The Federal Bureau of Investigation (FBI) says cryptocurrency-related fraud accounted for $9.3 billion in 2024 out of the $16.6 billion total internet crime losses.
According to the FBI, the internet crime losses increased by 33 percent year-on-year
The bureau also said the amount lost to cryptocurrency-related fraud increased by 66 percent year-on-year, with cryptocurrency investment scams accounting for $5.8 billion in losses in 2024.
The findings were contained in a new report from the FBI’s Internet Crime Complaint Centre (IC3), which cited nearly 150,000 complaints linked to fraudulent cryptocurrency activities.
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The top three cyber crimes, by number of complaints reported by victims in 2024, were phishing/spoofing, extortion, and personal data breaches.
To combat the growing threat, the FBI said it launched Operation Level Up in early 2024, an initiative that identified over 4,300 victims of crypto-related scams.
“Utilizing IC3 complaint data, Operation Level Up reported 4,323 victims of cryptocurrency investment fraud were notified,” the report said.
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“76% of those victims were unaware they were being scammed. Estimated savings to victims of $285,639,989.
“42 victims referred to an FBI victim specialist before introducing a fraudulent investment for suicide intervention.”
The bureau said the operation not only helped warn and assist victims but also generated valuable intelligence about the criminal groups behind the scams.
In addition to warning and helping victims, the FBI said it is pursuing a multi-pronged investigative approach to address the financial, infrastructure, and organised crime components operating the schemes.
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The bureau added that it would continue collaborating with domestic and international partners to identify, target, and disrupt criminal organisations facilitating crypto-related fraud.
