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.
Individuals aged 30 to 49 filed the highest number cryptocurrency-investment fraud complaints, with about 5,200 reports in each of the 30-39 and 40-49 age groups. However, it was older individuals—those over the age of 60—who suffered the greatest financial losses, reporting more than $1.24 billion in total.
The report's result is biased, although scam in centralized systems is large, but due to the nature of these systems, the possibility of recovering coins is greater than cryptocurrencies, and the sector is not organized and there are not enough regulatory laws, so it is natural that there are enough cases of scam.
With the continuing and very profitable attacks from scammers, hackers and fraudsters all around the cryptocurrency industry, I would not wonder if there comes a time when we will just shrug a news like this.
With the continuing and very profitable attacks from scammers, hackers and fraudsters all around the cryptocurrency industry, I would not wonder if there comes a time when we will just shrug a news like this. The most important thing is to always be careful and never believe anybody's claims and promises especially those who are "too good to be true" as they are mostly frauds. These evil people are after what we have and they are usually so equipped with tools and experience to get what they wanted. Sadly and expectedly, older people are the easier prey to this deluge as they are less technologically-updated so if you are already in your advanced years and you are in crypto (just like me) you must be aware of the things you can do to safeguard your very own interest.I’m not surprised by this report, given that we’ve seen an impressive recovery in the crypto market, outperforming all other markets in the economy. This has been accompanied by FOMO and the entry of many inexperienced retail F0 investors, who are easy targets for seasoned crypto hackers.
From the report, those 60 and above were the highest victims, i guess many old people are not familiar with crypto, nor how crypto scammers operate, and that is why those in that age bracket suffered the most financial losses.
I feel sorry for people who lose their money to scammers, be it crypto or fiat scam, but to be honest, some of the tricks scammers use should be easy to identify, but, yeah.
With the continuing and very profitable attacks from scammers, hackers and fraudsters all around the cryptocurrency industry, I would not wonder if there comes a time when we will just shrug a news like this. The most important thing is to always be careful and never believe anybody's claims and promises especially those who are "too good to be true" as they are mostly frauds. These evil people are after what we have and they are usually so equipped with tools and experience to get what they wanted. Sadly and expectedly, older people are the easier prey to this deluge as they are less technologically-updated so if you are already in your advanced years and you are in crypto (just like me) you must be aware of the things you can do to safeguard your very own interest.
And I do not think that it will slow down, on the contrary, the attacks could increase as we enter the next year as we expect a massive increase in price. So just be cautious and educate ourselves.Yeah, a serious pump in price leads to more greedy people who want to double their money, weak hands who do not want to miss out and generally more vulnerable people to scammers.
From the report, those 60 and above were the highest victims, I guess many old people are not familiar with crypto, nor how crypto scammers operate, and that is why those in that age bracket suffered the most financial losses.
doesn't everyone on this planet already know those are scams?
It is crazy how these scammers use even the most easy to spot method to scam people regularly, i wish more people would join crypto forums like this, to learn a thing or two on how to avoid losing their money.The chance of losing your money in small scam projects is low, but what I fear most is bridges, centralized exchanges and stablecoins, their collapse will affect many.
From the report, those 60 and above were the highest victims, i guess many old people are not familiar with crypto, nor how crypto scammers operate, and that is why those in that age bracket suffered the most financial losses.
older people are the easier prey to this deluge as they are less technologically-updated so if you are already in your advanced years and you are in crypto (just like me) you must be aware of the things you can do to safeguard your very own interest.They are targeting them because they are too innocent for this cruel world and they are easily scammed by them. They even share their seed phrase sometimes but like you said, we are now moving into their place and we now think we are well-known about the current state of technology and when we are in their place, these spammers won't be able to scam us anymore.