$9.3 billion was lost to crypto-related frauds in 2024 – FBI

• The Federal Bureau of Investigation said $9.3 billion was lost to cryptocurrency-related fraud in 2024
• It said a total of $16.6 billion was lost to internet crime in 2024, a 33 per cent increase compared to 2023
• The FBI said it launched Operation Level Up in early 2024 to combat crypto-related crimes

The Federal Bureau of Investigation (FBI) says $9.3 billion was lost to cryptocurrency-related fraud in 2024, out of the total $16.6 billion lost to internet crime.

The FBI disclosed this in its latest Internet Crime Complaint Centre (IC3) report, stating that internet crime losses increased by 33 per cent year-on-year.

It said there were nearly 150,000 complaints linked to fraudulent cryptocurrency activities within the period.

The bureau added that the amount lost to cryptocurrency-related fraud increased by 66 per cent year-on-year, with cryptocurrency investment scams accounting for $5.8 billion in losses in 2024, more than 50 per cent of all crypto-related losses in 2024

It said the top three cyber crimes by number of complaints reported by victims in 2024 were phishing/spoofing, extortion, and personal data breaches.

FBI launched an operation to combat crypto-related crimes

The bureau further stated that it launched Operation Level Up in early 2024 to combat the growing threat, with the initiative identifying over 4,300 victims of crypto-related scams.

The report also disclosed that crypto scams mostly targeted older Americans, with individuals aged 60 and above reporting over $2.8 billion in losses.

“Utilising IC3 complaint data, Operation Level Up reported 4,323 victims of cryptocurrency investment fraud were notified.

“76 per cent of those victims were unaware they were being scammed. Estimated savings to victims of $285,639,989.

“42 victims referred to an FBI victim specialist before introducing a fraudulent investment for suicide intervention,” the report stated.

The FBI noted that the operation not only helped warn and assist victims but also generated intelligence about the criminal groups behind the scams.

The bureau added that beyond warning victims of internet scams, it is pursuing a multi-pronged investigative approach to address the financial, infrastructure, and organised crime components operating the schemes.

It said it would continue collaborating with domestic and international partners to identify, target, and disrupt criminal organisations facilitating crypto-related fraud.

5 things to look out for to avoid crypto scams

Meanwhile, TheRadar earlier reported that people should focus on staying safe online and take measures to protect their crypto assets by looking out for these five things to avoid crypto scams.

This is important in the world of crypto, where scams have become an everyday thing. From fake projects to impersonators and hackers, unsuspecting members of the public lose their funds.