U.S. Cryptocurrency Scams Cost $5.6 Billion in 2023 with Older Americans Hit the Hardest

Benzinga

U.S. losses from cryptocurrency scams totaled more than $5 billion in 2023, with older individuals most affected, according to the FBI’s inaugural Cryptocurrency Fraud Report. The scams primarily involved "pig butchering," where fraudsters build fake relationships to exploit victims. Those aged 60 and above reported over $1 billion in losses. Investment frauds alone accounted for nearly $4 billion, a 53% increase from the previous year.

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00:00It's Benzinga, and here's what's on the block.

00:02U.S. losses from cryptocurrency scams totaled more than $5 billion in 2023, with older individuals

00:08most affected, according to the FBI's inaugural cryptocurrency fraud report.

00:13The scams primarily involved pig butchering, where fraudsters build fake relationships

00:18to exploit victims.

00:20Those aged 60 and above reported over $1 billion in losses.

00:24Investment frauds alone accounted for nearly $4 billion, marking a 53 percent increase

00:29from the previous year.

00:30For all things money, visit Benzinga.com.

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