According to the FBI report, there are some popular ways the scams were carried out. They include extortion In one investment fraud tactic called “pig butchering,” scammers target victims online and develop relationships before introducing a fraudulent opportunity for cryptocurrency investment.
Personal data breaches were also common.
The FBI analyzed trends from more than 850,000 complaints of suspected internet crime last year and found that cryptocurrency fraud was one of the top cyber crimes in 2024.
The 2024 Internet Crime Report, published Wednesday by the FBI, revealed that the Volunteer State lost more than $82 million to cryptocurrency scams last year.
“From the reports that we’ve seen, on average, it’s been about $5,000 lost to these types of scams, and usually the age group is 35 and up,” said Lorneth Peters, vice president of marketing engagement for the BBB of Middle Tennessee.
“We are unable to track where the money went, [or] who you sent the money to; tracking that information is somewhat complex.”
FBI data also showed that people aged 60 and over submitted the most complaints to the agency. That age group also suffered the most losses after falling victim to cryptocurrency fraud.
Nationwide data revealed a 33% increase in losses from the year prior.
However, the FBI isn’t the only agency that has been tracking scams — so has the Better Business Bureau of Middle Tennessee.
“With the advent of AI and everything else, it’s going to get tougher,” Todd said.
The FBI also has tips on protecting yourself:
- Don’t invest with someone you don’t know and have only met online.
- If an investment sounds too good to be true, it probably is.
- Confirm that what you’re investing in is valid.
If you believe you’ve been a victim of a cryptocurrency scam, you can follow this link to file a report.
