For the first time ever, the FBI has issued a report on cryptocurrency fraud.
In 2023 the FBI says $5.6 billion was lost due to fraud connected with cryptocurrencies such as Bitcoin, Doge coin, and Shiba.
The FBI reported more than 69,000 complaints of fraud last year which only represents 10 percent of financial fraud complaints but 50 percent of the total losses.
To avoid being scammed the FBI warns that if you are being rushed to act confirm with the agency or company independently the information from the call. No law enforcement or government agency will ever ask for payment via cryptocurrency.
Scammers will also impersonate legitimate financial institutions in attempt to mislead. Finally, if an investment seems to good to be true, it’s likely not true.
Pennsylvania ranked 8th in complaints and 9th in losses with just over $120 million.
