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Breaking News: FTX Trust Sues Genesis To Recover $1 Billion Allegedly Misappropriated By SBF

Crypto Fraud Explodes To $5.6 Billion – FBI Urges Caution In New Alert

Christian Encila
by Christian Encila
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Federal Bureau of Investigation, or FBI, reports that cryptocurrency fraud losses jumped a whopping 45% to $5.6 billion in 2023, while complaints of scams involving digital assets have grown, with nearly 69,000 filed by victims across the country.

Related Reading: Is ‘Green’ Bitcoin Mining The Future? Japanese Power Giant Thinks So

The investment scams turned out to be the most prevalent, accounting for 71% of the total losses reported to the FBI. These scams exploit the fear of missing out on cryptocurrency market gains by promising big profits. The report also shows that California, Florida, and Texas had the most complaints.

Source: FBI

Victimizing Elderly People: FBI

The report presents a very serious cause of concern from the demographic point of view: Individuals above 60 years were the largest victims of the scam, by losses to the tune of almost $1.6 billion. Still, the people between 30 and 39 years of age also suffered big losses, proving these scams were far-reaching.

Source: FBI

Impersonation Scams And Crypto Kiosks

Other notable fraud categories, alongside investment scams, include call center frauds, where criminals impersonate government officials with the aim of extorting cryptocurrency from an unsuspecting individual. These crimes account for nearly 10% of total losses.

Meanwhile, scammers have increasingly used cryptocurrency kiosks-or ATM-like machines-where individuals can change out cash for crypto. More than 5,500 of those complaints filed to the FBI involved the use of cryptocurrency kiosks, adding up to more than $189 million in losses.

As of today, the market cap of cryptocurrencies stood at $1.97 trillion. Chart: TradingView.com

Regulatory Response And Challenges

The number of crypto fraud cases has precipitously risen, which raises concerns about what consumers feel about digital assets and regulatory scrutiny. More and more, regulators have become focused on tamping down the fraud within the crypto sector.

However, the decentralized nature of virtual currencies and the ease with which transactions that cannot be reversed are completed anywhere in the world without conventional financial intermediaries make policing rather difficult. Tracing cryptocurrency transactions transferred to overseas exchanges is daunting.

Related Reading: Unfazed By Falling Economy: Bitcoin Major Bull Run Looms — Analyst

The FBI’s report called for caution on the part of investors, to take a closer look at opportunities and avoid schemes promising unrealistically high returns.

The bureau added that any suspicious activity should be reported, even without financial loss, so law enforcement can stay on top of emerging schemes and the latest technologies used by the bad guys.

Whereas the use of cryptocurrency is on the rise, so is the risk of scams concerning it. Individuals should be more skeptical of investment and offers related to cryptocurrency and verify any such opportunity for legitimacy before committing funds.

The fight against crypto fraud needs to be combined among law enforcement, regulating bodies, and the public in protecting the integrity of the digital asset ecosystem.

Featured image from DataVisor, chart from TradingView

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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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