FBI: Americans Lost Record $9.3 Billion to Crypto Scams in 2024, Elderly Hit Hardest
Cryptocurrency-related crimes in the U.S. surged to new highs in 2024, with Americans losing a staggering $9.3 billion to fraud—a 66% increase from the previous year, according to the FBI’s Internet Crime Complaint Center (IC3).
The IC3’s latest annual report paints a troubling picture of the crypto fraud landscape. Investment scams dominated the space, accounting for the largest portion of reported losses. These scams often involved phony platforms promising outsized returns, luring victims into transferring funds that quickly vanished.
One particularly concerning tactic called out by the FBI is the “pig butchering” scheme—a social engineering scam in which fraudsters establish online relationships and gradually convince targets to invest in fake crypto projects. Losses from crypto investment scams alone totaled $5.8 billion in 2024.
The elderly population suffered disproportionately. Americans aged 60 and older lost over $2.8 billion to crypto fraud, a steep rise from $1.65 billion in 2023 and $1.08 billion in 2022. That demographic reported over 8,000 complaints linked to fraudulent investment schemes, as well as scams involving tech support impersonation and cryptocurrency ATM fraud.
Individuals between 40 and 49 were the second-most impacted group, reporting $1.4 billion in losses, while victims under 40 collectively lost $1.37 billion.
The second-highest fraud category by losses was data breaches, which accounted for $1.1 billion in reported damages.
In response to the surge in scams, federal authorities launched Operation Level Up in early 2024—a coordinated effort to combat crypto-related fraud. The operation identified thousands of victims and successfully prevented an estimated $285 million in additional losses. It also referred 42 individuals for suicide prevention intervention, underscoring the devastating toll these scams can take.
The FBI’s report underscores the urgent need for awareness and vigilance as crypto adoption grows—and with it, the complexity and sophistication of financial fraud.
