Cryptocurrency Fraud Report 2023

Excerpt:  “As the use of cryptocurrency in the global financial system continues to grow, so too does its use by criminal actors. In 2023, the Federal Bureau of Investigation (FBI) Internet Crime Complaint Center (IC3) received more than 69,000 complaints from the public regarding financial fraud involving the use of cryptocurrency, such as bitcoin, ether, or tether. Estimated losses with a nexus to cryptocurrency totaled more than $5.6 billion. While the number of cryptocurrency-related complaints represents only about 10 percent of the total number of financial fraud complaints, the losses associated with these complaints account for almost 50 percent of the total losses. Complaints filed in 2023 show that criminal actors exploit cryptocurrencies in each scheme category tracked by IC3. The exploitation of cryptocurrency was most pervasive in investment scams, where losses accounted for almost 71 percent of all losses related to cryptocurrency. Call center frauds, including tech/customer support scams and government impersonation scams, accounted for about 10 percent of losses associated to cryptocurrency.”