Crypto is lucrative to investors; it is fast and decentralized, which is why scammers find it easier to defraud people
US residents lost $5.6 billion to cryptocurrency scams last year, with older individuals bearing the brunt, according to an FBI report.
The figure is up 45% from a year earlier.
People aged 60 and older filed 16,000 complaints, reporting losses of over $1.6 billion, far surpassing any other age group.
In contrast, people under 20 reported only 858 cases, with nearly $15 million in losses.
Investment scams, particularly “pig butchering” scams, were the largest category, causing nearly $4 billion in losses—a 53% increase from 2022.
Crypto is lucrative to investors; it is fast and decentralized, which is why scammers find it easier to defraud people.
Scams involved fraudsters developing fake relationships with victims to trick them into investing in fake crypto schemes. Cryptocurrency ATMs were frequently used, targeting those unfamiliar with the technology.