• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Americans Lost $5.6 Billion to Cryptocurrency Fraud in 2023, FBI Reports

user avatar

by Giorgi Kostiuk

2 years ago


  1. Key Findings of the FBI Report
  2. Fraud Schemes and Losses
  3. Risks Associated with ATMs

  4. The United States Federal Bureau of Investigation (FBI) has released its cryptocurrency fraud report for 2023, revealing that Americans lost $5.6 billion due to such schemes. This represents a 45% increase compared to 2022.

    Key Findings of the FBI Report

    The report reveals that 69,000 crypto-related complaints were filed with the FBI in 2023. People over 60 were most often victimized, accounting for nearly $1.6 billion in losses. Almost 71% of the fraud cases were related to investment schemes, and about 10% involved call center fraud and government impersonation scams.

    Fraud Schemes and Losses

    The FBI received complaints from over 200 countries, but the majority of complaints and losses were from the United States. Many of the losses were due to confidence schemes. The FBI emphasizes the importance of caution when receiving investment opportunities from individuals not met in person.

    Quote (no author): “There is one thing these scammers typically will not do — they will not meet with you in real life. If an investment opportunity comes from someone who you have never met in person, be extremely cautious of the advice.”

    Americans are also at risk of labor exploitation, where workers are lured into positions abroad that end up being exploitative.

    Risks Associated with ATMs

    ATMs provide scammers with many opportunities. The FBI recorded 5,500 cases involving ATMs, resulting in losses of over $189 million. ATMs are preferred by scammers due to the anonymity of transactions, and complaints include issues with customer service, government impersonation, extortion, romance scams, and other schemes.

    Deputy Assistant Director of the FBI Criminal Investigative Division James Barnacle noted that the chances of recovering money lost through a crypto ATM scam are “slim.” “Of the 3,000 people we’ve notified this year, 75% had no idea they were victims of fraud,” Barnacle added.

    The FBI continues its investigation into cryptocurrency fraud and advises citizens to be extremely cautious when interacting with potential investors. The organization also continues to inform people who might be victims of fraud about potential risks and ways to protect themselves.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Bitcoin Coinbase Premium Gap Turns Negative After 20-Day Positive Streak

chest

The Coinbase Premium Gap for Bitcoin has shifted to negative for the first time in 20 days, indicating a change in buying and selling behavior among American investors.

user avatarDiego Alvarez

Digital Asset Sector Sees Positive Net Capital Inflows

chest

The digital asset sector has experienced a significant shift with positive net capital inflows for the first time since December, with combined monthly netflows into Bitcoin, Ethereum, and stablecoins surging to a positive value of $3 billion.

user avatarKenji Takahashi

Bitcoin Options Market Shifts with IBIT Dominance

chest

Jeff Park discusses the impact of IBIT options on Bitcoin's volatility and potential price movements.

user avatarMaria Fernandez

Market Analyst Predicts Bitcoin Upside Before Potential Crash

chest

Market analyst Michael van de Poppe forecasts another strong upside move for Bitcoin before a significant downturn.

user avatarRajesh Kumar

Chainlink Traders Experience Largest Exchange Withdrawals Since December

chest

Chainlink traders have made significant exchange withdrawals, indicating potential accumulation trends.

user avatarGustavo Mendoza

Peter Schiff Warns of Potential Breakdown for MicroStrategy's Bitcoin Strategy

chest

Peter Schiff warns that MicroStrategy's financial model may not be sustainable due to increasing obligations and reliance on Bitcoin, potentially leading to negative effects on the broader Bitcoin market.

user avatarMiguel Rodriguez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.