U.S. Cryptocurrency Scams Cost $5.6 Billion in 2023 with Older Americans Hit the Hardest

U.S. losses from cryptocurrency scams totaled more than $5 billion in 2023, with older individuals most affected, according to the FBI’s inaugural Cryptocurrency Fraud Report. The scams primarily involved "pig butchering," where fraudsters build fake relationships to exploit victims. Those aged 60 and above reported over $1 billion in losses. Investment frauds alone accounted for nearly $4 billion, a 53% increase from the previous year.