Crypto Investment Scam Losses in U.S. Grew 53% to $3.94B in 2023: FBI
Summary
Crypto investment scams in the U.S. resulted in losses of $3.94 billion in 2023, marking a 53% increase from $2.57 billion in 2022, according to a report by the Federal Bureau of Investigation (FBI). The report also noted a 38% rise in overall investment frauds to $4.57 billion from $3.31 billion. Cryptocurrency scams accounted for the majority of these frauds, indicating its significant role in online crime. The report also revealed that fraudsters are increasingly using custodial accounts at financial institutions for cryptocurrency exchanges or third-party payment processors. In 2023, losses from investment scams became the most common internet crime, making up over a third of the total $12.5 billion.
