Elderly Americans Lose Billions to Crypto Scams as Online Fraud Skyrockets in 2024
Cryptocurrency crime in the U.S. has reached alarming new heights, with losses hitting $9.3 billion in 2024—up 66% from the year before—according to the FBI’s Internet Crime Complaint Center (IC3). The report highlights a troubling trend: more Americans are falling victim to sophisticated online scams, with seniors suffering the most.
Investment fraud remained the most prevalent type of crypto crime last year. Fraudsters typically lure victims onto fake cryptocurrency platforms, promising high returns. Once the funds are transferred, they disappear without a trace. Nearly 150,000 complaints related to crypto scams were filed in 2024.
A growing number of these scams involve so-called “pig butchering,” a strategy where con artists build trust through prolonged online conversations—often pretending to be romantic or professional contacts—before introducing fraudulent crypto investments.
The result? A massive $5.8 billion lost to investment-related crypto fraud. The second-costliest category was data breaches, responsible for $1.1 billion in damages.
Seniors were hit hardest. Americans aged 60 and older reported $2.8 billion in losses, a steep increase from $1.65 billion in 2023. In many cases, older victims were deceived by scammers posing as tech support agents or government officials, directing them to deposit funds at cryptocurrency ATMs or through untraceable transfers.
The 40–49 age group followed with $1.4 billion in losses, while those under 40 combined for about $1.37 billion.
In response to the growing crisis, federal agencies launched Operation Level Up in January 2024. The initiative identified thousands of victims and successfully intercepted $285 million in potential losses. In one of the more sobering revelations, 42 people caught in these schemes were referred for suicide prevention support.
The report underscores the urgent need for increased public awareness and better fraud prevention tools as criminals continue to exploit the promise—and complexity—of digital assets.
