The FBI’s Internet Crime Complaint Center said it received more than 69,000 complaints from the public regarding financial fraud involving the use of cryptocurrency last year.
Details: According to the latest IC3 report on crypto:
Estimated losses with a nexus to cryptocurrency totaled more than $5.6 billion, an increase of 45% from 2022.
While the number of crypto-related complaints represent 10% of the total number of financial fraud complaints, the losses associated with these complaints account for almost 50% of total losses.
People aged 60 and above had the most complaints and highest losses.
Almost all losses are attributed to investment scams, also known as pig butchering.
ICBA Resources: Recent ICBA blog posts spotlight the growing pig-butchering scam, in which fraudsters use cryptocurrencies to defraud victims, and the need for a policy response.
