from Cryptocurrency Scams, FBI’s IC3 Reports $2.8 Billion Impact

The FBI’s Internet Crime Complaint Center (IC3) 2024 annual report highlights a sharp rise in cryptocurrency-related fraud, with more than 140,000 complaints resulting in $9.3 billion in losses. Older Americans, particularly those aged 60 and over, accounted for a significant $2.8 billion of these losses.

According to the report, there was a 66% year-over-year increase in losses tied to scams such as investment fraud, sextortion, and crypto ATM schemes. Ransomware incidents also rose by 9% in 2024. Meanwhile, “pig butchering” scams, once primarily targeting seniors, are now increasingly impacting individuals aged 30 to 49.

In response, the FBI and the U.S. Secret Service launched “Operation Level Up,” an initiative aimed at combating cryptocurrency investment fraud. The operation has reportedly helped prevent an estimated $285.6 million in losses and provided critical support to victims experiencing suicidal crises.