A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
The Federal Bureau of Investigation (FBI) says cryptocurrency investment fraud rose 183% from $907 million in 2021 to $2.57 billion in 2022, based on data from its Internet Crime Complaint Center (IC3). The FBI also warned the public about “an increase in cryptocurrency investment schemes.”
The Federal Bureau of Investigation (FBI) published its 2022 Internet Crime Report last week. The report was compiled using data from the agency’s Internet Crime Complaint Center (IC3) which “serves as a public resource for submitting reports of cyber attacks and incidents,” the agency described.
“In 2022, investment fraud was the most expensive scheme reported to IC3. Investment fraud complaints increased from $1.45 billion in 2021 to $3.31 billion in 2022, which is 127% [increase]”, the FBI wrote, adding:
Within these complaints, cryptocurrency investment fraud rose from $907 million in 2021 to $2.57 billion in 2022, an increase of 183%.
“Crypto investment scams saw unprecedented increases in the number of victims and dollar losses to these investors. Many victims have taken on massive debt to cover losses from these fraudulent investments, and the most targeted age group reporting this type of scam is victims aged 30 to 49, says the report.
The FBI also highlighted widespread cryptocurrency investment fraud in 2022, such as related to liquidity mining, hacked social media accounts, celebrity impersonation, real estate and employment.
Following the release of its latest cybercrime report, the FBI issued a public notice on Monday, warning the public of “an increase in cryptocurrency investment schemes.”
Citing data from IC3, the agency explained: “Criminals, usually based abroad, defrauded victims of more than two billion US dollars in 2022 using these schemes.” The announcement notes:
The schemes are socially engineered and trust-enabled, usually beginning with a romance or confidence scam and evolving into cryptocurrency investment scams.
What do you think of the FBI’s warning about crypto scams and crime statistics? Let us know in the comments section below.
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