Senior US Citizens Suffer Significant Losses from Cryptocurrency Frauds, FBI's IC3 Notes $2.8 Billion in Damages

The FBI's Internet Crime Complaint Center (IC3) 2024 annual report shows a surge in cryptocurrency-related fraud incidents, with over 140,000 complaints leading to $9.3 billion in losses. A significant portion of these losses ($2.8 billion) was borne by older Americans aged 60 and above.

The report shows a 66% year-over-year increase in losses from such scams, mainly investment frauds, sextortion, and crypto ATM fraud. Also, ransomware attacks increased by 9% in 2024. Pig butchering scams, previously targeting older people, are now affecting younger individuals, especially those aged 30-49.

As a response, 'Operation Level Up' was launched in collaboration with the FBI and the US Secret Service to tackle crypto investment fraud, saving an estimated $285.6 million for victims and providing support for those showing suicidal tendencies.