FBI Reports $3.96 Billion in Crypto Fraud Losses for 2023
The FBI has reported a dramatic increase in losses from cryptocurrency fraud, reaching $3.96 billion in 2023, marking a 53% rise from the previous year.
The agency’s Internet Crime Complaint Center (IC3) recorded over 69,000 complaints related to crypto fraud during this period. Overall, the total losses from cryptocurrency-related crimes amounted to $5.6 billion.
Investment fraud was identified as the primary type of crypto-related crime, accounting for nearly 71% of the total losses. The FBI also noted that scams involving call centers, such as tech support and government impersonation frauds, contributed to about 10% of the reported losses.
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The FBI’s report indicates that many victims of investment fraud have incurred significant debt, with the majority of complaints coming from individuals aged 30-49. However, those over 60 experienced the highest losses, totaling $1.24 billion. Additionally, crypto kiosks or ATMs have become a popular method for scammers to withdraw funds, with over 5,500 complaints and losses exceeding $189 million reported.
The report also highlighted new types of scams, including liquidity mining schemes and fraudulent play-to-earn gaming apps, which take advantage of the growing interest in blockchain technology and decentralized finance. The FBI emphasized the need for increased public awareness and urged individuals to exercise caution with online investment advice, particularly from unfamiliar sources.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
