The Federal Bureau of Investigation’s (FBI) 2023 Internet Crime Report sheds light on an alarming surge in cryptocurrency-related investment fraud.

According to the report, crypto scams accounted for 86% of all investment fraud losses in the U.S., amounting to $3.94 billion.

That’s a 53% increase from 2022, when multiple crypto scams plagued the sector, including the $32 billion collapse of FTX and the $4.7-billion bankruptcy of Celsius (the founders of both of those companies faced fraud charges).

This surge in crypto-related fraudulence aligns with a broader trend of escalating online financial deceit. The Internet Crime Complaint Center (IC3) documented a staggering total of over $12.5 billion in online fraud losses. 

The report detailed how investment scams — propelled primarily by crypto scams — jumped 38% to

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Author: Julius Mutunkei

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