The U.S. Federal Bureau of Investigation (FBI) has reported that internet crime losses reached an all-time high of $16.6 billion in 2024, with cryptocurrency-related scams accounting for $9.3 billion of that total a 66% year-over-year increase.
According to the FBI’s 47-page Internet Crime Report, cybercrime rose 33% compared to 2023, with nearly 150,000 complaints involving cryptocurrencies.
Also read: Top 10 crypto scams to look out for
One of the most widespread and damaging scams was what the FBI refers to as “pig butchering”. A scheme in which fraudsters build fake online relationships and gradually convince victims to invest in fraudulent crypto platforms. These scams primarily targeted victims aged 60 and older, who accounted for more than $2.8 billion in losses.
To combat the rise in these sophisticated frauds, the FBI launched “Operation Level Up” in early 2024. The operation identified more than 4,300 victims, and remarkably, 76% were unaware they were being defrauded until contacted by the agency.