According to the latest report from the US Federal Bureau of Investigation's (FBI) Internet Crime Complaint Center, there was a significant increase in crypto fraud last year, with Americans losing $5.6 billion, a 45% increase over the previous year.
This represented 10% of the total number of complaints received, but almost 50% of the total amount lost. It was also noted that the majority of victims were over the age of 60, with losses amounting to nearly $1.6 billion.
The report revealed that about 71% of the reported cryptocurrency frauds involved investment schemes, while 10% were related to call center scams and government impersonation.
The FBI received reports from more than 200 countries, but a vast majority of the complaints and losses came from the United States, where many fell prey to fraudulent confidence schemes.