Cryptocurrency-related complaints made up just 10% of all financial fraud reports to the FBI last year, with 69,000 complaints. However, these cases accounted for a staggering 50% of the total financial losses.

Cryptocurrencies like Bitcoin and Ethereum are frequently used in various types of fraud, with investment scams leading the way. Investment scams alone made up about 71% of all cryptocurrency losses, totaling $3.9 billion. Other common frauds included call center schemes, such as customer support and government impersonation scams, which contributed to about 10% of the losses.

The most affected group was people over the age of 60, who filed the highest number of complaints and reported the largest financial losses—over $1.6 billion. Geographically, California had nearly double the number of complaints compared to any other state.

Michael Nordwall, assistant director of the FBI's Criminal Investigative Division, explained in an FBI report: "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."