FBI reports $9.3B in crypto scam losses for US residents in 2024, with seniors hit hardest. Learn about fraud trends and age-wise breakdowns.

Crypto Scam Losses Reached Record Highs in 2024

In 2024, U.S. residents suffered a staggering loss of $9.32 billion to crypto scams, according to the FBI’s Internet Crime Complaint Center (IC3). This massive figure not only underscores the growing threat of digital fraud but also marks a dramatic 66% increase in cryptocurrency scam-related losses compared to the previous year. With crypto investments gaining popularity, so too have the schemes used to exploit unsuspecting investors. The report was released as part of the IC3’s 25th-anniversary publication of its annual Internet Crime Report, revealing a broad spectrum of digital threats facing the nation.

The IC3 collected a total of 859,532 complaints in 2024, encompassing a wide range of internet-enabled crimes. Overall, financial damages from these cybercrimes amounted to $16.6 billion, reflecting a sharp 33% year-over-year increase. Of these, crypto-related fraud accounted for over half, making it the single largest category of losses. This explosive growth in crypto crime indicates both the increasing allure of digital assets and the evolving sophistication of scammers.

Older Adults Are the Primary Victims of Crypto Fraud

A disturbing trend highlighted in the IC3’s report is the disproportionate impact on older Americans. Individuals aged 60 and above were the most frequent and financially devastated victims, with 33,369 complaints filed—a 96% increase from the previous year. These seniors reported combined losses of $2.84 billion, representing a 71% jump in losses from 2023.

This alarming trend illustrates how cybercriminals often target the elderly, who may be less familiar with digital currencies and the intricacies of online security. Fraudsters exploit this knowledge gap through phishing schemes, fake investment platforms, and impersonation tactics. It’s a stark reminder of the need for better education and protection for senior citizens navigating the digital financial world.

Younger Generations Also Affected by Crypto Scams

While seniors bore the brunt of financial losses, other age groups were not spared. Victims under the age of 20 submitted 1,819 complaints with losses totaling $7.77 million. The relatively lower monetary impact reflects fewer assets under management in this demographic, but their exposure highlights the broad reach of crypto-related scams.

The 20–29 age group reported 13,591 complaints and $370.44 million in losses, while those aged 30–39 lost a staggering $1 billion from 22,218 complaints. The 40–49 bracket was hit even harder, filing 22,555 complaints and reporting $1.46 billion in damages. Meanwhile, the 50–59 demographic recorded 19,317 complaints, resulting in $1.18 billion in financial setbacks.

These statistics show that crypto crime affects Americans of all ages, with the most severe losses seen in the prime earning years of 30–49. This reinforces the urgent need for awareness campaigns and stronger regulation to curb the rise of crypto investment fraud.

Crypto Investment Scams Dominate the Fraud Landscape

Among all crypto scam types, investment fraud was by far the most prevalent and damaging. The IC3 reported 41,557 complaints related to crypto investment scams, resulting in $5.81 billion in losses. This figure represents a 47% increase from 2023, emphasizing how scammers continue to lure victims with promises of high returns and low risk.

Investment scams often involve fraudulent trading platforms, Ponzi schemes, or impersonated financial advisors. Victims are enticed by fake testimonials, fabricated returns, and urgent calls to action, leading them to part with significant sums of money. As crypto becomes more mainstream, these scams have evolved in complexity, making it harder for even seasoned investors to differentiate legitimate opportunities from scams.

Fraud at Crypto ATMs and Kiosks Surges

Another growing trend in 2024 was the abuse of cryptocurrency ATMs and kiosks, which accounted for 10,956 complaints and $246.7 million in losses. These physical terminals, intended to make crypto more accessible, have been increasingly exploited by criminals for money laundering and anonymity.

Victims are often coerced into depositing funds into these kiosks under the belief they are resolving legal issues, paying debts, or transferring money to loved ones. Once the crypto is sent, it’s almost impossible to retrieve. The limited regulation of crypto ATMs and the lack of verification protocols make them a fertile ground for fraud.

Other Crypto Fraud Tactics: Romance, Ransomware, and More

Beyond investment and ATM-related scams, the FBI’s report detailed a range of other fraudulent schemes exploiting crypto. These included extortion and s*xtortion, with 54,936 complaints and $33.5 million in damages reported in 2024.

Other major fraud types included:

• Tech Support Scams: 11,129 complaints, $962 million lost

• Employment Scams: 6,533 complaints, $197.22 million lost

• Romance Scams: 3,811 complaints, $237.15 million lost

• Government Impersonation: 3,585 complaints, $146.05 million lost

• Ransomware: 389 incidents, $1.07 million in damages

These cases demonstrate how scammers manipulate emotions, urgency, and trust to convince victims to transfer crypto. The anonymous and irreversible nature of crypto transactions makes it a prime tool for fraudsters.

IC3’s ‘Operation Level Up’ Helped Prevent $285M in Losses

Amid the troubling statistics, the IC3 did report some positive outcomes. Through its proactive initiative called Operation Level Up, the FBI was able to intervene in thousands of ongoing scams, notifying 4,323 individuals that they were being targeted.

Incredibly, 76% of these victims were unaware they were at risk. Thanks to the timely alerts and intervention, the IC3 successfully prevented $285.64 million in losses. This shows that early detection and communication can significantly reduce financial damage in crypto-related scams.

A Call for Vigilance and Education

The FBI’s 2024 report paints a stark picture of how rapidly crypto fraud is evolving. With over $9 billion lost in the U.S. alone and cases surging across all age groups, crypto scams have become one of the most urgent cybersecurity threats. The decentralized nature of cryptocurrencies, while empowering, also enables scammers to operate with anonymity and speed.

What’s clear is that investor education, regulatory oversight, and technological safeguards must improve in tandem with crypto’s adoption. For everyday investors, the key lies in researching opportunities, verifying platforms, and remaining skeptical of too-good-to-be-true promises. As criminals grow more sophisticated, so too must the defenses of those navigating the digital economy.

FAQs: Crypto Scams in 2024

1. What were the total losses to crypto scams in 2024?
In 2024, U.S. residents lost over $9.32 billion to cryptocurrency-related scams, according to the FBI’s IC3 report.

2. Who were the primary victims of crypto scams?
Individuals aged 60 and above were the hardest hit, reporting $2.84 billion in losses. However, people of all ages were affected.

3. What are the most common types of crypto fraud?
Investment scams are the most frequent and costly, followed by tech support, romance scams, and extortion tactics.

4. How can I protect myself from crypto scams?
Only invest through verified platforms, avoid unsolicited offers, never share your private keys, and be cautious with high-return promises.

5. Did the FBI manage to stop any scams?
Yes, through Operation Level Up, the IC3 prevented over $285 million in losses by warning 4,323 individuals about ongoing scam attempts.