2024 Cryptocurrency Fraud Report Overview
In April 2025, the FBI unveiled its 2024 Cryptocurrency Fraud Report, which succinctly outlines findings derived from data amassed throughout 2024 by the FBI Internet Crime Complaint Center (IC3). This exhaustive analysis not only details the volume of complaints related to cryptocurrencies but also examines the scale of financial losses, victim demographics, and the types of crimes committed, along with the progress in recovering lost assets. The purpose of this article is to break down the report’s key findings, helping readers understand the evolving landscape of cryptocurrency fraud and enhance their defenses against intricate cyber threats.
Overview of Complaint Trends in 2024
The year 2024 saw IC3 gathering over 859,532 complaints, which culminated in staggering losses amounting to $16.6 billion—marking a 33% increase since 2023. Notably, 256,256 of these complaints involved tangible financial losses, averaging around $19,372 per case. A significant portion, approximately 83%, of these losses stemmed from online fraud. Cryptocurrency-focused complaints totaled 149,686, with reported losses reaching $9.3 billion, which is a remarkable 66% rise from the previous year. Strikingly, individuals aged 60 and older constituted the largest demographic group affected, with this age bracket filing 147,127 complaints and incurring losses totaling nearly $4.9 billion. This demographic also experienced a 46% increase in the number of complaints and a 43% increase in the amount of losses, with around 7,500 individuals reporting losses exceeding $100,000 and averaging losses near $83,000 each.
Victim Demographics and Their Vulnerabilities
Scams involving cryptocurrency investments have predominantly targeted seniors, particularly those over 60 years old, who accounted for 8,043 complaints and substantial losses of $1.6 billion—far greater than any other age group. This demographic has unwittingly become a primary target for scammers, registering 2,674 cases that resulted in losses of over $107 million. Their limited understanding of fraud prevention and new payment methods, such as cryptocurrency ATMs, contributes to their vulnerability. Furthermore, this age group also topped the charts in complaints related to extortion and sexual exploitation, comprising 20,445 complaints with reported losses reaching approximately $724 million.
Types of Crimes and Their Impact
From a broader perspective, 2024 saw IC3 receiving an alarming 333,981 complaints related to various forms of online fraud, leading to losses of $13.7 billion—83% of the year’s total losses. The predominant methods for facilitating these frauds encompassed transactions via cryptocurrency, wire transfers, and credit cards. In addition, 263,455 reports concerning cyber threats contributed to an additional $1.57 billion in losses, with notable ransomware strains including Akira, LockBit, RansomHub, FOG, and PLAY, revealing the sophistication of criminal operations.
Strategies for Protection Against Cryptocurrency Fraud
In light of the rampant rise in cryptocurrency fraud, the FBI has issued vital recommendations for safeguarding against these criminal activities. The findings of the 2024 Cryptocurrency Fraud Report underscore the alarming rise in cybercrime associated with crypto assets, particularly impacting the elderly demographic while highlighting the professional and international nature of these fraud schemes. Cryptocurrencies are increasingly favored by criminals for money laundering and fund transfers. Although progress has been made in asset recovery and cross-border enforcement, the scale of losses signifies an urgent need for users to adopt heightened vigilance and awareness. For government entities and financial institutions, intensifying international collaboration, enforcing regulations, and tracking capital movements will be critical steps in the ongoing battle against cybercrime and improving overall efficacy in combating these illicit activities.
