US Residents Lost Over $9B in Crypto Scams in 2024: FBI ...Middle East

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US Residents Lost Over $9B in Crypto Scams in 2024: FBI
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The FBI’s Internet Crime Complaint Center (IC3) released its 2024 report, detailing the amount scammers stole via crypto-related scams over the past year.  The IC3 marked its 25th anniversary by releasing the 2024 Internet Crime Report yesterday. According to the report, the FBI’s IC3 received a total of 859,532 complaints in 2024, with losses reaching a whopping $16.6 billion. The losses recorded in cyber-enabled crimes in 2024 marked a 33% increase from the figure registered in the previous year.  Crypto-Related Losses  Out of the total $16.6 billion in losses, $9.32 billion were lost to crypto-related scams in 2024, up 66% from 2023. Overall, victims submitted 149,686 crypto-related complaints to the IC3 in 2024.   Individuals aged 60+ were the major victims of crypto fraud. According to the report, these older victims submitted around 33,369 complaints, up 96% from last year’s 16,968 count. Notably, these 60+ victims reported a total loss of $2.84 billion, marking a 71% increase from 2023 losses.  Other age groups also suffered significant losses in crypto scams. According to the report, the IC3 received 1,819 complaints from victims under 20, with losses totaling $7.77 million.  The 20 - 29, 30 - 39, 40 - 49, and 50 - 59 age groups submitted 13,591, 22,218, 22,555, and 19,317 complaints, respectively. The reported losses for these groups were $370.44 million, $1 billion, $1.46 billion, and $1.18 billion, respectively. 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.

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