In total, the FBI’s Internet Crime Complaint Center (IC3) received 149,686 cryptocurrency-related complaints in 2024. Overall financial losses reached US$9.3 billion, marking a 66% increase from 2023.

Among the most affected groups were Americans aged 60 and older, who lost US$2.84 billion to cryptocurrency scams, making them the hardest hit.

The second most impacted group was individuals aged 40 to 49, who reported losses totaling US$1.46 billion.

Crypto investment scams were the leading cause of these losses, accounting for US$5.8 billion, a 47% rise from the previous year.

The FBI also issued multiple warnings throughout the year to help prevent crypto-related fraud, including alerts about North Korean hackers targeting web3 firms.

🔗 Source: The Block

🧠 Food for thought

1️⃣ The staggering acceleration of crypto crime shows an evolving threat landscape

Cryptocurrency scam losses have expanded at an alarming pace, growing from $1.7 billion in 2018 to $9.3 billion in 2024—a 447% increase over six years1.

This acceleration outpaces the growth of legitimate cryptocurrency adoption, suggesting scammers are becoming increasingly sophisticated in targeting potential victims.

The evolution is further evidenced by the FBI’s identification of 67 new ransomware variants in 2024, demonstrating how quickly criminal tactics are adapting2.

Crypto crime is also becoming more professionalized, with Chainalysis reporting that illicit transaction volumes could exceed $51 billion for 2024, driven by organized criminal networks rather than opportunistic individuals3.

North Korean state-sponsored hackers have been particularly active, stealing over $1.34 billion in 2024 and accumulating more than $6 billion since 2017 through sophisticated cryptocurrency theft operations34.

2️⃣ Older Americans face disproportionate financial harm despite demographic adoption patterns

The $2.84 billion lost by Americans over 60 represents over 30% of all crypto-related losses, despite this age group traditionally having lower rates of cryptocurrency ownership and familiarity.

This targeting pattern isn’t unique to cryptocurrency. Across all cybercrime categories, adults 60 and older filed the most complaints (147,127) with the highest total losses ($4.885 billion) according to the FBI’s broader cybercrime data5.