Americans lost $5.6B last year in crypto scams, FBI says
In 2023, Americans lost over $5.6 billion to cryptocurrency fraud, with investment scams causing $3.96 billion in losses. The FBI received nearly 70,000 related complaints, highlighting widespread vulnerability.
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Americans lost over $5.6 billion to cryptocurrency fraud scams in 2023, marking a 45% increase from the previous year, according to an FBI report. The agency received nearly 70,000 complaints related to financial fraud involving cryptocurrencies like bitcoin and ether. Investment fraud was the most prevalent scheme, accounting for approximately $3.96 billion of the total losses. The FBI highlighted the appeal of cryptocurrency for criminals due to its decentralized nature, the speed of transactions, and the global transferability of value, which complicates the recovery of stolen funds. Scammers often initiate contact through dating apps or social media, building trust over time before promoting fraudulent investment opportunities. Victims may be lured to fake websites or apps, sometimes receiving small withdrawals initially to create a false sense of legitimacy. Additionally, some victims are subsequently targeted by fraudulent businesses claiming to assist in recovering lost cryptocurrency. The FBI warns that individuals of all ages can fall victim to these scams and advises caution when approached with investment opportunities from unfamiliar sources.
- Americans lost $5.6 billion to cryptocurrency fraud in 2023.
- The FBI received nearly 70,000 complaints related to cryptocurrency fraud.
- Investment fraud accounted for $3.96 billion of the losses.
- Scammers often build trust through social media and dating apps.
- Victims may be targeted again by fake recovery businesses.
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2 commentshttps://time.com/6836703/pig-butchering-scam-victim-loss-mon...
Mostly due to human traffickers being held and forced to scam others against their will. Absolutely heart breaking, sickening, and scary.
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