Americans Lost $9.3 Billion in Crypto Scams in 2024, Reveals FBI

Think crypto scams are a thing of the past? Think again. A new report from the FBI’s Internet Crime Complaint Center (IC3) reveals that Americans lost a shocking $9.3 billion to cryptocurrency fraud in 2024.

That’s a 66% increase compared to the $5.6 billion lost in 2023. And experts say the real number might be even higher.

Complaints Are Up, But Losses Could Be Even Worse

The FBI received over 140,000 crypto-related complaints last year. But because many victims don’t report these crimes, the true scale is likely larger.

Some people are too embarrassed to come forward. Others don’t know how or where to report fraud. In many cases, outdated systems make it harder to track or file complaints. This means a lot of losses probably go uncounted.

One of the most worrying trends in the report is the number of older adults being scammed.

More than 33,000 complaints came from people aged 60 and up. Together, they lost over $2.8 billion in 2024 alone.

Scammers often focus on older adults because many aren’t as familiar with digital assets. They may not know what to look out for or how to protect themselves from online fraud.

Beware of Crypto ATM Scams

A big tactic used in these scams involves cryptocurrency ATMs.

In 2024, at least 2,700 seniors were tricked into withdrawing money from their bank or retirement accounts and sending it through crypto ATMs. These scams caused losses of about $107 million.

Criminals often pretend to be government agents, tech support workers, or even love interests. They pressure victims into sending money quickly, leaving them with little time to think.

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Fake Investment Schemes Are Raking in Billions

Fake investment offers are another major reason Americans are losing money.

In 2024, scammers stole more than $1.6 billion through investment schemes that promised big profits from fake or risky crypto projects.

These scams are often promoted with slick websites, fake celebrity endorsements, or targeted social media ads. They usually promise guaranteed returns or high profits with little risk—classic red flags.

What You Can Do to Stay Safe

The FBI is asking people to stay alert and think twice before jumping into crypto investments. Here are a few tips:

• Be cautious with any offer that comes out of nowhere
• Don’t let anyone rush you into sending money
• Double-check any investment platform or person offering financial advice
• Report anything suspicious to the FBI’s IC3 site

If something feels off—or seems too good to be true—it probably is.

Crypto scams aren’t just affecting a small group of people. Billions of dollars are being stolen, and vulnerable communities, like older adults, are being hit the hardest.

As cryptocurrency continues to grow in popularity, scammers are finding new ways to trick people. Staying informed and being careful is the best way to avoid becoming a victim.