Crypto scams in the USA: $9.3 billion lost in 2024, says the FBI

The truffe legate alle crypto in the United States (USA) have reached record levels in 2024. 

According to the annual report of the FBI’s Internet Crime Complaint Center (IC3), Americans reported total losses of $9.3 billion, with an increase of 66% compared to 2023.

This alarming data confirms how widespread the fraudulent use of digital assets has become. The report highlights almost 150,000 reports connected to crimes in the crypto sector. 

The most frequent crimes are investment frauds, often carried out through fake platforms that promise high returns. The victims transfer funds, unaware that they are destined directly to the fraudsters.

Crypto scams in the USA reach $9.3B in 2024 according to the FBI. Boom in frauds targeting the elderly and “pig butchering”

Over half of the total losses – a full 5.8 billion dollars – was caused by fraudulent investment schemes, where the perpetrators pretend to be financial experts or trustworthy promoters. 

A technique that is increasingly widespread is the so-called “pig butchering” method: criminals establish a personal or romantic relationship with the victim, building trust before convincing them to invest in fake crypto projects.

Once the victim makes the deposit, the funds are taken by the scammers, often in an untraceable manner. These scams are sophisticated and exploit emotional vulnerabilities and lack of technological familiarity.

In second place among cybercrimes related to cryptocurrencies, data theft has caused 1.1 billion dollars in damages. These breaches often facilitate subsequent attacks, including unauthorized access to digital wallets or identity theft to manipulate online investments.

One of the most concerning data points concerns the age group over 60 years, which has suffered a total loss of 2.8 billion dollars. This is a significant increase compared to 2023, when the same victims reported 1.65 billion, and compared to 1.08 billion in 2022.

Many scammers take advantage of the digital vulnerabilities of this age group, targeting it primarily through fake investment offers, tech support frauds, and impersonation schemes – sometimes involving crypto ATMs as tools to receive funds.

It’s not just the elderly who have suffered damage. Americans between the ages of 40 and 49 have collectively lost 1.4 billion dollars, while the younger generations (under 40) have reported a total of 1.37 billion in damages. 

However, the disproportion compared to the over 60s confirms a clear trend: the elderly are the most vulnerable to fraud in cryptocurrencies.

The Government’s measures: Operation Level Up is born

In the face of the surge in crypto crimes, the US authorities introduced in January 2024 a new initiative called Operation Level Up. The main purpose is to identify fraud attempts in advance and monitor suspicious schemes in real time.

Thanks to this program, the FBI states that it has identified thousands of victims of cryptocurrency investment scams, managing to prevent losses estimated at 285 million dollars.

The report highlights another crucial aspect: the link between financial scams and the mental health of the victims. 

There have been 42 people directed to suicide prevention interventions, a number that demonstrates the devastating impact these crimes can have on a personal and family level.

Cryptocurrencies now represent a fertile ground for online crime, due to their decentralized nature, the anonymity of transactions, and the difficulty of tracing them. 

Despite their technological potential, the lack of robust regulation and basic financial education remains the Achilles’ heel.

Some users fall victim to invented platforms, while others, despite having some experience, are deceived by very sophisticated schemes. Without institutional tools to recover stolen funds, most victims are unable to recover what they lost.

Future prospects and digital prevention

The FBI report is clear: the problem is growing and a systemic response is needed. More digital education is needed, targeted information campaigns – especially for the older age groups – and effective alert tools.

Furthermore, the crypto industry will also need to collaborate more in the development of transparent verification systems and prevention of fraudulent activities.

The growth of cryptocurrencies as an investment tool will likely continue in the coming years, but it will be essential to adequately address the vulnerabilities related to security and trust. 

The law enforcement agencies, for their part, will need to strengthen national and international cooperation to intercept and dismantle criminal networks.

In the face of 9.3 billion dollars burned in crypto scams in 2024 alone, it is evident that the stakes are extremely high. Protecting citizens – especially the most vulnerable – requires an integrated strategy that combines prevention, education, and judicial action. 

In the context of an increasingly digitized economy, cybersecurity is no longer an option, but a priority.