FBI reports $9.3 billion lost to cryptocurrency fraud in 2024
Investment scams led to the biggest financial losses, while sextortion cases were the most frequently reported.
The Federal Bureau of Investigation (FBI) has revealed that Americans lost approximately $9.3 billion to cryptocurrency fraud in 2024. The figure marks a 66% increase compared to the previous year.
The data was published in the FBI’s annual Internet Crime Complaint Center (IC3) report.
Individuals aged 60 and older were the most heavily impacted, accounting for $2.8 billion in losses across 33,000 complaints. Investment scams made up the largest share of monetary losses. ‘Sextortion’ scams, where fraudsters used manipulated explicit media, were the most frequently reported.
Despite efforts like the FBI’s ‘Operation Level Up’, which helped prevent $285 million in potential fraud, experts warn that scams may continue to rise in 2025.
Chainalysis pointed to generative AI as a major enabler for cybercriminals, estimating $41 billion in global illicit crypto volume in 2024 alone.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
About author
DW Team
The GIP Digital Watch Observatory team, consisting of over 30 digital policy experts from around the world, excels in the fields of research and analysis on digital policy issues. The team is backed by the creative prowess of Creative Lab Diplo and the technical expertise of the Diplo tech team.
