• 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

Crypto Firms Shift to Chainlink After Chaos Labs Hacking Attempt

chest

Several crypto firms are migrating to Chainlink's oracle infrastructure following a hacking attempt on Chaos Labs.

user avatarLeo van der Veen

SEC Chair Paul Atkins Calls for Enhanced Regulatory Guidance for Onchain Markets

chest

SEC Chair Paul Atkins emphasizes the need for clearer regulatory frameworks for onchain trading systems and related activities.

user avatarLi Weicheng

Bitcoin Faces Resistance After Recent Upsurge

chest

Bitcoin's recent recovery has hit a significant obstacle, leading to a drop below 80,000.

user avatarTenzin Dorje

Market Dynamics Behind Bitcoin's Decline Analyzed

chest

XWIN Research Japan analyzes the internal factors behind Bitcoin's recent decline, attributing it to leverage positioning and profit-taking, rather than external macroeconomic influences.

user avatarAisha Farooq

Ethereum Spot ETFs Face Notable Withdrawals.

chest

US Ethereum spot ETFs experienced significant capital outflows, with over $103 million exiting the funds, leading to a weekly netflow drop to just $66 million.

user avatarMohamed Farouk

Bitcoin Price Drops Below $80,000 as Spot ETF Outflows Increase

chest

Bitcoin's price has fallen below $80,000 as significant capital exits from US spot ETFs.

user avatarBayarjavkhlan Ganbaatar

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.