Americans Lost $9.3 Billion to Cryptocurrency Fraud in 2024, FBI Reports
April 24, 2025 – By Turner Wright
The Federal Bureau of Investigation (FBI) has released its annual report on cryptocurrency-related fraud, revealing alarming figures for the year 2024. According to the report from the FBI’s Internet Crime Complaint Center (IC3), Americans lost approximately $9.3 billion due to scams involving cryptocurrencies. The report indicates a significant increase in losses, rising roughly 66% from the previous year’s total of $5.6 billion.
Increased Complaints Among Seniors
Among the data presented, individuals aged 60 and over were found to be the demographic most affected by these fraudulent schemes. This age group submitted around 33,000 complaints, which accounted for losses nearing $2.8 billion. The troubling trend highlights the vulnerability of older adults to scams, as highlighted by the IC3 in its findings.
“Last year saw a new record for losses reported to IC3, totaling a staggering $16.6 billion,” stated the report. It emphasized that fraud constituted the majority of reported losses throughout the year, while ransomware attacks continued to pose a significant risk to critical infrastructure, with complaints rising by 9% from 2023. ### Types of Crypto Fraud
The report detailed the nature of the fraud incidents reported. Investment schemes involving cryptocurrency were identified as the largest contributing factor to financial losses. Conversely, the most frequently reported complaints involved "sextortion" schemes, where scammers exploit personal photos or videos to extort victims. Additionally, schemes involving cryptocurrency ATMs and kiosks were also reported.
While the IC3 has taken measures, such as its “Operation Level Up” initiative, which reportedly saved potential victims of crypto-related fraud roughly $285 million between January 2024 and January 2025, experts warn that the threat may increase in the future.
Future of Cryptocurrency Fraud
In light of the concerning data, blockchain analytics firm Chainalysis anticipates that 2025 could see an unprecedented rise in fraudulent activities. They attribute this potential increase to advancements in generative artificial intelligence, which may allow scammers to execute schemes that are both more scalable and economically viable.
Global estimates from Chainalysis indicate a staggering $41 billion in illicit cryptocurrency transactions in 2024, with a significant portion—approximately 25%—associated with hacking, extortion, trafficking, or scams. Notable incidents included the theft of $1.4 billion in cryptocurrency from the Bybit exchange and over $1.3 billion taken by North Korean hackers.
Conclusion
As the landscape of cryptocurrency continues to evolve, the risks associated with fraud are becoming increasingly pronounced. The 2024 FBI report serves as a stark reminder of the importance of vigilance and education regarding fraudulent activities, particularly for the aging population, who appear to be disproportionately affected. As regulators and law enforcement agencies work to combat these scams, experts warn that both individuals and institutions must remain cautious and informed to protect themselves against future threats.
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