• 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

a year 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

Stablecoins to Revolutionize Cross-Border Payments

chest

The a16z report highlights the potential of stablecoins to transform cross-border payments, making them faster and cheaper.

user avatarMaria Fernandez

Bitcoin Futures Volumes Halved, Impacting Market Dynamics

chest

Bitcoin futures volumes have significantly decreased, affecting market volatility and trading dynamics.

user avatarRajesh Kumar

Long-Term Holder Selling Pressure Affects Bitcoin Performance

chest

Long-term holders of Bitcoin have been selling, impacting its performance against the stock market and gold.

user avatarGustavo Mendoza

Regulatory Scrutiny Looms After Flow Token Hack

chest

Regulatory scrutiny arises after the $39 million hack of the Flow blockchain, with concerns over compliance in the movement of illicit funds through a centralized exchange.

user avatarMiguel Rodriguez

Flow Foundation Launches Recovery Plan Following Major Hack

chest

The Flow Foundation has launched a two-stage recovery strategy following a significant security breach that resulted in a $39 million loss.

user avatarLuis Flores

Investors Eye Promising Cryptocurrencies: Cardano, Ethereum, and Mutuum Finance

chest

Investors are focusing on established tokens like Cardano and Ethereum, alongside new projects such as Mutuum Finance, which shows significant growth potential.

user avatarMaria Gutierrez

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.