FBI: Americans Lost $9.3 Billion to Crypto Scams in 2024, Elderly Hit Hardest

In a stark reminder of the risks lurking in the digital finance world, the FBI has revealed that Americans lost an unprecedented $9.3 billion to cryptocurrency-related scams in 2024. According to the annual report from the FBI’s Internet Crime Complaint Center (IC3), this figure represents a sharp 66% increase from the $5.5 billion reported in 2023. The rise in losses reflects the growing popularity—and increasing misuse—of cryptocurrencies, particularly as investment tools.

The report identified nearly 150,000 complaints tied to crypto activity, with investment fraud being the most widespread category. Many of these schemes lured individuals through fake crypto trading platforms or fraudulent projects promising high returns with little risk. Once trust was established, victims were persuaded to deposit increasing sums of money, only to lose access when the scammers disappeared. One alarming trend was the use of “pig butchering” scams, where fraudsters groom victims online through romance or friendship before introducing fake investment opportunities.

A particularly concerning aspect of the findings is the disproportionate impact on older Americans. Individuals aged 60 and above reported losses exceeding $2.8 billion—nearly a third of the total. The FBI attributes this to a combination of factors, including unfamiliarity with digital technologies and increased vulnerability to emotional manipulation in long-term scam setups. Elderly victims were often targeted through social media, messaging apps, or fraudulent customer service interactions.

In addition to investment fraud, tech support scams, phishing campaigns, and data breaches also contributed heavily to the total loss. The FBI continues to urge the public to remain vigilant, advising users to avoid unsolicited financial advice, double-check URLs and platforms before investing, and report suspicious activities immediately to authorities. As digital assets become more mainstream, the FBI’s report serves as a wake-up call for consumers, regulators, and platforms alike to strengthen education, awareness, and protective measures against an evolving wave of cybercrime.