Crypto Users Lost $5.6B Due to Crypto Scams in 2023: Report

A new FBI report released on Monday has revealed that investors have lost a record-breaking $5.6 billion to crypto-related financial crime in 2023, a sharp increase of 45% from the previous year.

The report, published by the FBI’s Internet Crime Complaint Center, states that investment fraud was the most widespread and costly form of crypto-related crime in 2023.

Out of a total of 69,000 reports received, almost half were related to investment fraud, resulting in a staggering $4 billion in losses for victims.

This amounted to approximately 10% of all complaints received by the FBI, but accounted for half of the total losses reported. Investment fraud typically involves scammers promising high returns with little risk, and has been on the rise in recent years.

The most common type of crypto-related investment fraud in 2023, as identified by the FBI, was “confidence-enabled” schemes.