This week, the FBI’s Internet Crime Complaint Center (IC3) released its 2024 Annual Report, detailing a record-setting year for cyber-enabled crime in the United States. The report highlights USD 16.6 billion in reported losses across more than 859,000 complaints—marking a 33% increase in losses from 2023. The IC3, which serves as the FBI’s central hub for tracking internet crime, documented an alarming rise in online scams that leverage emerging technology and target vulnerable populations, especially older Americans. Among the most significant findings: cryptocurrency-related scams were a major contributor to these losses.
Crypto-Enabled Fraud: USD 9.3 Billion in Losses
Cryptocurrency played a central role in cybercrime losses reported in 2024. According to the FBI, nearly 150,000 complaints involved the use of digital assets, amounting to USD 9.3 billion in losses—a 66% increase from the previous year. Investment scams were the top crypto-related crime category, accounting for $5.8 billion in losses. Many of these schemes employed tactics known as “pig butchering,” in which fraudsters establish fake online relationships to manipulate victims into investing increasing amounts of money into fraudulent cryptocurrency platforms.
The impact on older Americans was particularly severe. Individuals aged 60 and older reported more than USD 2.8 billion in losses tied to crypto-related scams, making them the most financially impacted demographic. In response, the FBI launched Operation Level Up in early 2024. The initiative identified over 4,300 victims of crypto investment fraud and successfully prevented nearly USD 286 million in potential losses through timely intervention and investigative efforts.
As FBI Virtual Asset Unit Chief Patrick Wyman explained on TRM Talks, “Over 4,300 victims were identified and 76% of those were unaware at the time that we contacted them that they were in fact being victimized, which allowed us to stop them from being victimized further. And it's about an estimated USD 285 million worth of savings by stopping those additional contacts.”
The initiative emphasizes early detection and rapid intervention, leveraging investigative tools and private sector partnerships to freeze funds and disrupt scam networks before victims suffer irreparable harm. Operation Level Up reflects a broader shift toward proactive, crypto-specific enforcement strategies to address one of the fastest-growing categories of online financial crime.
IC3 Findings Consistent with TRM’s Crypto Crime Report
According to TRM Labs’ 2025 Crypto Crime Report, scams remained the dominant form of illicit activity on-chain in 2024, reinforcing trends observed in the FBI’s IC3 Annual Report. TRM identified at least $10.7 billion in crypto funds sent to fraudulent schemes, with thousands of new phishing and investment scam websites appearing monthly. Investment fraud—including “pig butchering” schemes—represented a significant share of illicit volume, matching IC3’s findings that these scams were responsible for $5.8 billion in victim losses.
TRM’s data also shows that financial grooming scams continued to receive billions in crypto, with addresses linked to such schemes receiving more than $2.5 billion in 2024. Additionally, TRM observed widespread use of crypto ATMs, QR codes, and stablecoins like USDT and DAI, as fraudsters leveraged new tactics—including decentralized finance platforms and AI-generated personas—to evade detection and target victims globally.
Chainabuse, TRM’s public reporting platform, received sustained volumes of self-reported scams, particularly affecting older victims, mirroring IC3’s finding that Americans aged 60+ faced the largest losses. Together, the data underscores the persistent threat of crypto-enabled scams and the need for continued public-private collaboration and blockchain intelligence to mitigate illicit finance risks.
Additional Crypto Threat Vectors: QR Codes, ATMs, and Impersonation Scams
Beyond investment fraud, the IC3 report documents a sharp rise in schemes that use cryptocurrency ATMs and QR codes. These methods were particularly common in tech support scams, extortion cases, and government impersonation frauds—resulting in nearly USD 247 million in losses. Elderly victims again represented a disproportionate share of both complaints and financial losses in these schemes.
The use of crypto in these scams highlights its appeal to fraudsters: it is pseudonymous, irreversible, and easy to transfer across borders. According to the IC3, cryptocurrency continues to be the payment method of choice for cybercriminals across a wide range of schemes.
Cybercrime Beyond Crypto: Broader Trends from the IC3 Report
The report also details the broader cybercrime landscape in the United States. Elder fraud across all scam types rose to USD 4.9 billion in reported losses in 2024—a 43% increase year-over-year. The top scam categories affecting older adults included tech support fraud, romance scams, and cryptocurrency fraud.
Other leading cyber threats in 2024 included business email compromise (BEC), ransomware, and data breaches. BEC scams continued to inflict heavy financial losses, while ransomware incidents rose by 9%, with a particular focus on critical infrastructure targets.
Geographically, California, Texas, and Florida recorded the highest number of complaints and total losses in 2024, reflecting their large populations and exposure to digital crime.
Law Enforcement Response and International Collaboration
In response to rising cybercrime threats, the FBI reported multiple successful interventions. The agency’s Recovery Asset Team froze USD 561 million in fraudulently obtained funds using the Financial Fraud Kill Chain process, achieving a 66% success rate. This initiative enables law enforcement to swiftly flag and halt suspicious wire transfers before funds are lost permanently.
The FBI also emphasized the importance of international partnerships. In 2024, the agency worked closely with foreign law enforcement—including authorities in India—to dismantle transnational scam networks that target U.S. consumers.
Conclusion
The FBI’s 2024 IC3 Report underscores the expanding scope of cyber-enabled financial crime and the prominent role that cryptocurrency plays in it. With digital assets increasingly used as both investment tools and vehicles for fraud, the need for targeted safeguards and public education has never been greater. The IC3 data reflects not only the scale of the threat, but also the urgent importance of a coordinated, data-driven response from law enforcement, regulators, and the private sector.
TRM continues to work closely with the FBI and global law enforcement agencies to combat the use of cryptocurrencies by illicit actors.
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