The Federal Bureau of Investigation has revealed that investment scams involving cryptocurrency led to a huge loss of $5.8 billion in 2024.

According to a report by the FBI’s Internet Crime Complaint Center (IC3), total losses from internet crimes in 2024 reached $16.6 billion. This shows a sharp rise of 33% from the previous year.

Out of this amount, crypto-related scams alone caused $9.3 billion in losses — a shocking 66% increase from 2023.

The FBI said, “Investment scams were the most damaging, with losses totalling $5.8 billion.” Most of these were “pig butchering” scams. This is a method where criminals build fake online relationships to convince people to invest in fake crypto platforms.

Older people were especially affected. The report noted that people aged 60 and above lost over $2.8 billion, making them the most targeted group by scammers.

To fight back, the FBI launched “Operation Level Up” in early 2024. It helped identify more than 4,300 victims.

But the report also revealed that 76% of these people didn’t even know they were being scammed, showing how clever and tricky the scammers have become.

TRM Labs, a blockchain security firm, supported the FBI’s findings.

They said scams like fake investments and “financial grooming” were the most common crimes in the crypto world last year.

Their report also warned that scammers now use tools like QR codes, crypto ATMs, and digital currencies like USDT and DAI to trick people. They even use AI to pretend to be trusted friends or financial experts.

As more Nigerians and others around the world use cryptocurrency, experts are warning everyone to be careful. They advise investors to always check if a platform is real and to avoid sharing personal details with strangers online.