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In its 2024 Internet Crime Report, the FBI’s Internet Crime Complaint Center, or IC3, reported a staggering $9.3 billion in losses attributed to cryptocurrency-related scams—a 66% increase from the previous year. The number of complaints referencing cryptocurrency soared to 149,686, highlighting a continued surge in cybercrime activity within the digital asset space.
This record-breaking figure is the highest ever reported in the IC3’s history and underscores the growing threat of crypto fraud to individual investors across all age groups. The report shows that while digital currencies have become more mainstream, so too have the tactics employed by scammers who exploit a lack of regulatory oversight, investor knowledge gaps, and the allure of high returns.
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Older Adults Most Affected
The data points to a sharp generational divide in impact. Individuals aged 60 and older were the largest demographic affected, with over 33,000 complaints and losses exceeding $2.8 billion—nearly one-third of the total losses. This suggests that older adults may be more vulnerable to sophisticated online fraud schemes, particularly romance and tech support scams that often masquerade as investment opportunities.
The 40–49 age group followed closely, incurring more than $1.4 billion in losses, while 50–59-year-olds lost over $1.18 billion. Even younger investors weren’t spared: those in their 30s reported over $1 billion in losses, and 20–29-year-olds lost upwards of $370 million. Alarmingly, even under-20 victims reported losses, totaling $7.7 million, reflecting the broad reach of these schemes.
Exponential Growth Since 2021
The trend has been intensifying since 2021, with the number of complaints and total dollar losses increasing dramatically each year. The accompanying chart in the IC3 report shows an exponential growth curve—losses more than tripled from 2021 to 2023, and the jump from 2023 to 2024 represents the largest single-year leap yet. This indicates not only the scale but the evolving sophistication of scams targeting crypto users.
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Common Scam Tactics
Scammers have continued to innovate their methods, combining elements of social engineering, phishing, and impersonation of legitimate platforms. Investment fraud was the most commonly reported scheme, with scammers promising high returns on fake crypto trading platforms. Many victims were also lured through social media, dating apps, or phishing emails, often manipulated into transferring funds directly into fraudulent crypto wallets.
