FBI: Americans Lost Billions to Crypto Scams

A recent FBI report has once again revealed the harsh impact of crypto hacks and scams. On Monday, September 9, the investigative agency published its Cryptocurrency Fraud Report for 2023, reporting a staggering $5.6 billion in losses.

The crypto industry has been plagued by malicious actors, leading to billions in losses through hacks and scams.

The Federal Bureau of Investigation (FBI) recently reported that Americans lost a staggering $5.6 billion to crypto scams in 2023. This marks a significant increase from the previous year.

According to the FBI's Cryptocurrency Fraud Report for 2023, malicious actors used cryptocurrency extensively in various fraudulent schemes throughout the year. Investment scams were the most prevalent, accounting for about $3.9 billion in losses.

"These scams varied widely in terms of the tactics used by the fraudsters, but they all shared a common goal: to deceive victims into sending their cryptocurrency to the fraudsters' wallets," the FBI stated.

While crypto-related complaints constituted only about 10% of the reported 69,000 financial fraud complaints, the FBI highlighted that they accounted for nearly 50% of the total losses incurred.

"This highlights the severity and impact of cryptocurrency fraud, and it underscores the need for investors to be aware of the risks and to take steps to protect themselves," the agency added.

The latest record indicates a 45% increase from the losses incurred in 2022. FBI Director Christopher Wray highlighted the urgency of the matter, stating that "scams targeting investors who use cryptocurrency are skyrocketing in severity and complexity."

"We're talking about billions of dollars in losses and victims of all ages, all backgrounds, all across the country. And these scams are getting more sophisticated every day," Wray said.

To combat this growing threat, the FBI urges investors to stay informed about the latest scammer tactics and to follow these safety tips:

- Be wary of any investment opportunities that seem too good to be true.

- Never share your private keys or seed phrases with anyone.

- Use strong and unique passwords for all your crypto accounts.

- Keep your software and devices up to date with the latest security patches.

- Consider using a hardware wallet for added security.

- Report any suspicious activity or scams to the FBI at IC3.gov.

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