The Federal Bureau of Investigation has reported a dramatic rise in cryptocurrency-related fraud in 2024, with elderly Americans suffering disproportionately. According to the FBI’s Internet Crime Complaint Center (IC3), losses from crypto scams totaled more than $9.3 billion last year—an alarming 66% increase from 2023.
A Growing Threat
The report highlights a surge in a variety of scam types, with investment fraud, extortion, and ATM-related crypto fraud being the most prevalent. These schemes often promise high returns or manipulate victims into transferring funds under false pretenses. The ease with which digital currencies can be moved anonymously continues to make them a favorite tool for scammers.
Disproportionate Impact on Older Adults
Of particular concern is the vulnerability of older adults. Americans aged 60 and above lost a staggering $2.83 billion to crypto fraud in 2024 alone. This demographic now accounts for nearly 30% of all reported losses in the space.
The FBI attributes this heightened risk to a combination of factors: limited digital literacy, unfamiliarity with cryptocurrency technology, and increased exposure to socially engineered scams that exploit trust and confusion.
Geographic Concentration of Losses
Losses were also unevenly distributed across the country. California led with more than $1.39 billion in reported losses, followed by Texas, where residents lost $738 million. These numbers reflect both the population size and the high level of investment activity in these states.
FBI Response and Public Warnings
To counter the surge in fraud, the FBI has actively worked to alert affected individuals. More than 5,400 victims have been notified, many of whom were unaware they had been targeted. The agency is also urging the public to remain vigilant, report suspicious activity promptly, and seek education on cryptocurrency safety.
The FBI’s findings underscore the urgent need for increased awareness and protective measures as digital assets become more mainstream. The report serves as a warning to both investors and the broader public: the appeal of high returns in crypto can come with substantial risk—particularly for those least prepared to spot the signs of fraud.