Crypto Scam: the FBI reports a record loss of 5.6 billion dollars in 2023

The Federal Bureau of Investigation (FBI) has also analyzed the crypto scam, reporting a loss of 5.6 billion dollars in 2023. This record figure represents an increase of 45% compared to 2022. 

Crypto Scam: the FBI reports a record loss figure in 2023 which is 45% higher than in 2022

The Federal Bureau of Investigation (FBI) has published its latest report on crypto scam 2023, reporting the record loss of 5.6 billion dollars. This figure represents an increase of 45% compared to 2022. 

“Scam alert: the new #FBI report shows a dramatic increase in cryptocurrency fraud, with losses reaching 5.6 billion dollars. Stay informed, discover the latest tactics of scammers, and protect yourself.”

In practice, the entity that recorded this record figure was the Internet Crime Complaint Center of the FBI which received more than 69,000 complaints from the public regarding cybercrimes and financial fraud involving crypto. 

According to its description, cryptocurrencies are used by criminal actors in practically all schemes. Among others, the FBI reports technical support, trust and romantic stories, investments, and government impersonation scams. 

The most reported crypto scam scheme in 2023 concerns investments which, alone, recorded the highest number of losses, with approximately 3.9 billion dollars lost.

Crypto Scam and the FBI report: increase exponentially in terms of severity and complexity

Despite le crypto scam rappresentino ancora solo il 10% delle denunce ricevute dall’FBI, the figure of 5.6 billion dollars, however, represents about half of the total loss suffered by the complainants.

Commenting on the new FBI report on crypto scam 2023, FBI Director Christopher Wray said:

“The scams against investors who use cryptocurrencies are increasing dramatically in terms of severity and complexity. The best way to help stop these crimes is for people to report them on ic3.gov, even if they have not suffered a financial loss. The information allows us to keep up with emerging schemes and the use of the latest technologies by criminals, so we can keep the American public informed and hunt down those who commit these crimes.”

In practice, the FBI encourages users to file their crypto scam complaints, even if no loss has occurred, through the dedicated website.

The technique involving Bitcoin ATMs is on the rise

Recently, it was reported an increase also for the crypto scam involving Bitcoin ATMs. In fact, in 2023 there are 110 million dollars in losses, exactly almost 10 times more than what was declared lost in 2020.

Not only that, other data from the FTC have shown that in just the first six months of 2024, losses from crypto ATM scams have already exceeded 65 million dollars. 

Here, the most affected victims are over 60 years old. In fact, scammers are more likely to succeed in stealing from the elderly with this technique, rather than adults and young people. 

Generally, such scammers invite consumers to deposit cash to “protect” their savings. The lies involve the government, companies, and technical support and induce the consumer to want to withdraw their money from bank accounts to deposit it in a Bitcoin ATM. 

Obviously, once “the fish takes the bait,” the scammers present the QR Code to the consumer who will send their money directly to the scammer’s crypto account.