FBI’s Crypto-related Investment Fraud Report Shows 53% Increase in 2023

Crypto News – According to a report by the Federal Bureau of Investigation (FBI), the majority of investment losses in the United States in 2023 were attributable to investment fraud related to cryptocurrencies.

FBI’s Crypto-related Investment Fraud Report Shows 53% Increase in 2023

According to a recent FBI analysis, losses on cryptocurrency investments climbed by 53%, from $2.57 billion in 2022 to around $3.94 billion in 2023. In contrast, $4.57 billion was lost altogether in 2023 from all investments. This indicates that over 86% of all investment fraud losses in the country were accounted for by the $3.94 billion lost due to fraud using cryptocurrencies.

Crypto Fraud is a Worldwide Problem, Not Just in the US

Romance scams are among the most prevalent cryptocurrency frauds to which victims fall prey. Here, a criminal assumes a false online persona in order to win the love and confidence of a victim. They then fabricate a tale in an attempt to get the victim to give cryptocurrency, at which point they vanish from sight. Chainalysis revealed in December 2023 that at least $374 million in alleged stolen cryptocurrency in 2023 was the result of romance scams.

On January 1, Cointelegraph revealed that about 324,000 cryptocurrency users fell prey to phishing scams in 2023, resulting in the loss of approximately $295 million in digital assets to wallet drainers. But the number of people falling for cryptocurrency scams isn’t limited to the United States; other nations are also facing a comparable problem.