Billions lost in cryptocurrency fraud, how much did Pennsylvania lose?

PITTSBURGH, Pa. (WTAJ) — The Federal Bureau of Investigation (FBI) released its first-ever Cryptocurrency Fraud Report Wednesday, and the numbers are staggering.

The report released by the FBI Pittsburgh Field Office said they estimated that over $5.6 billion was lost in 2023 in connection to cryptocurrency. The bureau’s Internet Crime Complaint Center (IC3) received more than 69,000 complaints about financial fraud where crypto was used.

The FBI noted in its report that the dollar amounts lost in the total number of complaints “account for almost 50 percent of the total losses.” They also found that there was a 45% increase in losses since 2022.

In Pennsylvania, $123,530,269 was lost in the state and 1,773 complaints were reported to the IC3. The Keystone State ranked 8th among other states and territories and 9th in the country for the most dollar amount losses.

According to the FBI, investment scams involving crypto were the most prevalent in 2023, followed by tech support, personal data breach, extortion, and confidence/romance crimes. Adults over the age of 60 filed the most complaints and lost more than $1.6 billion in 2023.

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“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 and create unique challenges in recovering stolen funds,” a statement from the FBI field office read. “Once an individual sends a payment, the recipient owns the cryptocurrency and often quickly transfers it into an account overseas for cash-out purposes.”

So, how can you protect your money? The FBI offered several tips in its report which can be found here . Anyone who believes they are a victim of crypto fraud or know someone who is a victim is asked to send a report to the FBI’s Internet Crime Complaint Center at ic3.gov .

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