Crypto Fraud Losses Surge to $9.3 Billion in 2024, FBI Reports

The Federal Bureau of Investigation (FBI) documented a staggering $9.3 billion in cryptocurrency-related fraud losses in 2024, marking a 66% increase from the previous year’s $5.6 billion. Over 149,000 complaints were filed, highlighting the growing exploitation of digital assets for illicit activities.

"Cryptocurrency has become an enticing means to cheat investors, launder proceeds, and engage in other illicit schemes," said Chad Yarbrough, operations director for the FBI’s criminal and cyber branch. The losses spanned investment scams, extortion, and fraudulent ATM and kiosk operations.

Ransomware emerged as the most significant threat to critical infrastructure, with complaints rising 9% year-over-year. Christopher Delzotto, section chief of the Financial Crime Section, underscored the escalating challenges posed by cybercriminals leveraging crypto networks.