Senior Citizens Suffer Big Losses from Crypto Scams, FBI Reports $2.8 Billion Impact

The FBI’s Internet Crime Complaint Center (IC3) released its 2024 annual report, revealing a major increase in cryptocurrency scams. More than 140,000 complaints were filed, leading to $9.3 billion in total losses. Of that amount, seniors aged 60 and older lost a staggering $2.8 billion.

The report shows a 66% rise in losses compared to the previous year, mostly due to scams like fake investments, sextortion, and fraudulent crypto ATMs. Ransomware attacks also increased by 9% in 2024. Additionally, "pig butchering" scams—once mostly targeting older adults—are now also affecting people between the ages of 30 and 49.

To fight these crimes, the FBI and U.S. Secret Service launched “Operation Level Up,” a program designed to stop cryptocurrency fraud. So far, it has helped prevent about $285.6 million in losses and has supported victims who were facing suicidal thoughts.