FBI Reports $5.6 Billion in Crypto Fraud Losses

The FBI reported a significant increase in cryptocurrency-related fraud in 2023, with losses reaching $5.6 billion, a 45% increase from the previous year. Investment fraud was the most prevalent type, accounting for nearly $4 billion of the total losses. Victims over the age of 60 suffered the highest financial impact, losing over $1.24 billion. Scammers often use fake apps and websites to deceive victims, who are usually lured by promises of high returns. The report highlights that cryptocurrency crimes represented only 10% of total financial fraud complaints but accounted for almost 50% of the total losses. The FBI emphasizes the need for increased public awareness and more robust security measures to combat these scams.