【Dear Utol (2025): Catfish Episode 46】

Cryptocurrency may not be Dear Utol (2025): Catfish Episode 46in the spotlight like during the 2021 to 2022 crypto boom, but that doesn't mean the money isn't flowing. Cybercriminals are still utilizing crypto to generate billions of dollars in fraudulent income each year.

In fact, according to the FBI, 2023 was the most lucrative year yet for cryptocurrency scammers.

SEE ALSO: New online scam claims to have proof your spouse is cheating on you

A new FBI report releasedon Monday says more than $5.6 billion in losses were reported in 2023 as a result of cryptocurrency scams. The data comes from more than 69,000 complaints the FBI’s Internet Crime Complaint Center received last year. 

---

You May Also Like

---

---

Crypto scams reported to the FBI over the years. Credit: FBI

Crypto scams bigger than ever before

The FBI's cryptocurrency scam report is especially interesting since 2023 was the first full year following the crypto boom. The crypto industry was shaken up in 2022 when a number of crypto tokens collapsed following the downfall of large crypto firms like Celsius and Terraform Labs. Then in November 2022, one of the largest crypto exchanges, FTX, went bankrupt. While some crypto tokens and blockchain-based companies have since bounced back, the industry has yet to recover its mainstream appeal.

Cryptocurrency scams, however, appear to be going stronger than ever before. The FBI's 2023 cryptocurrency report shows that crypto scams grew 45 percent compared to the year before.

Mashable Light Speed Want more out-of-this world tech, space and science stories? Sign up for Mashable's weekly Light Speed newsletter. By clicking Sign Me Up, you confirm you are 16+ and agree to our Terms of Use and Privacy Policy. Thanks for signing up!

In fact, 2023 losses from cryptocurrency scams now make up more than half of the total number of losses from all online scams from the FBI's 2022 report.

According to the FBI, investment fraud is the biggest of the cryptocurrency scams. The report found that crypto investment scams specifically increased by 53 percent, with $3.96 billion in losses compared to 2022's $2.57 billion. 

Different types of scams affected age demographics differently. For example, those in the 30-39 and 40-49 age groups were most affected by crypto investment scams. However, the most complaints reported and overall loss totals were from those over 60. According to the FBI, more than $1.6 billion in crypto-related scam losses came from the over 60 age group.

Of course, the likely total of crypto scam losses is much higher than what's in the FBI report as the agency can only include data sent to them by the victims.

"Scams targeting investors who use cryptocurrency are skyrocketing in severity and complexity,” said FBI Director Christopher Wray in the bureau's statement on the report. "The best way to help stop these crimes is for people to report them to ic3.gov, even if they did not suffer a financial loss. The information allows us to stay on top of emerging schemes and criminals’ use of the latest technologies, so we can keep the American public informed and go after those who commit these crimes."

Topics Cybersecurity Cryptocurrency

• Deals
• Digital Culture
• Life
• Science
• Games
• Social Good
• Tech
• Shopping

• NYT Connections Sports Edition hints and answers for January 16: Tips to solve Connections #115
• NYT Strands hints, answers for May 16
• PC Games That Weren't Cancelled, But Should Have Been
• I've been a DJ at legendary clubs for years. Here's the gear I use to create
• Google's data center raises the stakes in this state's 'water wars'
• Culture Smash: The State of PC Gaming in Japan
• Best stick vacuum deal: A self
• Best Garmin deal: Save $100 on Garmin Venu 3S
• Use Your Gaming Laptop and Play On Battery Power? Is It Possible?
• Best AirTag holder: Get the Belkin Apple AirTag Secure Holder with Clip for under $10

• The 8 best wireless earbuds for 2024: Compare AirPods Pro to cheaper options
• I wrote THE BEST presidential briefing on global warming for Donald Trump
• Netflix's 'Avatar: The Last Airbender' does right by the cabbage merchant
• Elon Musk wants your trip to Mars to be like a Carnival cruise
• Google apologises after Gemini AI generates images of Nazis as people of colour
• Why is your phone in SOS mode? U.S. cell services have faced outages all morning.
• A hedgehog blown up 'like a beach ball' was popped in life
• Best home security deal: The Arlo Essential video doorbell is under $80 at Amazon
• T. rex might not have been fluffy, after all
• 5 ways Trump's Paris Agreement decision will affect you

• HP Touchscreen Laptop deal: Get $240 off at Best Buy
• PC Games That Weren't Cancelled, But Should Have Been
• 9 Tech Products That Were Too Early to Market
• Best portable power station deal: Save 40% on the Bluetti AC300 with expansion battery
• Best AirPods deal: Apple AirPods 4 for $99.99 at Amazon
• Building a Small Form Factor Gaming System with the Silverstone Sugo SG10 and Haswell Hardware
• You can talk to Darth Vader in 'Fortnite' thanks to generative AI
• The Fear is Gone: My PC is my Next
• The White House might have inflated Trump's golf record, because this is how we live now
• Did 'The Last of Us' Season 2, episode 6 break your heart? Us too.

• Nvidia's Digits is a tiny AI supercomputer for your desk
• Building a Small Form Factor Gaming System with the Silverstone Sugo SG10 and Haswell Hardware
• NYT mini crossword answers for May 18, 2025
• Interview with Malwarebytes' founder, Marcin Kleczynski
• How to unblock Xnxx for free
• 'The Last of Us' Season 2, episode 6: Did you notice Joel's watch?
• Wordle today: The answer and hints for May 16, 2025
• NYT Connections hints and answers for May 19: Tips to solve 'Connections' #708.
• NYT Connections hints and answers for January 20: Tips to solve 'Connections' #589.
• Best cordless vacuum deal: Save $130 on the Samsung Jet 60 at Best Buy