FBI Report: Crypto Scams Drain $9B from US Wallets in 2024

Crypto’s wild west strikes again—Americans got fleeced for nearly $10B last year as scammers outmaneuvered regulators playing catch-up.

Security theater meets DeFi: While Wall Street fines get negotiated down to parking tickets, Main Street gets rekt with zero recourse.

FBI report on crypto losses Crypto-Related Fraud Trends  In terms of fraud trends, the report noted that victims submitted 41,557 complaints relating to crypto investment scams. This investment scam led to a total loss of $5.81 billion, marking an increase of 47% from the previous year.  The IC3 also received 10,956 complaints linked to crypto ATM/Kiosks use, with losses reaching $246.7 million. In addition, other trends like extortion and s*xtortion saw around 54,936 complaints, with $33.5 million in losses registered in 2024.   Other tactics within the crypto nexus, such as tech support, employment, romance, government impersonation, and ransomware, saw complaints and losses of 11,129 ($962 million), 6,533 ($197.22 million), 3,811 ($237.15 million), 3,585 ($146.05 million), and 389 ($1.07 million), respectively.  IC3 Saves Victims from $285M in Losses  The report highlighted how the agency’s Operation Level Up initiative helped save thousands of individuals from crypto investment fraud. This scheme notified 4,323 victims that they were being targeted by scammers.  Notably, 76% of the total victims did not know that they were being targeted. Following this effort, the IC3 saved the victims from incurring losses of $285.64 million.