FBI Report: Cryptocurrency Fraud Losses Surge 66% in 2024, Reaching $9.3 Billion
According to the latest annual report from the Internet Crime Complaint Center (IC3) of the Federal Bureau of Investigation (FBI), cryptocurrency fraud losses skyrocketed by 66% in 2024, totaling $9.3 billion, with a significant portion of complaints coming from the elderly, raising concerns among investigative agencies about the potential risks.
In the past year, IC3 recorded over 140,000 complaints related to cryptocurrency, with total losses reaching $9.3 billion. Notably, individuals over 60 years old submitted approximately 33,000 complaints, resulting in losses of $2.8 billion, making them the most affected group. Their number of complaints and economic losses saw the largest increases, which is quite concerning.
The report indicated that compared to the total losses of $5.6 billion in 2023, losses this year increased by 66%. Investment scams were the primary cause, but other fraudulent methods, such as sexual extortion and cryptocurrency ATM fraud, were also present. Meanwhile, ransomware attacks are on the rise, posing an increasing threat to critical infrastructure. The elderly are particularly vulnerable to these digital scams.
What was once primarily a “pig butchering” scam targeting the elderly is now also starting to affect younger individuals, especially those aged 30 to 49. A recent study showed that over 200,000 scams occurred on cryptocurrency platforms in 2024, resulting in losses of $5.5 billion, with young people becoming the main victims.
To address this growing problem, the FBI and the United States Secret Service have launched a joint operation called “Operation Upgrade,” specifically targeting cryptocurrency investment fraud. In “pig butchering” scams, fraudsters establish online relationships and persuade victims to invest in fake cryptocurrency platforms.
This operation informed 4,323 victims, of whom 76% were unaware that they had been scammed, with total estimated financial losses reaching $285.6 million. Even more concerning, 42 victims were referred to FBI experts for assistance with potential suicidal tendencies.
These data remind us of the importance of staying vigilant in the face of the temptations of cryptocurrency. It is hoped that everyone can share this information to help those around them avoid scams and protect their own financial and mental health.