FBI reports $9.3 billion in US targeted crypto scams as elderly hit hardest

The US Federal Bureau of Investigation (FBI) has reported a significant spike in cybercrime activity, with total losses across the country reaching $16.6 billion in 2024, according to its latest annual report.

This figure stems from more than 859,000 complaints submitted to the Internet Crime Complaint Center (IC3).

One of the most concerning findings was the dramatic rise in cryptocurrency-related scams, which accounted for $9.3 billion in reported losses. This nearly doubles the $5.6 billion recorded the previous year and was driven by close to 150,000 complaints.

B. Chad Yarbrough, operations director of the FBI’s Criminal and Cyber Division, warned that cryptocurrencies have become a central element in modern digital deception, enabling fraudsters to obscure transactions and evade detection.

Investment and ATM scams rise

Crypto investment scams, especially those using “pig butchering” tactics, were the leading contributors to last year’s crypto-related losses.

These scams involve bad actors developing fake emotional relationships with victims before persuading them to invest in fraudulent crypto platforms. Losses from these schemes totaled around $5.8 billion in 2024 alone.

Another troubling trend was cybercriminals using crypto ATMs and QR codes in scams involving tech support and fake government representatives. These schemes generated an additional $247 million in losses by tricking victims into transferring crypto funds directly to scammers.

According to the report, these scams were often designed to appear legitimate, making it easier to deceive victims into handing over their money.

Crypto scams targeting the elderly

Meanwhile, the report highlighted a disturbing pattern of crypto scams targeting older Americans.

Victims aged 60 and over filed 33,369 crypto-related complaints in 2024, resulting in losses exceeding $2.8 billion. This represents a loss rate more than four times higher than the average for other online fraud cases.

On average, each senior victim lost around $83,000, significantly more than the $19,372 average reported across all types of cybercrime.

To address this growing threat, the FBI has introduced several initiatives to protect vulnerable individuals.

One of these is Operation Level Up, which is focused on identifying and assisting victims of crypto investment fraud. So far, it has helped prevent or recover approximately $285 million in losses.

Yarbrough said:

“We worked proactively to prevent losses and minimize victim harm through private sector collaboration and initiatives like Operation Level Up. We disbanded fraud and laundering syndicates, shut down scam call centers, shuttered illicit marketplaces, dissolved nefarious ‘botnets,’ and put hundreds of other actors behind bars.”