Photo: PATRICK LANDMANN/SCIENCE PHOTO LIBRARY / Science Photo Library / Getty Images
Fraud schemes involving cryptocurrency were responsible for cheating Americans out of more than $5.6 billion last year.
That’s the word from the FBI, which says it received 70,000 complaints in 2023 from people who’d lost money in scams involving bitcoin, ether and other cryptocurrencies. Scams involving investment fraud were the most prevalent, accounting for $3.96 billion in losses, the agency reports.
“The decentralized nature of cryptocurrency, the speed of irreversible transactions, and the ability to transfer value around the world make cryptocurrency an attractive vehicle for criminals, while creating challenges to recover stolen funds,” says Michael Nordwall, assistant director of the FBI's criminal investigation division
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