Reading Time: 2 minutes
- Americans lost more than $9 billion to crypto fraud in 2024 according to the FBI
- Fraudsters mostly targeted older individuals over 60 years old
- The FBI received over 140,000 crypto-related complaints in 2024
The FBI has revealed that Americans lost more than $9 billion to crypto-related fraud in 2024 with the elderly being the most targeted. According to the FBI’s Internet Crime Complaint Center (IC3) unit, the elderly victims lost a combined $2.8 billion, followed by those aged between 40-49 years. The FBI said the losses increased by 66% from what was recorded in the previous year, indicating the need for more education around crypto and common tactics used by malicious actors.
Over 24 Crime Types Identified
The IC3 report listed over 24 crime types with varying numbers of complaints/victims. The crime types with the highest number of complaints include phishing/spoofing, cryptocurrency, extortion, personal data breach, non-payment/non-delivery, and investment.
Americans under 30 years old lost the least amount to crypto fraud, at less than $380 million. According to the IC3, complaints with reference to crypto have been increasing over the years, with 2024 having the highest number so far. In 2023, there were roughly 90,000 complaints.
Cryptocurrency investment fraud accounted for most of the losses at $5.8 billion, which was a 47% increase from what was lost to this type of fraud in 2023. Crypto ATM-based losses increased by 31% compared to 2023, with complaints almost doubling.
California, Texas, Florida, New York, and Pennsylvania are among the top states with the highest number of crypto complaints, with California, Texas, and Florida having over 10,000 complaints each.
California Leads in Losses
The three states also have the highest amount of losses. California leads with $1.3 billion, followed by Texas and Florida with $738.5, and $584.7 million, respectively. North Dakota, West Virginia, and Vermont have the least number of complaints and losses.
The IC3 reports come a month after California intensified efforts to curb crypto scams, leading to the shutdown of more than 26 fraudulent websites. Blockchain security firm Chainalysis anticipates that scammers are likely to pocket more funds in 2025 due to advancements in AI technology.
With older Americans targeted by scammers, it’s to be seen how individual states will help prevent this vulnerable group from falling victim.
