The FBI's latest cryptocurrency fraud report shows a staggering $5.6 billion in cryptocurrency losses in 2023, a 45% jump from 2022. Investment frauds drove this increase, particularly through fake apps and schemes like "pig butchering.”
The US accounted for $4.8 billion of the losses, with California leading at $1.15 billion. Next is Texas with $412 million in losses, Florida with $390 million, and New York with $317 million.
While every region of the country has been affected, it’s clear that more affluent states with higher rates of cryptocurrency adoption are more likely to be targeted.
Other regional breakdowns put the Cayman Islands with losses of $196 million, Mexico with $127 million, Canada with $72 million, the UK with $59 million, India with $44 million, and Australia at $25 million on the fraud crypto fraud map.
Cryptocurrency has become a highly attractive target for scammers, and data from the FBI’s Internet Crime Complaint Center (IC3) reveals that the financial toll from these fraudulent activities continues to grow at an alarming pace. While cryptocurrency offers numerous benefits like decentralization and anonymity, it also opens the door to complex schemes designed to exploit these features.
“As the use of cryptocurrencies grows in popularity for investors, criminals are deploying increasingly complex tactics to deceive and exploit the public,” Wayne A. Jacobs, special agent in charge of FBI Philadelphia said. “We urge consumers to stay vigilant when navigating this landscape and to report any suspected fraud to the FBI through the Internet Crime Complaint Center at ic3.gov.”
Related article:
- How to Dodge the Wave of Crypto Scams
- Hang Up if Your ‘Crypto Exchange’ Calls Asking for Your Login Data, the FBI Warns
- Crypto Recovery Services: Scam or Legitimate?
- Gang charged with running $80 million "pig butchering" cryptocurrency investment scam
- US Government Seizes 7 ‘Pig Butchering’ Romance Scam Domains
- Four Arrested in Sydney over $100 Million ‘Pig Butchering’ Scheme
Investment scams account for most of the cryptocurrency losses, including:
With cybercriminals constantly honing their tactics, it’s critical for cryptocurrency investors to stay vigilant. Here are some FBI-recommended steps to reduce your risk:
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Alina is a history buff passionate about cybersecurity and anything sci-fi, advocating Bitdefender technologies and solutions. She spends most of her time between her two feline friends and traveling.
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