Crypto Investment Scams Soared in 2024, Costing Americans $9.3 Billion—Seniors Hit Hardest

Cryptocurrency-related crime surged in 2024, with Americans reporting a staggering $9.3 billion in losses—marking a 66% increase from the previous year, according to the FBI’s Internet Crime Complaint Center (IC3).

The IC3’s annual report revealed nearly 150,000 complaints linked to cryptocurrency fraud. Investment scams were the most common, often involving fake crypto platforms promising high returns. Victims were lured into transferring funds that were ultimately stolen.

One particularly damaging tactic flagged by the FBI is the so-called “pig butchering” scam. In these schemes, fraudsters build trust with victims through online relationships before encouraging them to invest in fraudulent crypto ventures.

Crypto investment fraud alone accounted for $5.8 billion in losses, while data breaches ranked second with $1.1 billion in damages.

Older Americans were disproportionately affected. Those aged 60 and above reported losses totaling $2.8 billion—up sharply from $1.65 billion in 2023 and $1.08 billion in 2022—making them the most targeted age group. Individuals between 40 and 49 reported $1.4 billion in losses, followed closely by those under 40, who lost a combined $1.37 billion.

Over 8,000 complaints from seniors involved fake investment schemes. Many were also duped by tech support fraud and impersonation tactics, sometimes using cryptocurrency ATMs to move funds.

In response, the U.S. government launched “Operation Level Up” in January 2024. The initiative identified thousands of victims and helped prevent approximately $285 million in additional losses. It also referred 42 individuals for suicide intervention due to the severe financial and emotional toll of these scams.