Crypto-related fraud accounted for $11 billion in US cybercrime losses last year, according to new figures from the FBI’s Internet Crime Complaint Center, or IC3. Total reported cybercrime losses stood at $20.9 billion, which means crypto scams represented more than half of the overall financial damage. Investment fraud was the largest single category, reaching $10.7 billion.
Investment schemes drove most of the crypto losses
The IC3 report said criminals used fake platforms, liquidity pool traps, and schemes designed to imitate DeFi applications. Those tactics formed the biggest source of crypto-related losses in the agency’s annual data. As the FBI’s official internet crime unit, IC3 collects complaints and publishes yearly trend reports aimed at warning the public and improving awareness.
The report also said the anonymity tied to blockchain transactions can make illicit funds harder to trace than in traditional financial systems. That condition gives fraudsters more room to operate, especially when they target less experienced users. IC3 noted that perpetrators are combining multiple methods more often, and their techniques are becoming more sophisticated.
Older Americans reported nearly one-third of total losses
The data showed that nearly one-third of all cybercrime losses reported last year came from elderly Americans. This group was described as especially exposed to investment scams, romance fraud, and fake tech support contacts. In some documented cases cited in the report, retirees lost their entire savings within only a few days.
By state, California, Texas, and Florida recorded the largest crypto scam-related losses. The findings suggest that highly populated states with stronger adoption of digital finance face greater exposure to cybercrime involving cryptocurrencies.
FBI says enforcement and recovery efforts will expand
In a recent social media message, FBI Director Kash Patel warned crypto scammers that the Bureau plans to increase enforcement against digital fraud used for illicit profit. The agency also said it intends to expand asset recovery and tracking operations in the coming months.
The FBI has already frozen more than 3,000 illicit cryptocurrency wallets and helped protect assets worth over $500 million. Based on the agency’s latest statement, investigations, tracking efforts, and recovery operations are set to intensify as crypto-related crime continues to grow.