The latest annual report from the FBI’s Internet Crime Complaint Center (IC3) for 2024 reveals a dramatic surge in cryptocurrency fraud, which accounted for over half of all recorded losses-USD 9.3 billion.
While the total number of complaints slightly declined to 859’532, financial losses soared to USD 16.6 billion-a 33% increase compared to 2023. The data shows that cryptocurrencies remain a prime target for investment fraudsters.
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Crypto investment fraud dominates financial damages
Losses from cryptocurrency investment fraud alone totaled USD 5.8 billion, surpassing all other categories. Popular schemes such as social engineering scams, fake trading platforms, and romantic crypto scams ("pig butchering") specifically targeted inexperienced investors. Cryptocurrencies were also increasingly used for money laundering in tech support scams and business email compromise (BEC).
Older individuals were especially affected: people over 60 lost more than USD 4.8 billion-much of it through fraudulent crypto investments. The report highlights a clear trend: cybercriminals are combining traditional fraud tactics with the anonymity and irreversibility of blockchain transactions.
FBI initiatives against crypto fraud
In 2024, the FBI launched several programs aimed at reducing crypto-related losses. Through its “Operation Level Up” initiative, the agency prevented losses of USD 286 million and identified over 4’300 victims. Additionally, cooperation with international authorities led to more than 215 arrests linked to crypto-based call center fraud.
Ransomware also remains a core issue: nearly all known extortion cases demand payment in cryptocurrencies. Variants such as Akira, LockBit, and RansomHub are increasingly targeting critical infrastructure and SMEs. The number of reported ransomware incidents rose by 9%, with Bitcoin often being the preferred payment method.
According to the IC3 report, cryptocurrencies lie at the heart of modern cybercrime. A growing market, unclear regulations, and technical complexity make crypto applications vulnerable to fraud. Investors-especially older ones-must be better informed and protected through education, tools, and legal standards. CVJ.CH has outlined the most common crypto scams here.
