FBI Warns of Surge in Crypto Investment Scams, as Reported Losses Soar to $2.57 Billion in 2022

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FBI Warns of Surge in Crypto Investment Scams, as Reported Losses Soar to $2.57 Billion in 2022

The Federal Bureau of Investigation (FBI) has released its 2022 Internet Crime Report, revealing a staggering 183% increase in cryptocurrency investment fraud. According to the report, these types of scams have risen from $907 million in 2021 to $2.57 billion in 2022, making them the costliest scheme reported to the FBI’s Internet Crime Complaint Center (IC3).

The FBI warns that victims of cryptocurrency investment fraud are often left with significant debt, and the most targeted age group is 30-49 year-olds. The report notes that these scams are socially-engineered and trust-enabled, usually beginning with a romance or confidence scam before evolving into cryptocurrency investment fraud.

The FBI has highlighted several prevalent types of cryptocurrency investment scams, including those related to liquidity mining, hacked social media accounts, celebrity impersonation, real estate professionals, and employment. In response to this alarming rise in fraudulent activity, the FBI issued a public service announcement warning the public of “a spike in cryptocurrency investment schemes.”

With cryptocurrencies becoming increasingly mainstream, the FBI urges individuals to exercise caution and perform thorough due diligence before investing in any crypto-related scheme. The agency also encourages individuals to report any suspicious activity to the IC3.

As cryptocurrency continues to grow in popularity, so too does the risk of fraudulent activity. The FBI’s latest report serves as a sobering reminder that investors must remain vigilant in order to protect themselves from malicious actors seeking to exploit the burgeoning crypto market.

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