Crypto Fraud Losses Increases 45%, Reaches $5.6 Billion!

Bittime - Federal Bureau of Investigations (FBI) revealed that losses from crypto fraud increases by 45% in 2023, with losses totaling more than $5.6 billion.

Crypto Fraud Increases

In 2023, the FBI received more than 69,000 complaints regarding crypto fraud through the Internet Crime Complaint Center (IC3). This figure shows a large increase in cybercrime cases involving digital assets. 

Although only 10% of total complaints were finance-related, losses resulting from crypto fraud accounted for nearly half of the total losses in the report.

This increase shows how vulnerable society is to fraud leveraging blockchain technology and the general lack of understanding of how digital assets work. 

Read Also: Ethereum Fraud: South Korean Wacon CEO Arrested, Victims Are Elderly!

Main Target of Crypto Fraud 

The FBI revealed that people over the age of 60 are the group most often victims of crypto fraud. After that, the 30 to 40 year age group also became an easy target for fraudsters. 

Investment fraud is the most commonly reported type of crime in the crypto world. Fraudsters use a variety of tactics to attract potential victims, from promises of large profits in a short time to offering investment schemes that look legitimate, but turn out to be scams.

FOMO: One of the Causes of Crypto Fraud 

The FBI also highlighted how the widespread promotion of crypto as an investment vehicle has triggered the Fear of Missing Out (FOMO) phenomenon among investors. The desire not to miss out on these great opportunities often makes individuals, especially those with little understanding of crypto technology, easy targets for fraud.

Many FOMO individuals are trapped by the lure of instant profits without realizing the huge risks behind it. Crypto fraud is also growing due to the use of digital platforms and social media which makes it easier to spread false information and fraud.

Raising Awareness about Crypto Fraud 

This drastic increase in crypto fraud shows the importance of increasing public awareness about the risks of crypto investments. While blockchain technology and digital assets offer many opportunities, they also present major risks, especially for those who do not fully understand crypto investing.

The FBI and other federal agencies have been actively issuing warnings to the public about the dangers of crypto fraud. So, you have to be more alert and not be tempted by the promise of instant profits that are often offered by fraudsters.

Read Also: SEC Sues Silvergate for Alleged Securities Fraud

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor graphic movement price Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.