U.S. Faces Surge in Cryptocurrency Scams, Losing $3.94 Billion in 2023

The FBI reports a significant increase in cybercrime, with investment frauds driven by crypto scams leading the financial losses.

Americans lost $3.94 billion to cryptocurrency investment scams in 2023, marking a 53% increase from the previous year.
The overall financial losses due to cybercrime in the U.S. reached $12.5 billion in 2023, a 22% increase over 2022.
Investment fraud, primarily driven by cryptocurrency scams, became the leading source of financial losses, totaling $4.57 billion.
The FBI's Internet Crime Report 2023 highlights the growing threat of cybercrime, with investment scams accounting for over a third of total losses.
The FBI's Recovery Asset Team has had some success in tracing and freezing stolen funds, with a recovery rate of over 71% since 2018.