Crypto Investment Scams in US Surge 53% to $3.94 Billion in 2023, Says FBI Report

Crypto IN investment SURGE 2024-03-09 100

According to CoinDesk, losses from crypto investment scams in the U.S. reached $3.94 billion in 2023, marking a 53% increase from $2.57 billion in 2022, as per a new report by the Federal Bureau of Investigation (FBI). The overall investment frauds grew by 38% to $4.57 billion from $3.31 billion, according to the bureau's Internet Crime Report 2023. Crypto scams account for most of these frauds, emphasizing the significant role that cryptocurrency plays in this area of online crime.

The report stated that fraudsters are increasingly using custodial accounts held at financial institutions for cryptocurrency exchanges or third-party payment processors, or having targeted individuals send funds directly to these platforms where funds are quickly dispersed. Losses from investment scams became the most common internet crime in 2023, accounting for over a third of the total $12.5 billion, according to the report.

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