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The FBI recorded 69,468 cryptocurrency-related complaints and $5.6 billion in reported losses to its Internet Crime Complaint Center (IC3) for 2023. Reported losses rose 45% from 2022, driven in large part by investment fraud. These are complaints submitted to IC3—not a complete count of every U.S. scam or a tally of unique victims.
What the FBI’s 2023 figures show
The figures come from the FBI and IC3’s 2023 Cryptocurrency Fraud Report, published in 2024. Its opening summary describes more than 69,000 complaints and more than $5.6 billion in losses; the report’s data graphic specifies 69,468 complaints. The 45% increase is in reported losses compared with 2022, not necessarily in the number of people affected.
IC3 counts complaints that reference cryptocurrency. A complaint does not necessarily represent one unique person, and a victim may file more than once. The figures are a point-in-time assessment and can change; reported location also depends on information complainants provide.
Investment fraud accounted for the largest losses
Cryptocurrency-related investment fraud accounted for $3.96 billion in reported losses in 2023, up from $2.57 billion in 2022—a 53% increase, according to the FBI report. Investment fraud was the largest category, but the $5.6 billion overall total includes other kinds of cryptocurrency-related complaints as well.
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Other figures in the report
- Crypto kiosks: More than 5,500 kiosk-related complaints and more than $189 million in reported losses in 2023. Kiosk complaints can overlap with other transaction types.
- Complainants over 60: $1.648 billion in reported losses among complaints from people over 60 that referenced cryptocurrency. This is an aggregate loss figure; it does not show that older people are more likely to be victimized or to report a loss.
How a cryptocurrency investment scam can work
A common pattern is a relationship followed by a supposed investment opportunity. A fraudster may approach through a dating app, social platform, professional network, or encrypted messaging service, then steer the conversation toward crypto. After gaining the target’s trust, the scammer directs them to a fake investment site or app and coaches them through deposits.
The site may display fabricated profits. Sometimes the scammer allows a small withdrawal to make the platform appear legitimate. When the victim tries to withdraw a larger balance, the site demands a fee or “tax” first. Paying that charge typically does not release the funds.
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Wallet-draining apps and unrealistic returns
In a liquidity-mining scam described by the FBI, criminals promised returns of 1% to 3% per day and persuaded victims to connect a wallet to a fraudulent app, which then drained it. Those figures describe a scam’s promise, not a credible investment return. Treat guaranteed or unusually high returns as a warning sign, and never connect a wallet to a site or app whose legitimacy you have not independently verified.
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A scammer may tell someone to withdraw cash, go to a cryptocurrency kiosk, and send crypto to an address or QR code they supplied. The FBI says no legitimate law-enforcement or government official will demand payment through a cryptocurrency kiosk. Stop and independently contact the agency using a public phone number if someone claims to be an official and demands this kind of payment.
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- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
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What to do if someone is pressuring you to send crypto
- Pause if an online-only contact, caller, or purported official creates urgency around an investment or payment. Do not rely on contact details the person gives you; look up the organization’s public number independently.
- Check website addresses, email domains, apps, and investment claims through sources you find independently. Do not open unverified links or connect a wallet to a questionable site.
- Be skeptical of guaranteed returns and avoid sending money to someone you know only online.
How to report a cryptocurrency scam
Report suspected cryptocurrency fraud to the FBI’s Internet Crime Complaint Center (IC3), even if you have not lost money. The FBI’s report says prompt, accurate details can assist investigations. Preserve the information you have rather than deleting messages or closing accounts before recording relevant details.
Information to preserve
- Wallet addresses and transaction hashes
- Amounts, currency types, and transaction dates and times
- Names or details of platforms, websites, and domains
- Phone numbers, email addresses, messaging handles, and other identifiers
- Relevant communications, payment instructions, and QR codes
Can stolen cryptocurrency be recovered?
Do not assume a transfer can be reversed. The FBI warns that cryptocurrency transfers can be fast and irrevocable, and recipients may move funds quickly to overseas accounts. Report the incident promptly, but no reporting step guarantees recovery.
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Be especially wary of anyone who contacts you afterward claiming they can trace or recover the funds. Recovery scammers may reach out through social media, messaging, comments, or search results, claim law-enforcement ties, demand an upfront fee, and then ask for more money or disappear. The FBI says private recovery companies cannot issue legal orders to seize cryptocurrency. Do not pay an upfront fee on the promise of recovering stolen crypto.
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