FBI (Federal Bureau Investment) said people lost a total of $16.6 billion to online crime, a big jump of 33% from the year before, from the total amount around $9.3 billion has been lost in scams in crypto market, including loss of crypto like Bitcoin, Ethereum and others.
The amount lost in scams has grown 33% in the year to date time frame, and it is believed crypto was the center of the majority of these scams. It is reported that around 150,000 people complained over being looted in crypto related activities.
Investment scams are one of the most troubling kinds of scams
As per the report from the FBI, the biggest type of scam was investment scam, which resulted in losses around $5.8 billion, and pig butchering remains the most preferred technique of hackers.
It is crucial to note that the older generation was one of the most troubled in 2024, users to 60 years over above solely lost $2.8 billion.
To crack the skyrocketing trend, the FBI launched ‘Operation Level Up’ and found that 76% of 4,300 victims were totally unaware of being scammed till the FBI contacted them.
The report quotes, “ These fraudulent schemes often involve the use of fake investment websites or mobile apps that appear legitimate.”
Fraudsters use bogus websites or emails that imitate trustworthy services to fool consumers into disclosing private keys or login information.
Investors are drawn in by promises of large profits, but as recruiting slows down, the company collapses because the money from new investors is used to pay off previous ones.
Scammers advertise worthless or nonexistent tokens, or NFTs, and then vanish after they have taken money.
Seniors are particularly affected, losing an average of $83k per victim as a result of their vulnerability to investment and tech support scams.
While older victims suffer greater individual losses, younger investors report being more exposed to scams. The volatility of the crypto market Bitcoin, peaked at $71,631 in April 2024 scams thrive there.
Since stablecoins are more difficult to track down and are frequently blocked by issuers like Tether when they are connected to fraud, they currently account for 63% of all unlawful transactions.
Crypto market price updates
Until publishing, the crypto market cap was $3.36 trillion with a slight correction of 0.78%, and the trading volume was $156.78 billion. At the same time, the crypto fear and greed index was at 74, indicating greed.
Bitcoin is stuck at $103,230 with a weekly addition of 7.87%, and the market cap was above $2 trillion, trading volume fell by 12% reaching $50.28 billion.
