Cryptocurrency markets continue to be a target for scammers. Law enforcement agencies solve many cases over time, but a significant portion of victims’ grievances are forgotten. Various attacks in 2023 caused losses amounting to 5.6 billion dollars in the cryptocurrency markets. The FBI ranked countries based on the scale of losses and number of complaints.
FBI 2023 Crypto Report
Financial fraud crimes existed before cryptocurrencies entered our lives. In its latest report, the FBI highlights the growing complexity of these attacks over the past year. FBI Director Christopher Wray wrote the following on the subject:
“The severity and complexity of frauds targeting cryptocurrency investors are rapidly increasing. The best way to help stop these crimes is for people to report them to the Internet Crime Center, even if they have not experienced any loss. This allows us to track the latest attack methods and more.”
In the summary section of the report, FBI employees listed some warnings to prevent victimization:
- Attackers will try to rush you with promises and induce a sense of panic.
- Verify the authenticity when a well-known person or company contacts you.
- No government official will encourage you to deposit money via a cryptocurrency ATM.
- Do not give your personal information to callers or message senders.
- Avoid taking investment advice from people you haven’t met in real life through video calls.
- Scammers direct people to fake websites; maintain your skepticism.
- If an investment opportunity sounds unbelievably good, don’t believe it.
- Approach quick-rich schemes with caution.
Ranking of Victimized Countries
The table below, based on data from the FBI’s Internet Crime Complaint Center, shows which countries have the most victims. U.S. citizens filed 57,762 complaints in 2023, with total reported losses of 4.809 billion dollars. Canada is in second place.
The second region with the most losses is the Cayman Islands, likely related to U.S. citizens victimized by companies operating in that region. In 2023, Turkey also had 303 different fraud complaints submitted to IC3 (Internet Crime Complaint Center).
Another notable detail in the report is the attack type classification. Attackers who approach individuals with promises of technical support to steal their cryptocurrencies represent 46% of the total crime rate. Mentions or messages received following posts including MetaMask or exchange names come from these attackers.
Investment fraud tops the list of scam methods in terms of total losses. SIM Swap also represents a significant issue with 30 million dollars in losses.
The last graph shared in the report for 2023 focuses on the scale of complaints and losses. The year-on-year increase is significant.
To view the complete report, you can visit the FBI’s website.
