Crypto Fraud Reached Staggering $9.3B Losses in 2024, 66% Increase From 2023: FBI Report

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Sujha Sundararajan

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Sujha Sundararajan

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April 23, 2025

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The Federal Bureau of Investigation (FBI) received over 149K complaints regarding crypto fraud in 2024. The Bureau recorded $9.3 billion losses spread across various crypto-related investment scams, extortion, ATM and kiosks, among others.

Per the FBI’s Internet Crime Complaint Center (IC3) report, cryptocurrency-related fraud last year was up 66% from 2023’s $5.6 billion.

“Cryptocurrency has become an enticing means to cheat investors, launder proceeds, and engage in other illicit schemes,” Chad Yarbrough, operations director for the FBI’s criminal and cyber branch, wrote.

Further, the report highlighted that ransomware was the most prevalent threat to critical infrastructure, with complaints rising 9% from 2023.

Christopher Delzotto, section chief of the Financial Crime Section for the FBI, told Reuters that the agency notified over 5,400 victims who have been targeted via cryptocurrency fraud between January 2024 and April 2025. Most of these victims did not know they were being targeted, Delzotto added.

Elderly Americans Suffered Most Losses: FBI

The readings noted that elderly Americans aged 60 and older were most vulnerable to such fraud trends, having reported losses of over $2.83 billion.

Though the data concerns across all demographics, FBI highlighted the impact on the older age group. Nearly 30% of total crypto fraud losses came from individuals over 60, the report noted.

Additionally, victims in the age group from 50 to 59 saw staggering losses amounting to $1.18 billion. Notably, the FBI confirmed that the reported figures are likely less than actual losses.

Among the US states, California bore the brunt of maximum losses to crypto fraud, surpassing $1.39 billion, followed by Texas, which recorded $738 million.

Crypto Investment Scams Remain Primary Threat

The agency report stressed that investment fraud such as pig butchering, remains the largest category for crypto scams.

“Subjects target victims online and develop a relationship before introducing a fraudulent investment opportunity in cryptocurrency,” the FBI warned.

Further, the Bureau said that it notified 4,323 victims of cryptocurrency investment fraud, with estimated savings to victims of $285 million. Additionally, 42 victims referred to an FBI victim specialist for suicide intervention, it said.

Natalie Newson, CertiK’s Senior Blockchain Investigator, told Cryptonews over mail that crypto fraud investment schemes remain a global issue, as regulation is still catching up in many jurisdictions.

“The promise of high, fast returns continues to lure investors, while the anonymity and lack of oversight in many crypto transactions make it difficult to trace or prevent such fraud.”