Americans lost $5.6 billion last year in cryptocurrency fraud scams

Americans lost over $5.6 billion to cryptocurrency fraud schemes in 2023, marking a 45% increase from the previous year, according to an FBI report.

The FBI recorded nearly 70,000 complaints related to such financial fraud.

Investment fraud was the most prevalent, accounting for $3.96 billion in losses.

Scammers often initiate contact through social media or dating apps, building trust before promoting fake investment opportunities.

Victims may withdraw small amounts early on, making the scheme appear legitimate.

The FBI warns that these scams can target individuals of any age, urging caution with unfamiliar investment offers.