Crypto Scams Surge to $5.6 Billion in 2023, FBI Reports

Investment fraud led the way with nearly $4 billion in losses, exploiting victims through elaborate schemes.

The FBI reported $5.6 billion in losses from crypto-related scams in 2023, a 45% increase from 2022.
Investment fraud accounted for nearly $4 billion of the losses, targeting victims with promises of high returns.
Older adults were significant targets, with those over 60 reporting the highest total losses.
Scammers often use social engineering tactics, building trust over time before defrauding victims.
California saw the highest number of complaints and total losses, with residents losing over $1 billion.