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FBI Says Scams Targeting Crypto Users Skyrocketing in Severity and Complexity After $5,600,000,000 Lost in 2023

n70products by n70products
September 11, 2024
in Regulations
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FBI Says Scams Targeting Crypto Users Skyrocketing in Severity and Complexity After $5,600,000,000 Lost in 2023
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The U.S. Federal Bureau of Investigation (FBI) is detailing the rising scale and complexity of cryptocurrency fraud schemes.

In its newly launched Cryptocurrency Fraud Report for 2023, the FBI says its Web Crime Criticism Heart acquired 69,468 complaints involving crypto property final yr.

Based on the FBI, the reported losses amounted to greater than $5.6 billion, a forty five% rise relative to 2022.

“Legal actors exploit cryptocurrencies for all schemes, to incorporate tech help, confidence and romance, funding, and authorities impersonation scams. Funding fraud was probably the most reported cryptocurrency scheme in 2023 and in addition noticed probably the most reported losses, with about $3.9 billion misplaced.”

yoy increase
Supply: FBI

Essentially the most weak demographic was the over-60 age group, reporting over 16,000 crypto-related complaints and incurring greater than $1.6 billion in losses in 2023.

over 60s
Supply: FBI

California, Florida and Texas have been the worst-affected states, recording the best variety of complaints and witnessing the biggest losses.

complaints by state
Supply: FBI

Based on the FBI, criminals exploit cryptocurrency as a result of its decentralized nature, the irrevocability of transactions and the numerous challenges that come up when following funds.

The FBI Director, Chris Wray, says,

“Scams concentrating on traders who use cryptocurrency are skyrocketing in severity and complexity. The easiest way to assist cease these crimes is for individuals to report them to ic3.gov [Internet Crime Complaint Center website], even when they didn’t endure a monetary loss. The knowledge permits us to remain on high of rising schemes and criminals’ use of the most recent applied sciences, so we will maintain the American public knowledgeable and go after those that commit these crimes.”

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Tags: ComplexityCryptoFBILostScamsSeveritySkyrocketingTargetingusers
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