❗ The Federal Bureau of Investigation’s (FBI’s) Internet Crime Complaint Center (IC3) latest report highlights the rise in cryptocurrency-related fraud, with estimated losses hitting $5.6 billion.

In a report, the FBI said, the IC3 received over 69,000 complaints involving financial crimes connected to cryptocurrencies such as Bitcoin, Ethereum, and Tether.

Although these cryptocurrency-related complaints comprised only 10% of all financial fraud reports, they accounted for nearly half of the total losses.

The agency reports a staggering 53% increase in losses was observed in cryptocurrency-linked investment fraud schemes, with total losses jumping from $2.57 billion in 2022 to $3.96 billion in 2023.