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

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI


  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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Grayscale's Zcash ETF to Implement 3-for-1 Forward Share Split

Grayscale has announced a 3-for-1 forward share split for its Zcash ETF, ticker ZCSH, to enhance accessibility for retail investors.

user avatarTomas Novak

Growing Interest in BRICS Membership

Many countries are expressing interest in joining the BRICS alliance, according to Russian Foreign Minister Sergey Lavrov.

user avatarKaterina Papadopoulou

XRP's Technical Indicators Point to Potential Bullish Momentum

XRP's technical indicators suggest a possible bullish crossover, despite a bearish death cross setup.

user avatarMaya Lundqvist

Crypto Market Sees Recovery as Bitcoin Surges Above 80,000

Crypto traders are feeling more optimistic today as Bitcoin has climbed back above 80,000 after a tough period marked by a Federal Reserve rate hike and a Senate vote against the Clarity Act.

user avatarLeo van der Veen

US Treasury Targets BitBank in Sanctions Evasion Crackdown

The US Treasury has sanctioned BitBank, an Iranian exchange involved in facilitating Bitcoin payments for shipping companies in the Strait of Hormuz.

user avatarLi Weicheng

Solana Reclaims 105 Price Level After Market Dip

Solana's price recently fell to 96 after a marketwide dip but has since rallied to reclaim the 105 mark, experiencing a 56% increase in the last 24 hours.

user avatarAisha Farooq

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.