FBI: $5.8 Billion Lost to Crypto Investment Scams in 2024
The Federal Bureau of Investigation (FBI) has revealed that investment scams accounted for a staggering $5.8 billion in losses in 2024, making up more than half of all reported cryptocurrency-related fraud.
This finding was detailed in a 47-page report released by the FBI, which highlighted the growing role of cryptocurrencies in cybercrime. According to the report, nearly 150,000 complaints related to crypto fraud were submitted through the FBI’s Internet Crime Complaint Centre (IC3) over the past year.
Overall, total internet crime losses in the U.S. rose to $16.6 billion in 2024, representing a 33% increase compared to 2023.
The report pointed to investment scams as the most financially damaging category of fraud, with crypto-related scams alone causing $9.3 billion in losses, reflecting a sharp 66% year-on-year increase.
One particularly deceptive tactic highlighted was the “pig butchering” scam—where fraudsters establish fake online relationships to emotionally manipulate victims into investing in fraudulent cryptocurrency platforms.
The FBI also underscored the severe impact on older Americans, reporting that individuals aged 60 and above lost over $2.8 billion, making them the most frequently targeted group.
In response to the rising threat, the FBI launched Operation Level Up in early 2024, identifying over 4,300 victims of crypto-related scams. Alarmingly, 76% of those contacted did not realize they had been defrauded, underscoring the increasing sophistication of these cybercriminal schemes.
Scammers, the report notes, are now leveraging tools like QR codes, crypto ATMs, and stablecoins—such as Tether (USDT) and DAI—to facilitate their operations. They are also turning to AI-generated identities to impersonate financial advisors or trusted acquaintances.
This warning comes amid growing concerns in Nigeria, where many citizens recently suffered major financial losses due to the collapse of a fraudulent crypto platform known as CBEX, which abruptly shut down in mid-April, locking investors out of their funds.
