- Americans lost nearly $10 billion in crypto scams in 2024, with investment fraud topping the list and California suffering the highest financial losses
- Crypto-related fraud surged 66 percent compared to the previous year, with DeFi crimes seeing the biggest increase among reported cases
- Older Americans were hit hardest, with victims over 60 losing $2.8 billion to scams, including romance fraud and crypto-related extortion schemes
A recent FBI report showed shocking numbers concerning crypto fraud in America. According to the document, Americans lost nearly $10 billion in crypto scams in 2024. Overall, 146,686 victims reported losses that year. The most affected age group was Americans over 60 years old, with 33,369 people reporting $2.8 billion in losses.
This report shows a startling increase in people affected by crypto-related fraud in 2024. When compared to 2023, crypto-related fraud surged by 66%, particularly in DeFi crimes. Crypto Investment schemes topped the list, followed by ATM manipulation and extortion.
The State of California was the most affected by fraud, with 19,508 victims. Texas, Florida, New York, and Pennsylvania make up the five most affected American regions in 2024. Californians lost $1.39 billion to crypto fraud in 2024, making it the hardest-hit state. Texas followed with $738.58 million, Florida with $584.75 million, and New York with $375.09 million.
Investment fraud led all crypto-related crimes in 2024, accounting for $5.82 billion in losses. Personal data breaches ranked second, costing Americans $1.12 billion, while tech support scams ranked third at $961.99 million in reported losses.
Surprisingly, romance scams—a type of fraud that typically has a criminal portraying to be someone’s love interest—stole around $237 million from loving Americans. Fortunately, we have a complete guide on ‘How to Avoid Crypto Scams’ where everyone can learn a thing or two about staying safe in the crypto world.
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